This article refutes the view that Ludwig von Mises proposed freedom in banking as the most suitable means to render the issue of additional fiduciary media completely impossible and shows why Mises’s proposal should not be credited as such. Following in Joseph T. Salerno’s footsteps, this article interprets Mises’s thoughts in light of the nineteenth-century debate between the currency and banking schools in Britain. It finds that Mises’s free banking theory incorporates theoretical insights from both sides and as such represents an incomplete resolution to the old debate and presages the ultimate split in modern literature on free banking. This article also addresses the law of reflux of the banking school within Mises’s free banking theory. After a critical exposition on the law of reflux, it is revealed that the actual and common employment of standard sound money in exchange and cash holding is fundamental in order for the law to serve as a strong restriction on the supply of fiduciary media in a fractional reserve free banking industry.
本文驳斥了这样一种观点，即路德维希·冯·米塞斯(Ludwig von Mises)提出的银行业自由是使额外信托媒体问题完全不可能解决的最合适的手段，并说明了为什么米塞斯的建议不应该被认为是这样的。本文跟随Joseph T. Salerno的脚步，根据19世纪英国货币学派和银行学派之间的争论来解读米塞斯的思想。它发现米塞斯的自由银行理论结合了双方的理论见解，因此代表了对旧辩论的不完整解决，并预示着现代文学对自由银行的最终分裂。本文还探讨了米塞斯自由银行理论中银行学派的回流规律。在对回流定律进行批判性阐述之后，我们发现，标准健全货币在交换和现金持有中的实际和普遍使用是法律对部分准备金自由银行业中信托媒介供应的强有力限制的基础。
{"title":"A Further Clarification of Ludwig von Mises as a Currency School Free Banker","authors":"Kesong Wang","doi":"10.35297/qjae.010134","DOIUrl":"https://doi.org/10.35297/qjae.010134","url":null,"abstract":"This article refutes the view that Ludwig von Mises proposed freedom in banking as the most suitable means to render the issue of additional fiduciary media completely impossible and shows why Mises’s proposal should not be credited as such. Following in Joseph T. Salerno’s footsteps, this article interprets Mises’s thoughts in light of the nineteenth-century debate between the currency and banking schools in Britain. It finds that Mises’s free banking theory incorporates theoretical insights from both sides and as such represents an incomplete resolution to the old debate and presages the ultimate split in modern literature on free banking. This article also addresses the law of reflux of the banking school within Mises’s free banking theory. After a critical exposition on the law of reflux, it is revealed that the actual and common employment of standard sound money in exchange and cash holding is fundamental in order for the law to serve as a strong restriction on the supply of fiduciary media in a fractional reserve free banking industry.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78529871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Saifedean Ammous' 18-chapter sequel to _The Bitcoin Standard_ (2018) shows how the technology used as money directs the way a society develops. The analysis of a world dominated by fiat currency is accompanied by a discussion of the switch from a gold standard to a fiat standard, then the possible move to a bitcoin standard. Though the book appears to go overboard in its quest to blame fiat currency as cause of many, if not all, societal problems, the book undoubtedly brings to light important factors that need to be further addressed.
{"title":"Book Review: The Fiat Standard: The Debt Slavery Alternative to Human Civilization","authors":"F. D'Andrea","doi":"10.35297/qjae.010128","DOIUrl":"https://doi.org/10.35297/qjae.010128","url":null,"abstract":"Saifedean Ammous' 18-chapter sequel to _The Bitcoin Standard_ (2018) shows how the technology used as money directs the way a society develops. The analysis of a world dominated by fiat currency is accompanied by a discussion of the switch from a gold standard to a fiat standard, then the possible move to a bitcoin standard. Though the book appears to go overboard in its quest to blame fiat currency as cause of many, if not all, societal problems, the book undoubtedly brings to light important factors that need to be further addressed.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84202522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Book Review: Cronyism: Liberty versus Power in Early America, 1607–1849","authors":"T. Dilorenzo","doi":"10.35297/qjae.010127","DOIUrl":"https://doi.org/10.35297/qjae.010127","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79950663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Federal Reserve is the biggest savings and loan in the world, in addition to being the most dangerous financial institution in the world. It does not and cannot know what the results of its own actions will be. But its mortgage portfolio growth would not be surprising to students of Hazlitt, Hayek, and Mises, who expect governments and central banks always to try to expand their power.
