The Austrian Theory of Money by Murray N
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The Austrian School in Bulgaria: a History✩ Nikolay Nenovsky A,*, Pencho Penchev B
Russian Journal of Economics 4 (2018) 44–64 DOI 10.3897/j.ruje.4.26005 Publication date: 23 April 2018 www.rujec.org The Austrian school in Bulgaria: A history✩ Nikolay Nenovsky a,*, Pencho Penchev b a University of Picardie Jules Verne, Amiens, France b University of National and World Economy, Sofia, Bulgaria Abstract The main goal of this study is to highlight the acceptance, dissemination, interpretation, criticism and make some attempts at contributing to Austrian economics made in Bulgaria during the last 120 years. We consider some of the main characteristics of the Austrian school, such as subjectivism and marginalism, as basic components of the economic thought in Bulgaria and as incentives for the development of some original theoreti- cal contributions. Even during the first few years of Communist regime (1944–1989), with its Marxist monopoly over intellectual life, the Austrian school had some impact on the economic thought in the country. Subsequent to the collapse of Communism, there was a sort of a Renaissance and rediscovery of this school. Another contribution of our study is that it illustrates the adaptability and spontaneous evolution of ideas in a different and sometimes hostile environment. Keywords: history of economic thought, dissemination of economic ideas, Austrian school, Bulgaria. JEL classification: B00, B13, B30, B41. 1. Introduction The emergence and development of specialized economic thought amongst the Bulgarian intellectuals was a process that occurred significantly slowly in comparison to Western and Central Europe. It also had its specific fea- tures. The first of these was that almost until the outset of the 20th century, the economic theories and different concepts related to them were not well known. -
How Far Is Vienna from Chicago? an Essay on the Methodology of Two Schools of Dogmatic Liberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Paqué, Karl-Heinz Working Paper — Digitized Version How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism Kiel Working Paper, No. 209 Provided in Cooperation with: Kiel Institute for the World Economy (IfW) Suggested Citation: Paqué, Karl-Heinz (1984) : How far is Vienna from Chicago? An essay on the methodology of two schools of dogmatic liberalism, Kiel Working Paper, No. 209, Kiel Institute of World Economics (IfW), Kiel This Version is available at: http://hdl.handle.net/10419/46781 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Kieler Arbeitspapiere Kiel Working Papers Working Paper No. -
Cryptocurrencies As an Alternative to Fiat Monetary Systems David A
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Digital Commons at Buffalo State State University of New York College at Buffalo - Buffalo State College Digital Commons at Buffalo State Applied Economics Theses Economics and Finance 5-2018 Cryptocurrencies as an Alternative to Fiat Monetary Systems David A. Georgeson State University of New York College at Buffalo - Buffalo State College, [email protected] Advisor Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance First Reader Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance Second Reader Victor Kasper Jr., Ph.D., Associate Professor of Economics & Finance Third Reader Ted P. Schmidt, Ph.D., Professor of Economics & Finance Department Chair Frederick G. Floss, Ph.D., Chair and Professor of Economics & Finance To learn more about the Economics and Finance Department and its educational programs, research, and resources, go to http://economics.buffalostate.edu. Recommended Citation Georgeson, David A., "Cryptocurrencies as an Alternative to Fiat Monetary Systems" (2018). Applied Economics Theses. 35. http://digitalcommons.buffalostate.edu/economics_theses/35 Follow this and additional works at: http://digitalcommons.buffalostate.edu/economics_theses Part of the Economic Theory Commons, Finance Commons, and the Other Economics Commons Cryptocurrencies as an Alternative to Fiat Monetary Systems By David A. Georgeson An Abstract of a Thesis In Applied Economics Submitted in Partial Fulfillment Of the Requirements For the Degree of Master of Arts May 2018 State University of New York Buffalo State Department of Economics and Finance ABSTRACT OF THESIS Cryptocurrencies as an Alternative to Fiat Monetary Systems The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. -
'1E and on the Giannini Foundation J'
