Money and Markets: Essays in Honor of Leland B. Yeager

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Mr. YeagerThe macroeconomics of money, saving, and investment 149So ends the classroom story that I use to pass along an important piece of whatLeland Yeager has taught me about macroeconomics. I close, now, by reminiscingjust a little bit.Sometime back in the early 1980s, when my friendship and collaboration withYeager had just begun, I attended the American Economic Association meetings,held that particular year in Atlanta. Between two of the first morning’s sessions, Istood on the hotel’s mezzanine level, waiting for the elevator. The bell rang toannounce its arrival, and two of the disembarking passengers, graduate students, Ithought, a young man and a young woman, stepped from the elevator to themezzanine’s railing. “Oh look!” the young woman exclaimed, as she looked down tothe crowded lobby; and then she continued, using the time honored title given maleprofessors at the University of Virginia, “There’s Mr. Yeager!” The young mancraned his neck, as with his eyes he tried to follow the woman’s extended arm andpointed index finger to their target. Then, with enthusiasm that matched and perhapseven exceeded hers: “Oh yes,” he answered. “Now I see him!”As I watched the pair hurry off, I remembered one of my boyhood Talmud lessons.“Find a master teacher,” the Talmud says, “so that you will avoid making dubiousdecisions.” They had found a master teacher, indeed; and in the same man, so had I.Notes1 Only with the bank’s intervention can we have forced saving inflicted upon us. Withoutthe bank’s intervention, you would have to use your own chairs as capital, or else, tofinance the chair improvement scheme, approach the rest of us directly and, by offering ahigher interest rate on your promissory notes, persuade us to lend you our chairs.2 If our new savers had wanted to hold promissory notes, or bonds, themselves, not checkingaccount money, then intended saving could not have gone to waste. The increaseddemand for bonds would have driven their interest yields down, encouraging investors totry their hands at the chair improvement scheme (and perhaps even discouraging saversfrom releasing their chairs).3 An even more basic reform (see Greenfield and Yeager 1983; Yeager and Greenfield 1989)would define the value unit not as one unit of money but, instead, as the comprehensivelydefined bundle itself. Private firms would issue deposits (and also notes and coins) denominatedin value units, and competition would require that the notes and deposits be keptworth their face values, something more conveniently done, owing to the bundle’s comprehensivedefinition, through indirect rather than through direct convertibility.4 Because the bank wouldn’t hold a large quantity of gold reserves, the “price” impliedarithmetically by the bank’s redemption calculation would not dominate the marketprice. If it actually had to redeem money, the bank would buy the needed gold, therebyadding as much to the demand for gold as to the supply of gold and thus leaving gold’smarket price unchanged (see Woolsey and Yeager 1994; Greenfield et al. 1995).ReferencesGreenfield, Robert L. and Leland B. Yeager (1983). A Laissez-Faire Approach to MonetaryStability. Journal of Money, Credit, and Banking, 15(August): 302–15. Reprinted in GeorgeSelgin (ed.) (1997). The Fluttering Veil: Essays in Monetary Disequilibrium by Leland B. Yeager.
150 Robert L. GreenfieldIndianapolis: Liberty Fund. With authors’ addendum in Lawrence H. White (ed.) (1993).International Encyclopedia of Macroeconomics and Financial History, v. 11. Cheltenham: EdwardElgar.Greenfield, Robert L. and Leland B. Yeager (1997). A Real-GNP Dollar. In George Selgin(ed.) The Fluttering Veil: Essays in Monetary Disequilibrium by Leland B. Yeager. Indianapolis:Liberty Fund.Greenfield, Robert L., Leland B. Yeager and W. William Woolsey (1995). Is IndirectConvertibility Impossible? Journal of Money, Credit, and Banking, 27(February): 293–7.Woolsey, W. William and Leland B. Yeager (1994). Is There a Paradox of IndirectConvertibility? Southern Economic Journal, 61(July): 85–95.Yeager, Leland B. (1956). A Cash-Balance Interpretation of Depression. Southern EconomicJournal, 22(April): 438–47. Reprinted in George Selgin (ed.) (1997) The Fluttering Veil:Essays in Monetary Disequilibrium by Leland B. Yeager. Indianapolis: Liberty Fund.Yeager, Leland B. (1968). Essential Properties of the Medium of Exchange. Kyklos, 21(1):45–69. Reprinted in George Selgin (ed.) (1997). The Fluttering Veil: Essays in MonetaryDisequilibrium by Leland B. Yeager. Indianapolis: Liberty Fund.Yeager, Leland B. (1997). The Significance of Monetary Disequilibrium. In George Selgin(ed.) The Fluttering Veil: Essays in Monetary Disequilibrium by Leland B. Yeager. Indianapolis:Liberty Fund.Yeager, Leland B. and Robert L. Greenfield (1989). Can Monetary Disequilibrium BeEliminated? Cato Journal, 9(Fall): 405–19. Reprinted in George Selgin (ed.) (1997). TheFluttering Veil: Essays in Monetary Disequilibrium by Leland B. Yeager. Indianapolis: LibertyFund.
