Deflation and Liberty [Jorg Guido Hulsmann] on *FREE* shipping on qualifying offers. This monograph addresses a critically important issue: the. Deflation and Liberty has 74 ratings and 4 reviews. Marcus said: This is a pretty good defense against anti-deflationary (inflationary) policies. I was h. Deflation is not inherently bad. It creates winners and losers. It also puts a temporary break on the concentration of power in the hands of government and in.

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For an interesting attempt to explain the current crisis in Japan as a structural trap rather than as a mere monetary liquidity trap, see Robert H. In a free market, paper money could not sustain the competition of the far superior metal moneys. Harvard University Press, Everybody from the miners to the owners of the mines, to the minters, and up to the customers who buy the minted coins, all of them benefit from the production of money.

But only Sennholz did not flinch from praising deflation and depression when it came to abolishing fiat money and putting a sound money system in its place.

Deflation and Liberty

Danielb96 rated it liked it Nov 07, But it is also true that western monetary institutions in the era of the classical gold standard were far from being perfect. In order to reach a broader audience, a short essay would simply not do. Such views have a certain prominence even among Austrian economists. The case of Japan might serve as a warning counter-example. It also goes after private fractional reserve banking at the end, which I found uncompelling.



Deflation and Liberty | Mises Institute

The crisis did not hit us despite the presence of our monetary and financial authorities. Under the prevailing tax code, individuals can deduct interest they pay on their mortgages from their tax bill, but they cannot make any similar deductions if they finance their home out of their own pocket.

It follows that there is no economic rationale for monetary policy to take up an ardent fight against deflation rather than letting deflation run its course. Both foregoing scenarios involve a sudden decline of the demand for money substitutes, which entail a rapid physical disappearance of these substitutes from circulation, as market participants switch to using base money.

There are no discussion topics on this book yet. In a truly free society, the production of money is a matter of private initiative. The main advantage of the successful newcomer is that he has high revenues.

As a result, there are virtually no more firms that make it from the very bottom into the major league of corporate deflxtion. Bitcoin, blockchains, and economic theory Oct 11, August Aug 20, BTC plus BCC showing strong combined gains as market attention shifts to next controversy Aug 20, Aug 5, Descendants with modifications: Oxford University Press, Research and writing portal for the work of Konrad S.

It is not the money of the free market but the money of a partially enslaved society. But there is also another issue that needs to be addressed: Be the first to ask a question about Deflation and Liberty.


Deflation and Liberty by Jörg Guido Hülsmann

Home Mises Library Deflation and Liberty. At the beginning of the 20th century, most firms and industrial corporations were financed out of their revenues, and banks and other financial intermediaries played only a subordinate role. In short, deflation is at least potentially a great liberating force.

This monograph is rife with assertion without evidence. The United States of America has experienced two such junctures: It is true that the firms who receive money fresh from the printing press are thereby benefited. Deflation is certainly not some sort of a reversal of a previous anr that repairs the harm done in prior redistributions.

Selected quotations from Deflation and Liberty with commentary p. Inflation does not change this fact. Hulsmwnn see what your friends thought of this book, please sign up.

Paper money is inherently fiat money; it cannot thrive but when it is imposed by the state. There is absolutely no reason to be concerned about the economic effects of deflation—unless one equates the welfare of the nation with the welfare of its false elites.