The Misesian Concept of Money and Credit - Fiduciary Media as a Form of Intervention in the Mechanism of the Free Market
Keywords:
Austrian school of economics, monetary theory, money, Ludwig von MisesAbstract
The first aim of the article is to analyse the views of Ludwig von Mises on the origin, functions and types of money, and to highlight the advantages of using his approach over a number of contemporary ones. A very tight correlation between the genesis of money with its primary function, and the logical derivation of the secondary functions, should be counted among these benefits. The paper analyses the Misesian typology of money, along with types of credit and corresponding types of banking activity. The Menger-Mises paradigm of the interest rate as a coordinating mechanism of the economy may at the same time be perceived as a system of interdependent prices, which remains sensitive to signals from the monetary sphere. Using Mises' approach, one can conclude that monetary expansion interferes with the market's equilibrium, which in turn can provide an interesting paradigm for analysing the current global economic crisis, which was largely facilitated by money and the expansion of credit over the last few decades. Discussing the analytical perspective is the aim of the second part of the text. In other words, the theoretical considerations analysed here may constitute the theoretical foundations for empirical analyses regarding mechanisms of the current economic crisis, and be an alternative to mainstream macroeconomic theories.
Downloads
References
Belka M. [1986], Doktryna ekonomiczno-społeczna Miltona Friedmana, wyd. 1, PWN, Warszawa.
Burda M., Wyplosz Ch. [2000], Makroekonomia. Podręcznik europejski, wyd. 2, Polskie Wydawnictwo Ekonomiczne, Warszawa.
Friedman M. [1994], Intrygujący pieniądz. Z historii systemów monetarnych, wyd. 2, Wydawnictwo Łódzkie, Łódź.
Garrison R.W. [2001], Time and Money. The Macroeconomics of Capital Structure, Routledge, London-New York.
Hayek F.A. [1967], Prices and Production, reprint, Augustus M. Kelley, New York, wyd. 1: Routledge, London 1931.
Hayek F.A. [2007], The Pure Theory of Capital, reprint, University of Chicago Press, Chicago, wyd. 1: Macmillan and Co, London 1941.
Keynes J.M. [1985], Ogólna teoria zatrudnienia, procentu i pieniądza, wyd. 2, PWN, Warszawa.
Laidler D. [1991], The Golden Age of the Quantity Theory, Princeton University Press, Princeton.
Menger C. [1976], Principles of Economics, Ludwig von Mises Institute, Auburn, reprint wydania: New York University 1976, z korektami, wyd. 1: Grundsätze der Volkswirtschaftslehre, Wilhelm Braumüller, Wien 1871.
von Mises L. [1912], Theorie des Geldes und der Umlaufsmittel, Duncker und Humblot, Muenchen-Leipzig.
von Mises L. [1978], Monetary Stabilization and Cyclical Policy, reprint wyd. z 1928 r. w: On the Manipulation of Money and Credit. Essays by Ludwig von Mises, ed. P.L. Greaves, Free Market Books, Dobbs Ferry, New York.
von Mises L. [1981], The Theory of Money and Credit, Liberty Fund, Indianapolis.
von Mises L. [2007], Ludzkie działanie. Traktat o ekonomii, Instytut Ludwiga von Misesa, Warszawa, wyd. 1: Human Action: A Treatise on Economics, Yale University Press 1949.
Mishkin F.S. [2002], Ekonomika pieniądza, bankowości i rynków finansowych, Wydawnictwo Naukowe PWN, Warszawa.
O'Driscoll G.P. [1977], Economics as a Coordination Problem. The Contributions of Friedrich A. Hayek, Sheed Andrews and McMeel, Kansas City.
Robbins L. [1934], The Great Depression, 1st ed., Macmillan and Co, London.
Rothbard M. [2000], America's Great Depression, 5th ed., Ludwig von Mises Institute, Auburn.
Schumpeter J.A. [1969], Carl Menger [w:] Ten Great Economists: From Marx to Keynes, Oxford University Press, New York.
Skousen M. [1990], The Structure of Production, New York University Press, New York.
Wicksell K. [1962], Interest and Prices, Augustus M. Kelley, New York, reprint wyd. z 1898 r.
Great Austrian Economists [1999], red. R.G. Holcombe, Ludwig von Mises Institute, Auburn.