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Money and MarketsIn recent decades,
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The Cultural Foundations ofEconomic
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First published 2006by Routledge2 P
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viiiContents9 The genesis of an ide
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ContributorsJürgen G. Backhaus is
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Preface and acknowledgmentsLeland B
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1 A zeal for truthRoger KopplIf the
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A zeal for truth 3kind of decision-
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A zeal for truth 5and attributes to
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A zeal for truth 7“30 years to th
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A zeal for truth 9I have a $10 bank
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A zeal for truth 11conversation, Ye
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A zeal for truth 13a market economy
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A zeal for truth 15of “approval o
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A zeal for truth 17to offer about e
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A zeal for truth 19Klappholz, K. an
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2 The Yeager mystiqueA profile of t
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The Yeager mystique 23students bent
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The Yeager mystique 25Yeager’s pe
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The Yeager mystique 27none, but not
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The Yeager mystique 29demeanor coul
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The Yeager mystique 31wanted to cou
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The Yeager mystique 33The common id
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The Virginia renaissance in politic
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4 LelandA personal appreciationGord
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Leland, a personal appreciation 47I
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Monopoly politics and its unsurpris
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Good ideas and bad regressions 67I
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Good ideas and bad regressions 69am
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Good ideas and bad regressions 71
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Good ideas and bad regressions 73ap
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Good ideas and bad regressions 75Le
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Good ideas and bad regressions 772.
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Good ideas and bad regressions 79pa
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Good ideas and bad regressions 81th
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7 Pluralism, formalism, andAmerican
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Pluralism, formalism, and American
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Page 114 and 115: 8 Leland’s favorite economists *J
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Page 134 and 135: circumstances and even acts of will
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Page 142 and 143: The genesis of an idea 127Stuart Mi
Page 144 and 145: The genesis of an idea 129suggest t
Page 146 and 147: The genesis of an idea 131macroecon
Page 148 and 149: The genesis of an idea 133value. Hi
Page 150 and 151: The genesis of an idea 135half of m
Page 152 and 153: The genesis of an idea 137Unsettled
Page 154 and 155: The genesis of an idea 1398 “M. S
Page 156 and 157: ReferencesThe genesis of an idea 14
Page 158 and 159: 10 The macroeconomics of money,savi
Page 160 and 161: The macroeconomics of money, saving
Page 162 and 163: The macroeconomics of money, saving
Page 166 and 167: 11 No-name moneyMaria Minniti and L
Page 168 and 169: No-name money 153many political lea
Page 170 and 171: No-name money 155consultants, who f
Page 172 and 173: No-name money 157bank chose the one
Page 174 and 175: No-name money 159While inflation in
Page 176 and 177: No-name money 161was reinforced by
Page 178 and 179: No-name money 163private ownership,
Page 180 and 181: No-name money 165Mencinger, Joze (1
Page 182 and 183: Monetary disequilibrium theory and
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Reflections on reswitching and roun
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14 Leland Yeager’s utilitarianism
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Leland Yeager’s utilitarianism as
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15 Ethnic conflict and theeconomics
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Ethnic conflict and the economics o
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NotesEthnic conflict and the econom
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The legacy of Bismarck 243War, the
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The legacy of Bismarck 245people wo
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The legacy of Bismarck 247system, b
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The legacy of Bismarck 249Old age i
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IndexAckley, G., Macroeconomic Theo
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Marshall, A.: approach to economics
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concerns 10-11, 150; monetarydisequ
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