l i37 AGRICULTURAL ECONOMICS LIBRARY UNIVERSITY OF CALIFORNIA DAVIS, CALIF. 95616 University of California College of Agriculture Agricultural Experiment Station Berkeley, California ii. I ! J INFLATION AND AGRICULTURE by J. M.lTinley Associate Professor of Agricultural Economics, ~tk Associate Agricultural Economist in the Experiment Station '1e and on the Giannini Foundation j'. ' - A Paper Presented at the Annual Meeting of the Western Farm Economics Association,, Reno" Nevada June 23, 24, and 25, 1937 re INFLATION AND AGRICULTURE J. M. Tinley College of Agriculture University of California What is inflation? The Encyclopaedia of tho Social Sc.iences states that the meaning an economist associates with the terms "inflation" or its opposite, "deflation," is apt to vary in accordance with his views regarding the money-credit-price mechanism. It then proceeds to enumerate a dozen or more definitions or variations of definitions by economists like Keynes, Cassels, and Laughlin. Still other definitions are given by Kemmerer, Hardy, and Mohr. To be in style I shall be presumptious enough to present my own dofinition or rather understanding of the term. The layman usually applies the terms inflation and deflation to increases or decreases in the general level of prices, regardless of the causes of such changes. Economists, however, usually apply the terms mainly to rapid price changes originating on the money•credit side of tho equation of exchange - changes in the volume of circulating media (including velocity) in relation to the volume of trade. Within recent years some economists (especially some New Deal economists) have given the terms a somewhat new meaning. They visualize some sort of a norm or stubiltzod price level. -
Measures of Underlying Inflation and Their Role in the Conduct of Monetary Policy
PROCEEDINGS June 1999 MEASURES OF UNDERLYING INFLATION AND THEIR ROLE IN THE CONDUCT OF MONETARY POLICY Proceedings of the workshop of central bank model builders held at the BIS on 18-19 February 1999 BANK FOR INTERNATIONAL SETTLEMENTS Monetary and Economic Department Basel, Switzerland Note: The papers included in this volume are to be considered as working papers. They should be cited as working papers and considered preliminary drafts of any subsequent publication. They are reproduced here to make them easily available to anyone having an interest in the subject of the workshop because participation in the workshop is restricted to central banks. Although all papers have been screened for relevance to the subject matter of the workshop, they have not been subject to a rigorous refereeing process nor edited for form or content by the Bank for International Settlements. Copies of publications are available from: Bank for International Settlements Information, Press & Library Services CH-4002 Basel, Switzerland Fax: +41 61 / 280 91 00 and +41 61 / 280 81 00 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 1999. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92-9131-072-7 PROCEEDINGS June 1999 MEASURES OF UNDERLYING INFLATION AND THEIR ROLE IN THE CONDUCT OF MONETARY POLICY Proceedings of the workshop of central bank model builders held at the BIS on 18-19 February 1999 BANK FOR INTERNATIONAL SETTLEMENTS Monetary and Economic Department -
Nominality of Money: Theory of Credit Money and Chartalism Atsushi Naito
Review of Keynesian Studies Vol.2 Atsushi Naito Nominality of Money: Theory of Credit Money and Chartalism Atsushi Naito Abstract This paper focuses on the unit of account function of money that is emphasized by Keynes in his book A Treatise on Money (1930) and recently in post-Keynesian endogenous money theory and modern Chartalism, or in other words Modern Monetary Theory. These theories consider the nominality of money as an important characteristic because the unit of account and the corresponding money as a substance could be anything, and this aspect highlights the nominal nature of money; however, although these theories are closely associated, they are different. The three objectives of this paper are to investigate the nominality of money common to both the theories, examine the relationship and differences between the two theories with a focus on Chartalism, and elucidate the significance and policy implications of Chartalism. Keywords: Chartalism; Credit Money; Nominality of Money; Keynes JEL Classification Number: B22; B52; E42; E52; E62 122 Review of Keynesian Studies Vol.2 Atsushi Naito I. Introduction Recent years have seen the development of Modern Monetary Theory or Chartalism and it now holds a certain prestige in the field. This theory primarily deals with state money or fiat money; however, in Post Keynesian economics, the endogenous money theory and theory of monetary circuit place the stress on bank money or credit money. Although Chartalism and the theory of credit money are clearly opposed to each other, there exists another axis of conflict in the field of monetary theory. According to the textbooks, this axis concerns the functions of money, such as means of exchange, means of account, and store of value. -
Positions of the Austrian School on Currency Policy in the Last Decades
