Mises on Money

Index

action, 18

as exchange, 18

America’s Great Depression (Rothbard), 111

Austrian School of economics, 10, 32, 97, 127

Austrian Theory of the Trade Cycle and Other Essays, The (Mises), 114–15

Bank for International Settlements, 126

banking, 69–95

cartels, 86–87, 93

free banking, 85–87, 95

functions of, 80–81

bankruptcy, 87, 110

barter, 13 see also direct exchange

Böhm-Bawerk, Eugen, 32

boom-bust business cycle, 78, 83–84, 95, 97, 106–109, 113–16

Bretton Woods agreement, 89, 124

Callahan, Gene, 11

capital goods, 31–32, 79

cash balances, 58–59

Causes of the Economic Crisis: An Address, The (Mises), 97

central bank, 84–93, 113, 115, 130–34

final goal of, 88

Charles V (Spain), 70

circulation credit theory, 97

clearing price, 60

coin value, 21–23

free coinage, 22–23, 26, 28

Coke, Sir Edward, 124

commodity money, 19–20, 26–27, 88

consumer credit, 107–108

consumption goods, 33, 81–82, 101–109

contracts, 71, 84, 87

State enforcement of, 48, 50–51, 84, 86, 95, 113, 117, 119, 134

violations of, 71–72

Counter-Revolution of Science, The (Hayek), 35

credit clearing-house systems, 44

credit expansion, 89

see also inflation

credit money, 20, 21, 26–28, 69, 71–72, 83, 88, 92

see also fractional reserve banking, fiduciary media

credit transactions, 15, 76–77

debasement of currency, 9, 71–72

see also monetary debasement

Deep Throat, 78

depression see economic depression

direct exchange, 13

see also barter

deflation, 41, 56–57, 59, 61, 118–123, 130

see also inflation

devaluation, 72

discount of future goods, 99–100

see also interest rate

“Economic Calculation in the Socialist Commonwealth” (Mises), 7

economic depression, 98, 112

economic recession, 98, 114

Economics (Samuelson), 8

endogenous entrepreneurial market process, 60, 117, 134

Essays in Persuasion (Keynes), 50

Essay on the Nature and Significance of Economic Science, An (Robbins), 35

Federal Deposit Insurance Corporation (FDIC), 74, 105, 113

federal funds rate, 74

Federal Reserve Bank of New York, 125

Federal Reserve System, 87, 111, 122, 126

Fertig, Lawrence, 8

fiat money, 19–20, 27–28, 87, 88

fiduciary media, 21, 69–70, 78, 80–82, 85–89, 94, 105, 108–11, 118

see also credit money, fractional reserve banking

first-order goods, see consumption goods

Fisher, Irving, 63

flexible money, 130

Foundation for Economic Education, 133

fractional reserve banking, 10, 36, 65, 69–95, 107, 113–15

with a gold standard, 69–73

without gold, 73–75

free market, 9, 28, 134–38

Genoa Accords, 89

gold demonetization, 72–73, 90, 125–126

gold-exchange standard, 89–93, 124

gold re-monetization, 127–30

gold standard, 10, 42–44, 46, 48–50, 64–65, 69, 71, 73, 79–80, 90–93, 119–25, 132–33

international, 49, 65, 89

goldsmith banking, 69–70

Greenspan, 130–31

Gresham’s law, 25–28, 128

Gresham, Sir Thomas, 25

Hayek, F. A., 9

Heilbroner, Robert, 8

higher-order goods, 103

Human Action: A Treatise on Economics (Mises), 8, 9, 16, 18, 20–22, 35, 36, 40–41, 46, 48, 53–54, 56, 58, 63, 65, 85, 89, 93, 95, 99–101, 107, 111–12, 124, 136–138

