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Austrian Definitions of the Supply of Money_2.pdf
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👤 Author: Jeff Tucker
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Summary

The concept of the supply of money is crucial in both Austrian and Chicago schools of economics, yet neither has defined it satisfactorily. The Chicago School's definition is flawed, as it relies on statistical correlation with national income rather than theoretical means. In Austrian economics, Ludwig von Mises defined money as the general medium of exchange, but questions remain, such as whether savings deposits should be included in the money supply. Mises argued that demand deposits are part of the money supply because they are redeemable for cash at par on demand and function as a warehouse receipt for cash. However, they only continue to be part of the money supply as long as they are accepted as equivalent to cash by sellers on the market. The Austrian emphasis on subjective estimates of importance and value means that demand deposits can still function as part of the money supply even in a system of fractional reserve banking, where they are not all redeemable in cash.

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The concept of the supply of money is crucial in both Austrian and Chicago schools of economics, yet neither has defined it satisfactorily.

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  • Pages: 14
  • Language: EN
  • Author: Jeff Tucker
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