Index

Advanced Macroeconomics (Romer), 248

adverse clearing principle, 112–14

aggregate balance of payments, 181–83

aggregate demand shock, 101

Austrian business cycle theory, 122, 146, 159–61, 184–85, 193–206, 229–42, 289

Bagus, Philipp, xiv

bank cartelization, 210–15

bank of issue, 50–55, 137–39

bank notes, 7, 17–18, 30–31, 95–122, 130, 137–39

banking policy, 29–32

banking principle, 107, 132

Banking School, viii, x, xiii, 16–20, 117, 129, 131–61

Batson, Harold E., ix

Blaug, Mark, 87

Böhm-Bawerk, Eugen, xiii, xiv, 4, 19, 24, 46, 58, 64, 76, 78, 80, 128, 142, 203, 230, 289

on claims and goods, 67–71

boom-and-bust cycle, 288–92

brand extinction, 113–114, 116

Braun, Eduard, xiv

business cycle theory, xi, xiv, 19, 100, 103, 133, 134

Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process (Schumpeter), 160

Cantillon effect, xii, 30, 184, 279

Cape, Jonathan, ix

capital goods, 201–06

cash-in-advance model (CIA), 260–61

central banking, xv, 39, 221–22

arguments against, 273–95

characteristics of, 275–76

necessity of, 55–58

Cernuschi, Henri, 58, 110, 120

circulation credit, 103, 113–14, 193–95, 238

Clark, J.B., 26

classification of money, 63–73

coinage. See token coins

commodity credit, 103, 194–95, 238

computation of wealth, 70–71

Condillac, Étienne Bonnot de, 77, 79

conjectural history, 167–75

consumer theory, 84–85, 87

created credit, 103

credit means of payment, 153–59

Čuhel, Franz, 79–91

currency depreciation, 177–89

currency principle, 96–100, 104, 130

Currency School, xii, xiii, 6, 7, 16–19, 46, 54, 96, 98, 103–107, 117, 120–121, 128–131, 141–52, 230, 289

flaws in, 104

daily maturity, 111

Das Kapital (Marx), 78

deflation, 155, 280–82

demand deposits, 18, 95–120

Discourse on the Origin and the Foundation of the Inequality Among Mankind (Rousseau), 173

economic calculation, 89

Economic Principles (Mankiw), 248

Epistemological Problems of Economics (Mises), 75

equation of exchange, 256–57

equilibrium business cycle theory, xiv, 234–35

exchange rates, 178–89

exchange value of money, 26–27

expansionary monetary policy, 178–89

exports, 177–78

fiat money, 15, 30, 50–55

See also money

fiduciary media, 7, 16–35, 63–73, 98 , 103, 147–52

abolition of (Mises), 107–09

creation of, 111–12, 188–92

limits on, 109–17, 120

See also money substitutes

Fillieule, Renaud, xv

Finance Capital (Hilferding), 127, 136, 137, 143, 147

financial instability hypothesis, xiv, 237–38

Fisher, Irving, vii, viii, 10, 26, 30, 46, 75, 273, 283–84

value theory, 83–91, 181

Fisher Plan, 30

fixed capital, 160

forced saving, 157–58

forms of wealth, 70–71

fractional-reserve banking, xi, xiv, 209–27, 291

free banking, xiii, xiv, 29–32, 55–58, 95–97, 101–03, 107–22, 209–22

Free Banking School, 96, 101–03, 142–43

Friedman, Milton, xiv, 25, 232–34, 239

Fullarton, John, 17, 131, 135, 137, 148–50

Gabriel, Amadeus, xii, 10

Garrison, Roger W., 230, 239

Geld und Credit (Knies), 277

Geldwertstabilisierung und Konjunktur-

politik (Mises), 27

German Historical School, 57

Gertchev, Nikolay, xiv

Gesell, Silvio, viii

Geyer, Phillipp, 51

gold standard, 98, 120

gratuitous nature of credit, 20

Gray, Alexander, 78–79

Gurley, John, 116–17

habilitation thesis (Mises), 3

Hayek, F.A., ix, xiv, 88, 100, 193, 229

Helfferich, Carl, viii, 3, 44

Hilferding, Rudolf, xiii, 9, 128, 135–52, 159

Hobbes, Thomas, 173

Horwitz, Steven, 142, 143

Howden, David, xiv

Huerta de Soto, Jesús, 215–16, 230, 241

Hülsmann, Jörg Guido, 57, 100, 230, 235, 293

Human Action (Mises), xiii, xiv, 27, 76, 89, 109, 171, 194, 201–04, 209, 210, 258, 260, 262, 281, 288

