IDEAS home Printed from https://ideas.repec.org/a/bpj/jeehcn/v22y2016i1p77-98n5.html
   My bibliography  Save this article

Cultural Consequences of Monetary Interventions

Author

Listed:
  • Guido Hülsmann Jörg

    (Faculté de Droit, d’Economie et de Gestion d’Angers, LUNAM Université, Université d’Angers, GRANEM, UMR MA n°49, 13 allée François Mitterrand, 49036 Angers cedex 01, France)

Abstract

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.

Suggested Citation

  • Guido Hülsmann Jörg, 2016. "Cultural Consequences of Monetary Interventions," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 22(1), pages 77-98, July.
    • Handle: RePEc:bpj:jeehcn:v:22:y:2016:i:1:p:77-98:n:5
    DOI: 10.1515/jeeh-2016-0010
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/jeeh-2016-0010
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/jeeh-2016-0010?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    monetary interventionism; fiat money; cultural economics; banking school; Hayek; Keynes; Interventionnisme monétaire; monnaie fiduciaire; économie de la culture; banking school; Hayek; Keynes;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:jeehcn:v:22:y:2016:i:1:p:77-98:n:5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.