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As I pointed out in my last column , the classical economists were not only advocates of the laissez-faire, laissez-passer credo; they were also opponents of a fiat paper money, viewing it as a corruption of the idea and integrity of money itself. However, their views on monetary matters were far from perfect. They made subtle errors that

For good economists, the link between the operation of a fractional-reserve banking system and the recurrence of boom-bust cycles is of little doubt. One of the paramount figures who has contributed to the intellectual elaboration of this relationship and to its transmission to young economists, among which the present writer has had the pleasure

Bitcoins have been much in the news lately. Against the background of renewed concerns about the integrity of the euro zone and the imposition of capital controls in Cyprus, the price of a bitcoin has tripled over the last month and reached more than $141 for 1 BTC. Are we witnessing the spontaneous emergence of an alternative virtual medium of

Quarterly Journal of Austrian Economics 19, no. 2 (Summer 2016) This ambitious new book on the foundations of money and monetary institutions, based on the the author’s Ph.D. disseration defended in 2011 at the Universidad Rey Juan Carlos in Madrid, Spain (supervised by Gabriel Calzada), is an impressive interdisciplinary exercise. Part I of the

Quarterly Journal of Austrian Economics 16, no. 2 (2013) [ This is the 2013 F.A.Hayek Memorial Lecture presented at the Austrian Economics Research Conference, March 22, 2013. ] This article has a twofold purpose. Its first goal is to pay tribute to Friedrich von Hayek as an outstanding monetary theorist. Its second objective is to further