index numbers, 62–63, 67

indirect exchange, 13–14, 53

see also money

inflation, 34–41, 45, 48, 75, 83–86, 95, 104, 130

definition, 55–57

interest, 101

interest rate, 99–106

as a discount of future goods against present goods, 99–101

inflation premium, 100

market rate of interest, 102–103

originary (natural), 99–101, 108–110, 114

risk premium, 100, 110

International Monetary Fund, 88, 89

It’s a Wonderful Life, 71

James I, King, 124

Keynes, John Maynard, 50

Knight, Frank H., 100

Liberalismus (Mises), 50–51

loans, 75–76, 80–81, 103

malinvestment, 111

Man, Economy, and State (Rothbard), 93

marginal utility, 38, 57

Menger, Carl, 16, 34

mining, 95

Mises, Ludwig von theory of money, 13–28

see also nominalist theory of money

theory of the business cycle, see monetary theory of the business cycle

Mises Seminar, 8

mixed economy, 135, 138

monetary debasement, 9

monetary policy, 47–48, 117

freeze on money supply, 51, 117–20

monetary reform, 125–135

Monetary Stabilization and Cyclical Policy (Mises), 65

monetary theory of the business cycle, 83, 97–111, 113

money, 9

as a capital good, 31–32

definition of, 9, 14, 15, 22, 28, 31

function of, 13–15

kinds of, 19–28

measure of price, 19

medium of exchange, 13–15, 26

money-certificate, 20–21, 28, 48, 70

necessity of, 13

neutral money, 10, 53–54, 65, 67, 105, 116

new money, 37–40, 53
uneven spread of, 45–46, 57

optimum quantity of, 9, 31–46

purchasing power, 27

stable prices, 10, 43, 51, 53–54, 57–58, 61–66

State-issued, 42–43, 46

see also gold standard

State monopoly over, 29

supply of, 34–37

increase/decrease in, 34–41, 45–46, 80–83, 118

distribution of wealth, 41

transmission of value vs. measure of value, 16–19

value of, 32–33, 42, 44

Montaigne dogma, 40–41

Myrdal, Gunnar, 9

New Yorker, The, 8

Nobel Prize, 9

nominalist theory of money, 22–23

North, Gary, 10

objective theory of value, 18, 47
see also subjective theory of value

Omnipotent Government (Mises), 132

Petition of Right, 124

Pogo Possum, 112

polylogism, 49

price, 56

as exchange ratios, 28

competition, 59, 61, 67

control, 26–28

government price-setting, 25

Laws of, 24

production goods, 33, 101, 106–09

goal of, 59–60

profit, 101

public welfare, 47, 54

purchasing power, 63–64

Read, Leonard E., 133, 135

recession see economic recession

redistribution of wealth, 46–47, 53, 67, 78–83, 95

Reed, Donna, 71

Robbins, Lionel, 9, 35

Rockwell, Llewellyn, 10

Roosevelt, Franklin, 72–73

Röpke, Wilhelm, 9

Rothbard, Murray, 47, 93, 111, 135

sacrifice, 76–77

Samuelson, Paul, 8

scarcity, 60–61

second-order goods see production goods

Sloan, Alfred, 107

social value, 34–36, 40–41, 51

Socialism: An Economic and Sociological Analysis (Mises), 7, 9

Solomon, 18

stable prices, 16 see also money

Stewart, Jimmy, 71

subjective theory of value, 16–19, 34–36, 41–42, 44, 47

see also objective theory of value comparison of values, 18–19

scales of value, 17–18, 35

subjective utility, 34–36

Theory of Money and Credit, The (Mises), 7, 9, 13–29, 31–35, 37–39, 42–45, 48, 54–56, 58, 61–64, 66, 71–72, 76–94, 100, 105–106, 119–21, 130

theory of the business cycle, 9, 10

time preference, 99, 114, 116

token coins, 20, 24–28

value, 16–19

see also subjective/objective theory of value

acts of valuation, 19

laws of, 24

voluntary exchange, 13

Wanniski, Jude, 10

Watergate, 78

World Bank, 88

Woodward, Bob, 78