Positions of the Austrian School on currency policy in the last decades of the Habsburg monarchy (1892-1914) Günther Chaloupek, Director (retired) of Economics Dpt., Chamber of Labour, Vienna Paper presented to the 20th Annual ESHET Conference, Paris, May 26 to 28, 2016 first draft 1. The currency reform in the Habsburg monarchy of 18921 After a long period of debate about reform of the monetary system of the Habsburg monarchy, the parliaments of Austria and Hungary passed identical laws in August 1892 that enabled the Austro-Hungarian bank (A-HB) to establish a gold backed currency. The Austrian guilder (Gulden, fl) had been a pure paper currency since 1879. A 10 fl gold coin issued in 1878, equivalent to 24 ffr, which served as a connecting bridge to the international currency system traded against paper notes for some 11,50 (the so-called “gold agio”) in 1879. This ratio increased to 12,4 in 1887 and then declined to 11,7 in March 1892. In view auf this reversed trend, industrial and agricultural interest groups which had opposed the adoption of the gold standard for many years, turned into supporters in fear of continued appreciation which would have worsened their international competitive position. At the time when the final decision was made, the money supply of the monarchy consisted of bank notes, so-called state notes (Staatsnoten), and silver coins. The A-HB’s metal reserves in gold and silver were sufficient to fulfil the requirement for metal coverage of its own bank notes. The governments of Austria and Hungary committed themselves to withdraw state notes amounting to 412 million fl (824 million K) from circulation and replace them by gold until the end of 18992. -
Core Inflation: a Review of Some Conceptual Issues
II Core Inflation: A Review of Some Conceptual Issues Mark A. Wynne This paper reviews various approaches to the measurement of core inflation that have been pro- posed over the years using the stochastic approach to index numbers as a unifying framework. It begins with a review of how the concept of core inflation is used by the world’s major central banks, including some of the inflation-targeting central banks. The author provides a comprehensive review of many of the measures of core inflation that have been developed over the years and highlights some of the conceptual and practical problems associated with them. (JEL E31, C43) Federal Reserve Bank of St. Louis Review, May/June 2008, 90(3, Part 2), pp. 205-28. he notion of core inflation has played In this paper I critically review various an important role in the deliberations approaches to measuring core inflation by linking of monetary policymakers for the past these approaches in a single theoretical frame- 25 years. However, despite the central work, the so-called stochastic approach to index Trole of this concept, there is still no consensus numbers. I evaluate the competing merits of the on how best to go about measuring core inflation. different approaches and argue that a common The most elementary approach, and the one that shortcoming is the absence of a well-formulated is probably the most widely used, consists of theory of what these measures of inflation are simply excluding certain categories of prices from supposed to be capturing. The notion that they the overall inflation rate. -
Core Inflation: a Review of Some Conceptual Issues*
CORE INFLATION: A REVIEW OF SOME CONCEPTUAL ISSUES* Mark A. Wynne DG Research European Central Bank Kaiserstraße 29 60311 Frankfurt am Main April 1999 Core Inflation: A Review of Some Conceptual Issues Abstract: This paper reviews various approaches to the measurement of core inflation that have been proposed in recent years. The objective is to determine whether the ECB should pay special attention to one or other of these measures in assessing inflation developments in the euro area. I put particular emphasis on the conceptual and practical problems that arise in the measurement of core inflation, and propose some criteria that could be used by the ECB to choose a core inflation measure. * I thank Vítor Gaspar, David Lebow, Fabio Scacciavillani and seminar participants at the ECB for comments. This paper is part of a larger project on the measurement of core inflation in the euro area. The views expressed in this paper are those of the author and do not necessarily reflect the views of the European Central Bank or the European System of Central Banks. 1 1. INTRODUCTION The notion of core inflation has played an important role in the deliberations of monetary policymakers for the past twenty-five years. However, despite the central role of this concept, there is still no consensus on how best to go about measuring core inflation. The most elementary approach, and the one that is probably the most widely used, consists of simply excluding certain categories of prices from the overall inflation rate. This is the so-called “Ex. food and energy” approach to core inflation measurement, and it reflects the origin of the concept of core inflation in the turbulent decade of the 1970’s. -
Effects of Inflation Targeting Policy on Inflation Rates and Gross Domestic Product in Ghana