{"title":"Hazlitt, Hayek, and How the Fed Made Itself into the World's Biggest Savings and Loan","authors":"A. Pollock","doi":"10.35297/qjae.010126","DOIUrl":"https://doi.org/10.35297/qjae.010126","url":null,"abstract":"The Federal Reserve is the biggest savings and loan in the world, in addition to being the most dangerous financial institution in the world. It does not and cannot know what the results of its own actions will be. But its mortgage portfolio growth would not be surprising to students of Hazlitt, Hayek, and Mises, who expect governments and central banks always to try to expand their power.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72896960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Halbrook has offered another outstanding and enjoyable history lesson related to gun control and the right to bear arms. A main reason for the book, according to the author, is to refute assertions that American individuals have no constitutional right to bear arms. Starting with a discussion of gun rights in medieval times, Halbrook discusses the long history of government infringements upon these rights. While federal courts have more recently disagreed on the meaning of the right to bear arms in the context of the Second Amendment, particularly in “may issue” states, Halbrook’s excellent presentation of the history of the right to bear arms reinforces the clarity of the Second Amendment within its historical context to more contemporary times.
{"title":"Book Review: The Right to Bear Arms","authors":"Audrey D. Kline","doi":"10.35297/qjae.010125","DOIUrl":"https://doi.org/10.35297/qjae.010125","url":null,"abstract":"Halbrook has offered another outstanding and enjoyable history lesson related to gun control and the right to bear arms. A main reason for the book, according to the author, is to refute assertions that American individuals have no constitutional right to bear arms. Starting with a discussion of gun rights in medieval times, Halbrook discusses the long history of government infringements upon these rights. While federal courts have more recently disagreed on the meaning of the right to bear arms in the context of the Second Amendment, particularly in “may issue” states, Halbrook’s excellent presentation of the history of the right to bear arms reinforces the clarity of the Second Amendment within its historical context to more contemporary times.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"47 10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90728600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article finds that in an open, free market economy, with a privately accessible state mint and an official currency based on a metallic standard, supply or demand shocks leave prices stable both in the short run and in the long run, with the exception of when the currency is debased. The stabilization property of this kind of currency derives from the mechanism by which changes in commodity prices motivate the holders of the stock of currency to shift their demand for it such that its acquisition cost equates to its purchasing power in terms of goods and services. When a country is large relative to the international market for specie, maintenance of price stability may require adjustments in the seigniorage charge, whereas in countries with closed economies such adjustments are in general imperative. In addition, through seigniorage adjustments, the price level may even be held fixed irrespective of the magnitude and origin of shocks, the relative size of the country, and the degree of its openness, whereas at the zero bound of the seigniorage charge, the same result may be achieved though lowering the specie content of the currency. These results are consistent with the monetary experiences of Athens in classical times, France during the period AD 1350–1436, Spain in the sixteenth century, the United States in AD 1870–1914, and China in AD 1910–35. Additionally, since electronic money such as bitcoin has properties similar to gold or silver, these results may extend to a cryptocurrency standard.
