Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Cultural Consequences of Monetary Interventions

Cultural Consequences of Monetary Interventions Abstract Hayek and Keynes are usually perceived as antipodes in one of the grand macroeconomic debates of the twentieth century. But they also agreed on some basic issues of monetary theory, most notably on the harmful character of money hoarding and the desirability of a flexible money supply to offset or neutralise changes in the demand for money. In our paper we highlight some of the cultural implications of a permanent expansion of the money supply. We will focus on the specific case of credit expansion ( ex nihilo creation of money through credit) which has held centre stage of the monetary evolution of the past two hundred years and, even more specifically, on credit expansion pushed to such an extent that it entails permanent price-inflation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

Cultural Consequences of Monetary Interventions

Loading next page...
 
/lp/de-gruyter/cultural-consequences-of-monetary-interventions-Cne0dJ90zd
Publisher
de Gruyter
Copyright
Copyright © 2016 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-2016-0010
Publisher site
See Article on Publisher Site

Abstract

Abstract Hayek and Keynes are usually perceived as antipodes in one of the grand macroeconomic debates of the twentieth century. But they also agreed on some basic issues of monetary theory, most notably on the harmful character of money hoarding and the desirability of a flexible money supply to offset or neutralise changes in the demand for money. In our paper we highlight some of the cultural implications of a permanent expansion of the money supply. We will focus on the specific case of credit expansion ( ex nihilo creation of money through credit) which has held centre stage of the monetary evolution of the past two hundred years and, even more specifically, on credit expansion pushed to such an extent that it entails permanent price-inflation.

Journal

Journal des Économistes et des Études Humainesde Gruyter

Published: Jul 1, 2016

References