European Journal of Business and Management www.iiste.org ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.21, 2014 Effects of Inflation Targeting Policy on Inflation Rates and Gross Domestic Product in Ghana Albert Puni Department of Administration, University of Professional Studies, Accra, P.O. Box LG 149, Legon Bright Addiyiah Osei Research Centre, University of Professional Studies, Accra, P.O.Box LG 149, Legon Email:[email protected] Charles Barnor Department of Banking and Finance, University of Professional Studies, Accra, P.O. Box LG 149, Legon Abstract Inflation targeting has been widely adopted in both developed and developing economies. The Bank of Ghana (BOG) formally adopted an inflation targeting regime as a major monetary policy framework in May 2007, becoming the second African country to do so after South Africa. This research paper sought to investigate the effect of inflation targeting policy on inflation rates and gross domestic product. The research adopted the quantitative method by comparing the effect of inflation targeting policy on inflation rates and gross domestic product in the pre inflation targeting period (2000-2006) and the post inflation targeting period (2007-2013). The resultsrevealed that there was a significant difference between the mean inflation rates for the two periods. The inflation rate for the post inflation targeting period is significantly less than the pre-inflation targeting period. It was also revealed that inflation targeting did not have a statistically significant effect on economic growth in Ghana. The study concluded that policy makers are encouraged to explore other policy alternative including inflation targeting regime to maximize production in the economy. -
Classical Liberalism and the Austrian School
Classical Liberalism and the Austrian School Classical Liberalism and the Austrian School Ralph Raico Foreword by Jörg Guido Hülsmann Preface by David Gordon LvMI MISES INSTITUTE The cover design by Chad Parish shows the Neptune Fountain, at the Schönbrunn Palace, in Vienna. Copyright © 2012 by the Ludwig von Mises Institute. Permission to reprint in whole or in part is gladly granted, provided full credit is given. Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-61016-003-2 Dedicated to the memory of the great Ludwig von Mises Table of Contents Foreword by Jörg Guido Hülsmann . ix Preface by David Gordon . xiii Introduction . .xxv 1. Classical Liberalism and the Austrian School . .1 2. Liberalism: True and False . .67 3. Intellectuals and the Marketplace. 111 4. Was Keynes a Liberal? . .149 5. The Conflict of Classes: Liberal vs. Marxist Theories. .183 6. The Centrality of French Liberalism . .219 7. Ludwig von Mises’s Liberalism on Fascism, Democracy, and Imperalism . .255 8. Eugen Richter and the End of German Liberalism. .301 9. Arthur Ekirch on American Militarism . .331 Index. .339 vii Foreword “History looks backward into the past, but the lesson it teaches concerns things to come. It does not teach indolent quietism; it rouses man to emulate the deeds of earlier generations.” Ludwig von Mises1 The present book contains a collection of essays written through- out the past twenty years. I read virtually all of them when they were first published. They have been a central part of my education in the history of liberalism and of the Austrian School of economics, and I consider myself privileged indeed to have encountered Professor Raico and his work early on in my intellectual development. -
Austrian Economics Golden Opportunities Fund
Austrian Economics Golden Opportunities Fund Prepared for Inflation And Deflation Ronald-Peter Stöferle & Mark J. Valek Executive Summary I Quo Vadis… The Fund and its Objectives ► Real (inflation-adjusted) growth in uncertain times ► Active protection against Inflation/Deflation ► Absolute Return, Global Macro approach ► Target return 8% p.a. ► Modest Drawdown-Risk (Ø Volatility between 10 and 12%) ► Diversification to traditional bond and equity portfolios …Inflation or Deflation? Our Investment Approach ► Identifying the respective inflation momentum utilizing the „Incrementum-Inflation-Signal“. ► Strategies are implemented based on our know-how in the Inflation/Deflation portfolio via precious metals, equities and commodities. ► Budget for tactical opportunities for other themes using Austrian School perspective. Sources: Societe Generale, Incrementum AG 2 Executive Summary II Austrian Economics for Investors Our Investment Philosophy ► Insights of the Austrian School of Economics are the intellectual foundation of our macro-analyses. ► In contrast to traditional tenets the Austrian School recognizes the “fiat money” and fractional reserve banking system as the major cause of the ongoing crisis. Conservative Risk Profile Characteristics of the Fund ► No benchmark, Absolute Return approach ► Active asset allocation for Inflation or Deflation by means of diversified basket of securities ► Significantly lower volatility (between 10-12%) compared to mining stocks (about 50%) and silver (about 35%) ► UCITS IV Funds Sources: Societe Generale,