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Money

In: A Modern Guide to Austrian Economics

Author

Listed:
  • Joseph T. Salerno
  • Kristoffer J. M. Hansen

Abstract

In this chapter, we survey Austrian contributions to monetary theory since the 80s. We focus on the supply of money, the demand for money, and the question of monetary equilibrium. In the section on supply, we go through developments in the understanding of inflation and deflation, the economics of commodity money supply, free banking insofar as it concerns the supply of money, bitcoin, and end with a review of monetary reform proposals, since these all focus on how money is produced. The section on demand for money first explain the Austrian focus on money demand as demand to hold and recent elaborations of this in terms of exchange demand and reservation demand. Recent work by Austrians have emphasized the role of uncertainty for money demand and elaborated a theory of the quality of money. The final section concerns the debate over monetary equilibrium.

Suggested Citation

  • Joseph T. Salerno & Kristoffer J. M. Hansen, 2022. "Money," Chapters, in: Per L. Bylund (ed.), A Modern Guide to Austrian Economics, chapter 9, pages 165-181, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19135_9
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    Keywords

    Economics and Finance;

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