Study Guide to the Theory of Money and Credit
Index
B
Banker, 135, 137
Banking
business of, 135
deposit, 140
fractional reserve, 140, 148, 171
free, 171–72
loan, 140
School, 153, 157, 160, 175, 228–29
Banknote, 26, 85, 136, 139, 145
Bills of exchange, 139, 151
Bimetallism, 38
Böhm-Bawerk, Eugen von, 18, 62, 81, 177, 179–80
Business cycle, 173, 177–78, 184, 190, 220
C
Cable rate, 86
Capital
consumption, 106, 110
private, 44, 45
social, 44, 45
Capitalist, 135, 137
Circulation credit, 135, 138, 139, 140, 143
Circulation credit theory of the trade cycle. See Business cycle
Classical economists, 11, 13, 18, 20
Clearing systems, 85, 156–57
Commodity credit, 135, 138, 140
Commodity money, 23, 26–27, 39
Cost of living, 86, 87
Credit, 146, 151, 159
Credit money, 23, 27, 29–30, 36, 38, 39, 163, 169–70, 206
Credit policy, 183–94
Credit transactions, 105–06, 135, 137–38
Currency School, 175, 185, 191–92, 194, 228–29
Currency speculation, 128–29, 132
D
Deflation, 115–16, 119, 120, 189, 217–18
Deflationism, 115–16, 119
Diminishing marginal utility, law of, 11, 15
Direct exchange
definition, 3, 5
price determination in, 81
role in theory of money, 67, 69, 227, 232
Division of labor, 5
E
Étatism, 125, 127, 132
F
Fiat money, 23, 27, 36, 38, 84, 163, 171, 206
Fiduciary media, 68, 73, 135, 136, 138, 139, 140, 143, 145–51, 153–63, 165–74, 184, 215–16, 220
Fisher, Irving, 15, 18, 189–90
Foreign exchange rate, 86, 92, 121, 130, 132, 207–08, 211
Forward contract, 109
Futures contract, 109
G
Gold standard, 26, 97, 117, 120, 121, 183–84, 188–89, 197–98, 200, 203, 205–11, 213–23
Golden rule (of maturity matching), 137
Goods
consumption, 43, 51, 85, 89, 175
free, 15
objective exchange value of, 60–61
present versus future, 105, 135, 137–38, 179
production, 43, 51, 85, 89, 175
subjective exchange value of, 60–61
Gresham’s Law, 38
H
Hoards, 75–76
Horwitz, Steve, 171–72
I
Index numbers, 99–103, 189–90
Indirect exchange
definition, 3, 6
emergence of, 3–4, 5–7
inevitability, 54
relation to fiduciary media, 139
relation to theory of money, 230, 232
Inflation, 115–16, 118–19, 120, 124, 184, 189, 198, 203, 215, 217–18
Inflationism, 115–16, 118–19, 120, 124, 125–26, 127–29
Interest
money rate of, 175, 176–78, 182
natural rate of, 154, 157, 160, 176–78, 182
source of, 175, 179
J
Jevons, William Stanley, 20
L
Legal tender legislation, 26, 29
Liquidity, 27, 30, 165, 168–69, 194
M
Marginal revolution, 20
Medium of exchange, 5–6, 43, 80
Menger, Carl, 8, 12, 20, 39, 59, 62, 68, 70, 71, 81, 179
Monetary policy, 115–22
Money
broader sense, in the, 138, 146, 153, 155–57, 158
certificates, 68, 73
commodity. See Commodity money
cranks, 50, 52
credit. See Credit money
definition, 3, 5
fiat. See Fiat money
function of, 3–4, 5
index of prices, 17, 149
measure of market exchange value, 16
narrower sense, in the, 26, 145, 153, 155–57, 165, 167–68, 169–70, 186
objective exchange value of.
See Money, purchasing power of
origin of, 3–4, 5–7, 67, 71
purchasing power of, 23, 25, 28, 37, 57, 59–60, 67–68, 69, 76–77, 79–80, 86, 99–101, 109–10, 115–16, 155–56, 168, 190
quantity theory of. See Quantity theory of money
secondary functions of, 4, 7, 35, 37
socialism and, 49, 51
sound, 197–203, 213–23
state’s influence on, 38
state theory of, 37, 38, 39, 227–28, 232
substitute, 23, 25–26, 29–30, 36, 39, 167, 169–70
supply and demand, 72, 73–78, 84, 155–57, 176
P
Paper standard, 26
Parallel standard, 91
Peel’s Act, 157, 183, 185–86, 194
Prices
caused by subjective preferences, 14, 57–58, 59
controls on, 28, 125, 127–28, 130, 132, 207–08
Purchasing power parity, 92, 97, 207
Q
Quantity theory of money, 68, 70, 72, 73–77
R
Regression theorem, 81–82
Ricardo, David, 20
Rothbard, Murray, 140, 171–72
S
Saving, relation to subsistence
fund, 180
Scale of values, 11, 14, 21, 82
Schumpeter, Joseph, 228, 230
Seigniorage, 145
Selgin, George, 171–72
Smith, Adam, 20, 163
Solvency, 165, 168–69, 194
T
Token coins, 26, 29, 80, 145
Trade balance 92–93, 94–95, 119, 121, 125–26, 128
Trade cycle. See Business cycle
U
Unemployment, connection with inflation, 198
Utility, 11, 15, 18–19
V
Value
cost theory of, 18
definition, 11, 13
labor theory of, 18
measurement of, 21
objective theory of, 11, 13, 18, 20
objective use, 62, 65
subjective theory of, 11, 13–14, 18, 20, 57–58, 59–60, 61, 62, 65, 67–68
subjective use, 60–61, 62, 65, 84, 85
total, 15
W
Walras, Léon, 20
Wicksell, Knut, 161, 177, 182
Wieser, Friedrich von, 18, 21, 62, 78, 89, 100