{"title":"Commodity Money and the Price Level","authors":"George C. Bitros","doi":"10.35297/qjae.010119","DOIUrl":"https://doi.org/10.35297/qjae.010119","url":null,"abstract":"This article finds that in an open, free market economy, with a privately accessible state mint and an official currency based on a metallic standard, supply or demand shocks leave prices stable both in the short run and in the long run, with the exception of when the currency is debased. The stabilization property of this kind of currency derives from the mechanism by which changes in commodity prices motivate the holders of the stock of currency to shift their demand for it such that its acquisition cost equates to its purchasing power in terms of goods and services. When a country is large relative to the international market for specie, maintenance of price stability may require adjustments in the seigniorage charge, whereas in countries with closed economies such adjustments are in general imperative. In addition, through seigniorage adjustments, the price level may even be held fixed irrespective of the magnitude and origin of shocks, the relative size of the country, and the degree of its openness, whereas at the zero bound of the seigniorage charge, the same result may be achieved though lowering the specie content of the currency. These results are consistent with the monetary experiences of Athens in classical times, France during the period AD 1350–1436, Spain in the sixteenth century, the United States in AD 1870–1914, and China in AD 1910–35. Additionally, since electronic money such as bitcoin has properties similar to gold or silver, these results may extend to a cryptocurrency standard.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82044368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Amid the major regulatory reforms to increase the competitiveness of the rail market worldwide, it is essential to reflect on the nature of rail transport as an economic activity in order to develop appropriate regulatory policies. In the academy, it is common to treat railroads as “natural monopolies,” considered to be a “public benefit.” This article will explain the origin of the natural monopoly theory and the illusion that monopolies can be efficiently controlled by regulation and present evidence to show that railways do not constitute natural monopolies.
{"title":"The Myth of Natural Monopoly: The Case of Railroads","authors":"J. Lanza","doi":"10.35297/qjae.010115","DOIUrl":"https://doi.org/10.35297/qjae.010115","url":null,"abstract":"Amid the major regulatory reforms to increase the competitiveness of the rail market worldwide, it is essential to reflect on the nature of rail transport as an economic activity in order to develop appropriate regulatory policies. In the academy, it is common to treat railroads as “natural monopolies,” considered to be a “public benefit.” This article will explain the origin of the natural monopoly theory and the illusion that monopolies can be efficiently controlled by regulation and present evidence to show that railways do not constitute natural monopolies.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74832346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In his article, Professor Salin focuses on two main aspects of monetary economics: first, the neutrality and stability of money, and, second, the balance of payments. Professor Salin rightly points out that monetarists in some sense follow a more pragmatic approach by trying to formulate an optimal monetary policy rule, given the current monetary system. At least some Chicago school economists are indeed open to a genuine free market in money. But there is an important element that makes economists of the Chicago-monetarist tradition more prone to opting for government involvement in the monetary system than Austrian economists. This element lies in the schools’ opposing views on methodology. The Chicago economists stand for an instrumentalist position, whereas Austrian economists stand for a realist position.
{"title":"On the Complementarity of the Austrian and Monetarist Traditions","authors":"K. Israel","doi":"10.35297/qjae.010145","DOIUrl":"https://doi.org/10.35297/qjae.010145","url":null,"abstract":"In his article, Professor Salin focuses on two main aspects of monetary economics: first, the neutrality and stability of money, and, second, the balance of payments. Professor Salin rightly points out that monetarists in some sense follow a more pragmatic approach by trying to formulate an optimal monetary policy rule, given the current monetary system. At least some Chicago school economists are indeed open to a genuine free market in money. But there is an important element that makes economists of the Chicago-monetarist tradition more prone to opting for government involvement in the monetary system than Austrian economists. This element lies in the schools’ opposing views on methodology. The Chicago economists stand for an instrumentalist position, whereas Austrian economists stand for a realist position.","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"8 6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78491351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Book Review: The Emergence of Arthur Laffer: The Foundations of Supply-Side Economics in Chicago and Washington, 1966-1976","authors":"Greg Kaza","doi":"10.35297/qjae.010124","DOIUrl":"https://doi.org/10.35297/qjae.010124","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79098294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Book Review: Money and the Rule of Law: Generality and Predictability in Monetary Institutions","authors":"P. Earle","doi":"10.35297/qjae.010123","DOIUrl":"https://doi.org/10.35297/qjae.010123","url":null,"abstract":"","PeriodicalId":39988,"journal":{"name":"Quarterly Journal of Austrian Economics","volume":"24 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72536867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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