Best of
Economics
1963
What Has Government Done to Our Money? and The Case for a 100 Percent Gold Dollar
Murray N. Rothbard - 1963
The Mises Institute has united this book with its natural complement: a detailed reform proposal for a 100 percent gold dollar. The Case for a 100 Percent Gold Dollar was written a decade before the last vestiges of the gold standard were abolished. His unique plan for making the dollar sound again still holds up. Some people have said: Rothbard tells us what is wrong with money but not what to do about it. Well, by adding this essay, the problem and the answer are united in a comprehensive whole. After presenting the basics of money and banking theory, he traces the decline of the dollar from the 18th century to the present, and provides lucid critiques of central banking, New Deal monetary policy, Nixonian fiat money, and fixed exchange rates. He also provides a blueprint for a return to a 100 percent reserve gold standard. The book made huge theoretical advances. He was the first to prove that the government, and only the government, can destroy money on a mass scale, and he showed exactly how they go about this dirty deed. But just as importantly, it is beautifully written. He tells a thrilling story because he loves the subject so much. The passion that Murray feels for the topic comes through in the prose and transfers to the reader. Readers become excited about the subject, and tell others. Students tell professors. Some, like the great Ron Paul of Texas, have even run for political office after having read it. Rothbard shows precisely how banks create money out of thin air and how the central bank, backed by government power, allows them to get away with it. He shows how exchange rates and interest rates would work in a true free market. When it comes to describing the end of the gold standard, he is not content to describe the big trends. He names names and ferrets out all the interest groups involved. Since Rothbard's death, scholars have worked to assess his legacy, and many of them agree that this little book is one of his most important. Though it has sometimes been inauspiciously packaged and is surprisingly short, its argument took huge strides toward explaining that it is impossible to understand public affairs in our time without understanding money and its destruction.
America's Great Depression
Murray N. Rothbard - 1963
Murray N. Rothbard's America's Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history.The Mises Institute edition features a new introduction by historian Paul Johnson.Since it first appeared in 1963, it has been the definitive treatment of the causes of the depression. The book remains canonical today because the debate is still very alive.Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust.The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn was generated by government intervention in the economy. Had the book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject. The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward.
What Has Government Done to Our Money?
Murray N. Rothbard - 1963
Rothbard explains how money was originally developed, and why gold was chosen as the preferred commodity to use as money. The author also explains how the gold standard makes money a commodity, and how market forces create a stable economy. Rothbard shows that many European governments went bankrupt due to World War I and left the gold standard in order to try to solve their financial issues, which was not the right solution. He also argues that this strategy was partially responsible for World War II and led to economic problems throughout the world.
A Monetary History of the United States 1867-1960
Milton Friedman - 1963
Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues.Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger.Milton Friedman won the Nobel Prize in Economics in 1976 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957).
La economía argentina: Desde sus orígenes hasta principios del siglo XXI
Aldo Ferrer - 1963
The first edition appeared in early 1963 and since it has had thirty reprints, more than 100,000 copies, and has been translated into English, Portuguese and Japanese. This historical approach studies the different stages of national economic process, in connection with the evolution of the global capitalist system, and analysis of the intricate political and social context in which this process took place. Forty-five years after his first edition, the book by Aldo Ferrer remains a work of reference for students and professionals of social and economic disciplines, and also for a broad public interest in knowing and understanding the global problems in the fluctuating and disconcerting trend of the economy of Argentina.In this fourth edition, enlarged and updated until the beginning of the twenty-first century, Aldo Ferrer, assisted by Marcelo Rougier, incorporates the findings of the economic history of recent decades and reflects the changes in this period both in the global order as at national level. Thus, Ferrer says in his preface to this edition: "I insist on the idea that a principios del siglo XXI, closes the stage of neoliberal hegemony and begins a new phase of development of the country during which, in good time, Argentina can find the fate it deserves under the magnitude and quality of its human and material resources ".
An Introduction To Positive Economics
Richard G. Lipsey - 1963
The McLandress Dimension
John Kenneth Galbraith - 1963
This book is a satirical economic gem and one of the author's few works of fictions.
The Uneasy Case for Progressive Taxation
Harry Kalven Jr. - 1963
A Monetary History of the United States 1867-1960 (Nat'l Bureau of Economic Research)
Milton Friedman - 1963
Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues.Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger.Milton Friedman won the Nobel Prize in Economics in 1976 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957).