Quarterly Journal of Austrian Economics

Rothbard on Money: A Critical Textual Exegesis

The Quarterly Journal of Austrian Economics

Volume 3, No. 3 (Fall 2000)


In 1998 I presented a paper which argued that no theory of money was possible—in the sense of there being a stable relationship between a few explanatory variables.  I was told that a theory was possible on Austrian premises and that Murray Rothbard had provided such a theory. As I am much indebted to Murray Rothbard for having supported my critique of Adam Smith, I thought this a powerful rebuke. What follows is my attempt to show why Rothbard does not really contradict my position and how my position is actually a refinement of Austrian premises.

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