/liberty/ - Liberty

>>98901

Bob Murphy's contentions on the importance of liquidity in interest rates (c.f. his thesis).

Salerno v. Shostak on whether savings accounts are considered part of the money supply.

Hulsmann v. Herbener on the evenly rotating economy concept.

>>98907

*Engelhardt along with Murphy.

From an Austrian school of thought, is The Phillips Curve theory best applied for long-term or short-term in gauging unemployment that’s consistent with price stability?

>>98946

Austrians see the Phillips curve as a complete myth. Usually while mumbling "muh 1970s stagflation."

How to politically bring about rothbard land

Who is going to win the debate between Bob Murphy and Tom Woods on the cruise

>>98954

Well, the 1970's stagflation should be kind of a big deal. That's not some little oddity hinting at a minor error in the theory, it's an event running counter to the very idea of the Phillips Curve. It's even more of an issue as most economists see predictive power as very important in a theory.

The free banking debate, i.e., whether any bank without 100% reserves considered fraudulent.

>>98967

Literally no-one within the Austrian school (or any school of economics, for that matter) is having that debate.

Fractional reserve banking may be a risky practice, but opposition to it on moral grounds comes entirely from from polacks whinging about muh joos commiting usury and marxists who can't into economics.

>>98972

>Literally no-one within the Austrian school (or any school of economics, for that matter) is having that debate.

"The truth is that fractional-reserve banking amounts to violating the nature of the law of property rights."

~Thorsten Polleit

http://www.marketoracle.co.uk/Article25212.html

>Literally no-one within the Austrian school

"Banking is fraudulent whenever bankers sell uncovered or only partially covered money substitutes that they present as fully covered titles for money."

~Hulsmann

>Literally no-one

https://mises.org/library/how-inflation-helps-keep-rich-and-poor-down

"This would leave the commercial banks still in a state of fractional reserve, and, in the past, I have advocated going straight to 100 percent, nonfraudulent banking by raising the gold price enough to constitute 100 percent of bank demand liabilities."

~Rothbard

https://mises.org/library/taking-money-back-0

(in fact, Rothbard mentioned this many times)

>NO-ONE

"We stipulate, arguendo, that fractional-

reserve-demand deposit banking is per se fraudulent"

~Walter Block and William Barnett II

http://www.walterblock.com/wp-content/uploads/publications/barnett-block_time-deposits-fraud-2009.pdf

Are you seriously saying that Selgin is arguing with himself on this matter?

>>98956

I'm kind of getting sick of "muh" being used as a way to dismiss arguments without actually dismissing them.

It makes me want to reply, "muh MUH argument."

>>98972

>Literally no-one within the Austrian school (or any school of economics, for that matter) is having that debate.

Wow, I guess the Mises Institute and Bob Murphy aren't parts of the Austrian school then.

>>98976

>>98979

I stand corrected. Many Austrian School economists do, in fact, oppose fractional reserve banking.

Still, I think the arguments against FRB are pretty terrible. FRB is fundmentally just a low risk, low return collective investment where any one investor can pull out at any time. Obviously there are risks involved but to claim it is intrinsically fraudulent is silly since the implications of keeping money in a FR bank account are understood by anyone with more than two brain cells to rub together. If you think it's terrible and eveil, go ahead and keep your money in a gold-reserve bank.