human action, 24

human behavior. See praxeology

Hume, David, xii, 10, 178, 261

illiquidity, 115–16

index numbers, 5

indirect exchange, 40

individual choices, 3–5

inflation, 24–25, 27–29, 154–55, 232–34, 248, 280–82

inflation targeting, 282–83, 285

inner exchange value of money, xii, 13–16, 27

See also purchasing power of money

insolvency, 115–16, 211

inter-bank loan market, xiv, 210–27

interest rates, 11, 19–27, 149–50, 196–98, 230–32, 289

international monetary economics, 1

Jevons, William Stanley, 24

Kapital und Produktion (Strigl), 206

Karl Marx and the Close of His System (Böhm-Bawerk), 78

Keynes, John Maynard, viii, 257

Knapp, Georg F., 293

Knies, Carl, vii, 26, 38, 41–45, 46, 48–58, 277

labor theory of value (Marx), 78, 141

Lange, Oskar, 89, 91

Law, John, xiii, 67–68

law of reflux (Fullarton), 17, 132, 137–39, 142–43, 148, 155

Lexis, Wilhelm, vii

Lloyd, William, 98

Locke, John, 173

Longfield, Mountifort, 213

Lucas, Robert Jr., 25

Lucas Critique, 180

Machaj, Mateusz, xiii

Machlup, Fritz, ix, 103

Macleod, Henry Dunning, xiii, 67–68

Malthus, Thomas, 8

Man, Economy, and State (Rothbard), 252

Mankiw, Gregory, 248–70

marginal utility, 80–82, 85–86

market prices, 5, 24, 77–79

Marshall, Alfred, 37, 38

Marx, Karl, 135, 136, 137, 144

materials of wealth, 70

Mathematical Investigations in the Theory of Value and Prices (Fisher), 83

McCaffrey, Matthew, xiii

McCulloch, J.R., 213

Menger, Carl, viii, xiii, 1, 3, 4, 5, 7–8, 16, 37, 38, 40, 58, 68–69, 76, 80, 86, 167–75, 260

