In Defense of Fiduciary Media—or, We are Not Devo(lutionists), We are Misesians!
From The Review of Austrian Economics Vol. 9, No. 2 1996.
From The Review of Austrian Economics Vol. 9, No. 2 1996.
From The Review of Austrian Economics Vol. 8, No. 2, 1995.
In re-evaluating the main elements of Mises's monetary theory, one thing especially stands out. Mises took great pains to establish his theory of money on the bedrock of value and price theory.
Banks under a free-banking system, like banks with fractional reserves under any other system, are susceptible to runs. Free-banking theorists maintain that the option clause would be one effective means of dealing with runs on banks.
Richard H. Timberlake A Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money Acrobat 3.0 Import Plug-in
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The literature on free banking has sharply altered its focus in the last two decades.
Yuri Kuznetsov suggests a scenario by which fiat money comes about, a scenario which may be useful for understanding some events in recent Russian history.
From The Review of Austrian Economics Vol. 7, No. 2, 1994.