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.
Hayek, F. A. 1979 . The Counter-Revolution of Science, 2nd ed. Indianapolis: Liberty Press.
Hoppe, H. -H. 2001. Democracy, the God That Failed. New Brunswick, NJ: Transaction.
Hoppe, H. -H. 2012. Der Wettbewerb Der Gauner. Berlin: Holzinger.
Hülsmann, J. G. 2007. Mises – the Last Knight of Liberalism. Auburn, AL: Mises Institute.
Hülsmann, J. G. 2008. The Ethics of Money Production. Auburn, AL: Mises Institute.
Hülsmann, J. G. 2013. Krise der Inflationskultur. Munich: Finanzbuch-Verlag.
Hülsmann, J. G. 2014. “Fiat Money and the Distribution of Incomes and Wealth.” In The Fed at One Hundred – a Critical View on the Federal Reserve System, edited by D. Howden and J. T. Salerno, 127–38. Berlin: Springer-Verlag.
Karsten, F., and K. Beckman. 2012. Wenn die Demokratie zusammenbricht. Munich: Finanzbuch-Verlag.
Knies, C. 1873. Geld Und Credit, vol. 1. Berlin: Weidmannsche Buchhandlung.
Mises, Lvon. 1953 . Theory of Money and Credit. New Haven: Yale University Press.
Olson, M. 1982. The Rise and Decline of Nations. New Haven: Yale University Press.
Polleit, T. 2012. “Kollektive Korruption.” Smart Investor (7):26–7.
Polleit, T. 2011. “Fiat Money and Collective Corruption.” Quarterly Journal of Austrian Economics 14 (4):397–415.
Poulon, F. 2000. La pensée économique de Keynes. Paris: Dunod.
Rothbard, M. N. 1993 . Man, Economy, and State, 3rd ed. Auburn, AL: Mises Institute.
Séjourné, B. 2009. “Volatilité des marchés boursiers et comportement des épargnants français.” Revue d’économie financière 74:21–230.
White, A. D. 1896. Fiat Money Inflation in France. New York: Appleton Co.
The Journal des Économistes et des Études Humaines (JEEH) addresses economic issues in political theory, social dynamics, social science methodology, and philosophy. JEEH has an international audience and welcomes contributions written by scholars from around the world.