Causes of the Economic Crisis, The |
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The causes of the economic crisis : and other essays before and after the ... Ludwig Von Mises No preview available - 2006 |
The Causes of the Economic Crisis: And Other Essays Before and After the ... Ludwig Von Mises No preview available - 2018 |
The Causes of the Economic Crisis (Large Print Edition): And Other Essays ... Ludwig von Mises No preview available - 2015 |
Common terms and phrases
attempts balance of payments banking policy banknotes banks of issue boom business conditions business cycle capital capitalistic central bank changes Circulation Credit Theory commodity money commodity prices consequences considered consumers credit expansion creditors crises crisis Currency School cyclical policy debtor decline demand for money doctrine economic effect enterprises entrepreneurs exchange rates expansion of circulation exports fact factors of production fiduciary media foreign exchange rates foreign money funds German German mark goal gold exchange standard gold standard index number inflation inflationist issue of fiduciary lead Ludwig von Mises means ment monetary depreciation monetary policy monetary unit monetary value Money and Credit natural interest rate notes paper money political power of gold prevailing price premium problem profit proposals purchasing power quantity of money rate of interest ratio reduce Reichsbank result rise situation stabilization supply Theory of Money tion trade cycle transactions unemployment unhampered market upswing wage rates workers
Popular passages
Page 117 - The history of what we are in the habit of calling the " state of trade " is an instructive lesson. We find it subject to various conditions which are periodically returning ; it revolves apparently in an established cycle. First we find it in a state of quiescence, — next improvement, — growing confidence, — prosperity, — excitement, — overtrading, — convulsion, — pressure, — stagnation, — distress, — ending again in quiescence.
Page 66 - liberal" in the sense attached to it everywhere in the nineteenth century and still today in the countries of continental Europe. This usage is imperative because there is simply no other term available to signify the great political and intellectual movement that substituted free enterprise and the market economy for the precapitalistic methods of production; constitutional representative government for the absolutism of kings or oligarchies; and freedom of all individuals...
Page 148 - The most important prerequisite of any cyclical policy, no matter how modest its goal may be, is to renounce every attempt to reduce the interest rate, by means of banking policy, below the rate which develops on the market.
Page 83 - Entwicklung der Gesetze des menschlichen Verkehrs und der daraus fliessenden Regelnfur menschliches Handeln (new ed; Berlin, 1889), p.
Page 108 - At times, even on the unhampered market, there are some unemployed workers, unsold consumers' goods and quantities of unused factors of production, which would not exist under "static equilibrium." With the revival of business and productive activity, these reserves are in demand right away. However, once they are gone, the increase in the supply of fiduciary media necessarily leads to disturbances of a special kind.
Page 24 - static" rate, an opportunity would emerge for undertaking profit-making ventures. It would then be profitable to buy commodities with the money which is legally undervalued on the exchange, as compared with its purchasing power parity, and to sell those commodities for that money which is legally overvalued on the exchange, as compared with its actual purchasing power. Whenever such opportunities for profit exist, buyers would appear on the foreign exchange market with a demand for the undervalued...
Page 122 - Ed] banks of issue and the evils complained about is not correctly interpreted, a policy with respect to interest is advocated which, in the last analysis, must necessarily always lead to crisis and depression. 5. FREE BANKING Every deviation from the prices, wage rates and interest rates which would prevail on the unhampered market must lead to disturbances of the economic "equilibrium.
Page 117 - ... Lionel Robbins, Robert Torrens and the Evolution of Classical Economics (London: Macmillan, 1958). -Ed.] 29 Samuel Jones Loyd [Overstone], Reflections Suggested by a Perusal of Mr. J. Horsley Palmer's Pamphlet on the Causes and Consequences of the Pressure on the Money Market (London: P.Richardson, 1837), reprinted in Tracts and Other Publications on Metallic and Paper Currency, by the Right Hon.
Page 118 - I could not understand why the banks didn't learn from experience. I thought they would certainly persist in a policy of caution and restraint, if they were not led by outside circumstances to abandon it. Only later did I become convinced that it was useless to look to an outside stimulus for the change in the conduct of the banks. Only later did I also become convinced that fluctuations in general business conditions were 41See Theorie des Geldes und der Umlaufsmittel (1912), pp.
Page 9 - That specie, which was supposed to be hoarded or carried abroad, found its way into circulation. That which had been hidden came forth ; that which had quitted France returned. The southern provinces were full of piasters, which came from Spain, and were introduced among us from necessity. Gold and silver come, like all commodities, whithersoever the demand calls them ; only their price is higher and keeps up till the quantity is sufficient and the want is supplied. Some rogueries were also committed...