Abstract: This article explains the theoretical importance of the quality of money as a factor of the demand for money and develops the composite indicator that measures the quality of money for the eurozone. The demand for money, i.e., the amount of money people keep in their balances, besides other well-known factors (e.g., interest rate, price
Abstract: This article explains the theoretical importance of the quality of money as a factor of the demand for money and develops the composite indicator that measures the quality of money for the eurozone. The demand for money, i.e., the amount of money people keep in their balances, besides other well-known factors (e.g., interest rate, price
Mateusz Machaj (mateusz.machaj@uwr.edu.pl) is research fellow at the Faculty of Social and Economic Studies, Jan Evangelista Purkyne University in Usti nad Labem; and assistant professor at the Institute of Economic Sciences, the University of Wroclaw. Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click here. My
ABSTRACT : In recent years some economists have begun to doubt the scientific standing of the standard Austrian theory of the origin of money. They seem to think that it is only one possible solution to the problem of accounting for money’s value. Of these economists, Gary North (North 2012b) has presented the most cogent counter-interpretation to
ABSTRACT: Given the importance of the School of Salamanca, economists of the Austrian School occupy a privileged position with regard to the study of literature. Specifically, they are well suited to understand a foundational text in the modern history of the novel form. Don Quijote de la Mancha (1605/1615) by Miguel de Cervantes (1547–1616) is
Appendix On the Coinage Juan de Mariana Translated by Hazzard Bagg Hazzard Bagg (hbagg@lincolnschool.org) is an instructor of Latin and Greek at Lincoln School in Providence, Rhode Island. This translation constitutes pp. 268–278 of the Mainz edition of 1605 of De rege et regis institutione . Quarterly Journal of Austrian Economics 21, no. 2
ABSTRACT : This is a brief biographical sketch of the heroic late-scholastic thinker Juan de Mariana, with particular attention to his epic confrontation with Philip III and the Duke of Lerma, including a review of the list of charges against him. Around 1600, Mariana produced a series of powerful criticisms of statist monetary policy. From a
Volume 1, No. 1 (Spring 1998) Almost all contemporary Austrian economists are united in their opposition to central banking and their advocacy of a system of free competitive banking. However, a vigorous debate has arisen over the precise meaning of “free competitive banking.” Does “free banking” require 100 percent reserve deposit banking, or
Volume 1, No. 3 (Fall 1998) Hayek’s economics is focused upon adaptation: the continuously changing social order requires no conscious direction. That evolutionary thesis applies even to itself; no one can remain intellectually active throughout a long life without the adaptation of concepts or conclusions. If complete reversals are rare,
Volume 3, No. 4 (Winter 2000) According to mainstream economics, the validity of various definitions of money can be ascertained by means of a statistical test. What determines whether money M1, M2, and the other Ms are valid definitions is how well they correlate with national income. Most economists hold that, since the early 1980s, correlations
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.