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

866 Money, Bank Credit, and Economic CyclesMoneyas a perfectly liquid asset,186nas a social institution, 21denationalization of, 736–39“electronic,” 640nHuerta de Soto’s proposal toprivatize money, 736–45“plastic,” 640npurchasing power, predictabilityof changes 583supply in the United States,evolution in the 1920s,487–88See also Neutral money;Quantity theory of money;Regression theorem; SavingsMonopolistic bank. See BanksMonstrua prodigia, Roman legalconcept of, 143Moral hazard, 150, 387nMultiplier, criticism of, 558–64Mutual fund banking. See BankingMutuum, definition, 2–4National debt, conversion inreform of the banking system,791–803National income accountingcriticism of its measures,305–12, 336–39ninadequate to reflect differentphases in the economiccycle, 418–20National Mutual Life AssuranceSociety, 163n“Needs of trade,” Old-Banking-School argument, 623, 678Neo-Banking School, 675–712Neo-Ricardians, 572–75Net income, 304Net saving, 302Neutral money, 523, 541its theoretical impossibility,581New classical economics, 535,748New Keynesians, 576nNovation, of contracts, 145One-hundred-percent reserverequirement, 716–35and irregular deposit, 11–12critical analysis of, 760–87Hayek’s proposal, 723–25history of the proposal,716–35Maurice Allais’s proposal,728–30Mises’s proposal, 716–23Rothbard’s proposal, 726–27Chicago School proposal,731–35James Tobin’s proposal, 735n“Option clauses,” 710Options, call, put, 159n, 771Overconsumption, 377Overinvestment, 375, 572Paradox of thrift, 317–18ntheoretical solution to, 342–44Partidas of Alfonso X, “the wise,”34Peace, 758–60Peel’s Bank Charter Act of July19, 1844, 252, 484, 629Pessimism, and the psychologicaleffects of the bust, 262, 378,456–59Pigou effect, 775