mercantilism, 177

Mill, John Stuart, viii, 10, 17, 131, 134–35, 160, 261

Minsky, Hyman, 237–39

Mirowski, Philip, 79, 85

Mises, Ludwig von, vii-xv, 169

academic accomplishments, 1-2

bank notes, 118–119

Banking vs. Currency Schools, 16–19, 101–03, 144–52

business cycle theory, 19–20

free banking, 107–09

trade balance, 180–87

typology of money, 64–67

value of money, 7–10

value theory, 75–91

modern business cycle theory, 232–38

problems of, 238–40

monetarist business cycle theories, 232–34

monetary calculation, 88–91

monetary equilibrium principle, 101–03, 107

Monetary Financial Institutions (MFIs), 223–26

monetary interest, 19

monetary policy, 13–16, 27–29

deflationary & inflationary, 14–15

monetary reconstruction, 27

Monetary Reconstruction (Mises), 274

monetary theory, 248

Monetary Theory and Policy (Walsh), 248

money

base money, 6

certificates, 63, 111

changes in money supply, 12

definitions of, 42–43, 169, 277

demand for, 257–261

endogeneity of, 136–37, 150–51

function of, xv, 6, 40, 41, 248–49

hoarding, 43

“inside” & “outside” money, 116–17

money prices, 8, 10

historical component of, 255

money proper, 5–6, 65, 72, 111, 250–51

commodity money, 6, 16, 66

credit money, 6

fiat money, 6

multiplier, 195, 219

nature of, 39, 40–43, 59

neutrality of, xv, 183–84, 261–69, 285

origin of, 167–170

quantity of, 45–48, 136–37

spontaneous emergence of, 42

substitutes, 5–6, 18, 47, 63–73, 111–25, 250–51

supply, 12, 45–48, 127–60

typology of, xv, 63–73, 249–50

value of, 7–9, 13, 19, 43–45

velocity of, 45–47, 256

money-in-the-utility-function model (MIU), 258–60, 264–68

Nair, Malavika, xii, 64–66

Nation, State, and Economy (Mises), 28

Nationalökonomie (Mises), 27, 76, 202, 281

nature of money. See money

neoclassicism, 75–91

neo-Currency School, 100

New Keynesian business cycle theory, 236–37

New Palgrave Dictionary of Economics, 248, 268

Niehans, Jürg, 117

Nisbet, Robert, xiv, 174

nominal income target, 102

Norman, George, 98

North, Gary, xiii

“On the Origins of Money” (Menger), 167

On the Regulation of Currencies (Fullarton), 138

outer exchange value of money. See purchasing power of money

overbanking, 133–34

Parkin, Michael, 264

Parnell, Henry, 213–21

Patinkin, Don, 116, 266, 268–69

Peel’s Act, 23, 56, 104–06, 122, 131, 133, 145

period of production, 20–21

Phillips curve, 230–35

plucking model, 233

Polleit, Thorsten, xv

praxeology, 3, 288

price index, 284–88

price level stabilization, 282–88

pricing process, 76

Principles of Economics (Menger), 292

production of money, 48–50

Proudhon, Pierre-Joseph, viii

Purchasing Power of Money, The (Fisher), 283

purchasing power of money (PPM), xv, 5, 9–11, 24–26, 251–57, 280

holistic explanation of, 256–57

inner exchange value, 8–9

Mises’s subjectivist account of, 253

outer exchange value, 8

quantitative easing, 102

quantity theory of money, 133, 136–37, 142–43, 285

Quesnay, François, 79

rational expectations theory, 25

Rau, Karl Heinrich, 38, 42, 43, 44, 45–46, 48–51, 54–55, 58

real business cycle theory, 236

redemption pledge, 66

redistribution effect, 254

redistribution of wealth, 13, 22, 48

regression theorem, xiii, xv, 9, 44, 59, 167–75, 292–93

Reisman, George, ix

reserve banking, 95

reserve requirements, 64–65

Ricardo, David, viii, xii, 13, 14, 129

Romer, David, 248–50, 258, 262

Roscher, Wilhelm, 38, 40, 42, 43, 48, 58

Rothbard, Murray, ix, xiv, 116, 210–20, 229, 274

Rousseau, Jean-Jacques, 173

Salerno, Joseph T., xiii, 145

Say, Jean-Baptiste, viii, 68, 77

Schumpeter, Joseph, xiii, 37, 38, 82, 97–98, 128, 136, 152–61

Selgin, George, 58, 64–66, 102, 106, 110, 117

Sennholz, Hans, ix

Shaw, Edward, 116–17

Smith, Adam, 14

Social Change and History (Nisbet), 174

Socialism (Mises), 28

Solvay, Ernest, viii

sound money, 97–100, 294–95

sound money principle, 294

St. Clair, 77–78

Stigler, George, 87

Streissler, Erich W., 37

Strigl, Richard von, xiv, 206

subjective theory of value, 1, 3, 9, 79–83, 142, 170

subjective value of money (SVM), 10, 24

subjectivist typology of money, xii, 1

subsistence fund, 196–206, 231–32

theory of banking, 16–20

theory of economic crises, xiv, 2

theory of goods, 68–71

theory of imputation, 82–83, 88–89

theory of the entrepreneur, 152–61

theory of the trade cycle, 139–41, 146–47

theory of value, 17

See also value theory

Theorie des Geldes und der Umlaufsmittel (Mises), vii–xii, 1, 7, 27, 32, 37, 75, 120, 127, 144, 147, 158, 170, 175, 193, 205, 209

changes to editions, 2, 23–32

criticism of, 37–38, 142

structure of, 3

Theory of Economic Development, The (Schumpeter), 127, 152–53, 159, 160

Theory of Money and Credit (Mises). SeeTheorie des Geldes und der Umlaufsmittel

Tobin, James, 117, 249

token coins, 63–67

Tooke, Thomas, 17, 46, 131, 133, 137, 139–40, 148, 150, 159–60

Torrens, Robert, 98

trade balance, 178–87

transfer credit, 103

Turgot, Anne-Robert-Jacques, 79

unemployment, 232–34

use value, 43, 277–78

utility multiplication, 81

value, 76–91

definitions of, 76–80

value theory, 24, 75–91

velocity of money. See money

Viner, Jacob, 218

Wagner, Adolf, vii, 38, 39, 44, 46, 49, 54, 56–59

Wallace, Neil, 249

Walras, Léon, 86

Walsh, Carl, 248–50, 258–68

Wealth of Nations (Smith), viii

White, Larry, 102, 106, 116

Wicksell, Knut, vii, 3, 9, 19, 20, 149, 230, 289

Wieser, Friedrich Freiherr von, 10, 16, 24, 44, 82–83

Wilson, James, 131, 134, 139–40, 148

Yeager, Leland, 101