Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

676 Money, Bank Credit, and Economic Cycleswhom we could mention certain members of the AustrianSchool who, in our opinion, have missed some of Mises’s andHayek’s teachings on monetary matters and the theory of capitaland economic cycles, members like White, 104 Selgin 105 and,more recently, Horwitz; 106 members of the English SubjectivistSchool, like Dowd; 107 and finally, theorists with a monetaristbackground, like Glasner, 108 Yeager 109 and Timberlake. 110 Even104 Lawrence H. White, Free Banking in Britain: Theory, Experience andDebate, 1800–1845 (London and New York: Cambridge University Press,1984); Competition and Currency: Essays on Free Banking and Money (NewYork: New York University Press, 1989); and also the articles writtenjointly with George A. Selgin: “How Would the Invisible Hand HandleMoney?” Journal of Economic Literature 32, no. 4 (December 1994):1718–49, and more recently, “In Defense of Fiduciary Media—or, We areNot Devo(lutionists), We are Misesians!” Review of Austrian Economics 9,no. 2 (1996): 83–107. Finally, Lawrence H. White has compiled the mostimportant writings from a Neo-Banking School standpoint in the followingwork: Free Banking, vol. 1: 19th Century Thought; vol. 2: History;vol. 3: Modern Theory and Policy (Aldershot, U.K.: Edward Elgar, 1993).105 George A. Selgin, “The Stability and Efficiency of Money Supplyunder Free Banking,” printed in the Journal of Institutional and TheoreticalEconomics 143 (1987): 435–56, and republished in Free Banking, vol. 3:Modern Theory and Policy, Lawrence H. White, ed., pp. 45–66; The Theoryof Free Banking: Money Supply under Competitive Note Issue (Totowa, N.J.:Rowman and Littlefield, 1988); the articles written jointly withLawrence H. White and cited in the preceding footnote; and “Free Bankingand Monetary Control,” pp. 1449–59. I am not very sure if Selgindoes still consider himself a member of the Austrian School.106 Stephen Horwitz, “Keynes’ Special Theory,” pp. 411–34; “Misreadingthe ’Myth’: Rothbard on the Theory and History of Free Banking,”published as chapter 16 of The Market Process: Essays in ContemporaryAustrian Economics, Peter J. Boettke and David L. Prychitko, eds. (Aldershot,U.K.: Edward Elgar, 1994), pp. 166–76; and also his books, MonetaryEvolution, Free Banking and Economic Order and Microfoundations andMacroeconomics (London: Routledge, 2000).107 Kevin Dowd, The State and the Monetary System (New York: Saint Martin’sPress, 1989); The Experience of Free Banking (London: Routledge, 1992);and Laissez-Faire Banking (London and New York, Routledge, 1993).108 David Glasner, Free Banking and Monetary Reform (Cambridge: CambridgeUniversity Press, 1989); “The Real-Bills Doctrine in the Light ofthe Law of Reflux,” History of Political Economy 24, no. 4 (Winter, 1992):867–94.