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  • Re: A question regarding Selgin’s response to Bagus and Howden

    I too have read both papers and remain thoroughly confused by Seglin's argument. I fail to see how an increase in the demand for money creates 'artifically' high interest rates that need to be offset by credit expansion and vice versa. If one increases his demand for money by reducing consumption and investment in proportion to ones original
    Posted to Economics Questions (Forum) by C on Sun, Apr 3 2011
  • Re: Why do Austrians say price is set by preference rather than production cost?

    Production costs are irrelevant. They are sunk. After the product has been produced you sell it for what ever you can get for it. If the most you can get for it is less than your costs...well then you earn a loss. It is consumer demand in the face of the scarcity of the product that determines the price. Costs only play a role in the price in the sense
    Posted to Economics Questions (Forum) by C on Thu, Mar 24 2011
  • Re: Negligence

    I would suggest reading Hoppe's critique of Rothbard's strict liability. http://mises.org/journals/qjae/pdf/qjae7_4_6.pdf Of all the approaches I've read, i think this is the best.
    Posted to Political Theory (Forum) by C on Thu, Mar 24 2011
  • Re: The origin of fractional-reserve banking

    Thanks Jonathan. I'll look into it.
    Posted to Economics Questions (Forum) by C on Wed, Mar 23 2011
  • Re: The origin of fractional-reserve banking

    [quote user="vaduka"] Loaning out a deposit does not necesserily imply practicing FRB. If the the deposit is not on-demand and the banker loans this deposit to a third party - this is not FRB. FRB is only when an additional to the originally created claim to property is created, i.e. at the same time two separate individuals are the exclusive
    Posted to Economics Questions (Forum) by C on Wed, Mar 23 2011
  • Re: The origin of fractional-reserve banking

    I'm not looking for a theory of how fractional reserves originated but rather the actual history. Could both methods have been employed from the begining? sure. if thats the case I would like to know that. I've read alot of history on banking and the actual methods used to achieve fractional reserves always seems to be more speculation than
    Posted to Economics Questions (Forum) by C on Wed, Mar 23 2011
  • Re: The origin of fractional-reserve banking

    It could be. I'm just trying to get to the bottom of it.
    Posted to Economics Questions (Forum) by C on Wed, Mar 23 2011
  • The origin of fractional-reserve banking

    I've read Rothbard's History of Money and Banking in the U.S. and The Mystery of Banking and I get conflicting messages of how fractional reserve banking originated. In some areas he suggests that bankers fell to the temptation to loan out deposits that were entrusted with them for safekeeping. (This is the common story). In other areas he suggest
    Posted to Economics Questions (Forum) by C on Wed, Mar 23 2011
  • Re: Question about gold as money

    Well I take from that one would expect the demand for gold to massively increase which would drive prices of goods and services way down. A side effect of that would it be to most likely rule out using a unit of weight as the 'name' of the currency as a grain is the smallest unit of weight. Most goods would end up being priced in fractions of
    Posted to Economics Questions (Forum) by C on Wed, Feb 23 2011
  • Question about gold as money

    My questions is about the prices if gold was to be used as money. Specifically, would we expect the price of goods and services (in gold) to go up, down, or stay the same if legal tender laws were repealed and people switched to using gold. For instance, the exchange rate of dollars to gold grains right now is 3.23/1. So if a bottle of water currently
    Posted to Economics Questions (Forum) by C on Wed, Feb 23 2011
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