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

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No-name money 165Mencinger, Joze (1993a). How to Create a Currency? – The Experience of Slovenia.Weltwirtshaftliches Archiv, 129: 418–31.Mencinger, Joze (1993b). Comment of Slovenia’s Former Deputy Prime Minister. Transition,4(1): 11.Menger, Carl (1976). Principles of Economics. New York: New York University Press.Minniti, Maria and Lidija Polutnik (1999). Financial Development and Small FirmFinancing in Slovenia. Comparative Economics Studies, 41(2/3): 111–33.Notel, Robert (1986). International Finance and Monetary Reforms. In M.C. Kaser andE.A. Radice (eds.) The Economic History of Eastern Europe 1919–1975. Vol. II. Oxford:Clarendon Press.Payne, James E. (2002). Inflationary Dynamics of a Transition Economy: The CroatianExperience. Journal of Policy Modeling, 24(3): 219–30.Pleskovic, Boris and Jeffrey Sachs (1993). Authors’ Response: We Still Take Great Pride.Transition, 4(1): 11–12.Pleskovic, Boris and Jeffrey Sachs (1994). Political Independence and Economic Reform inSlovenia. In O.J. Blanchard, K.A. Froot, and J.D. Sachs (eds.) The Transition in EasternEurope. Chicago, IL: The University of Chicago Press.Ribnikar, Ivan (1998). From Monetary Integration via Independence to Integration Again?The Case of Slovenia. Manuscript. University of Ljubliana.Selgin, George (1994). On Ensuring the Acceptability of a New Fiat Money. Journal of Money,Credit and Banking, 3: 236–58.Statistical Yearbook of the Republic of Slovenia (1996).Vujic, Boris and Paul Wachtel (2003). Editorial, Special Issue on Dubrovnik EconomicsConference on Currency Substitution and Monetary Policy in Emerging MarketEconomies. Comparative Economic Studies, 45(3): 213–14.Yeager, Leland B. (1968). The International Monetary Mechanism. New York: Holt, Rinehartand Winston, Inc.Yeager, Leland B. (1981). Experience with Stopping Inflation. Washington DC: AmericanEnterprise Institute.Yeager, Leland B. (1997). The Fluttering Veil. Indianapolis: Liberty Fund.
12 Monetary disequilibriumtheory and AustrianmacroeconomicsFurther thoughts on a synthesisSteven HorwitzIt is a pleasure to contribute to a volume honoring the work of Leland Yeager. It haslong been my belief that Professor Yeager is, perhaps, the most under-appreciatedmonetary theorist of the twentieth century. 1 He has contributed to our understandingof the role of money in advanced economies and to the macroeconomicprocesses of those economies in ways that reveal profound insights into theoper ation of the market process. His pursuit of “good economics” withoutsignificant regard to the winds of intellectual fashion, whether those fashions bemethodo logical or ideological, along with his refusal to be pigeon-holed into an allencompassingschool of thought by which others could define, and perhaps dismiss,his work, make him an inspiring role model for all who see themselves in similarterms. In the spirit of Yeager’s non-sectarianism, I would like to explore the connectionsbetween Yeager’s work in the monetary disequilibrium theory traditionand recent work in Austrian macroeconomics. What I hope to show is thatAustrians have much to learn from Yeager and that Yeager’s work is morecompatible with Austrian macroeconomics than he has been often willing toadmit. 2 In finding the common ground between these two bodies of work, I hope tocreate a common theoretical language through which might emerge a twenty-firstcentury macroeconomics that takes money, the disequilibrium market process, andmonetary institutions more seriously.This attempt to find a common theoretical language that could include insightsfrom both monetary disequilibrium theory and Austrian macroeconomics is incontrast to the argument in Rabin’s (2004: 203) otherwise excellent book that theAustrian theory is an “alternative” to the monetary disequilibrium approach andthat Occam’s Razor demands that the Austrian approach be jettisoned because it is“unnecessarily specific” and because the monetary disequilibrium approach canexplain the same phenomena more simply. Key to Rabin’s argument is his claimthat the savings–investment nexus is largely a sideshow to the main monetaryissues. I will attempt to argue instead that the two approaches can be combined,rather than one subsumed in the other, and that, if anything, we can make good useof Garrison’s (2001) three quadrant “macroeconomics of capital structure” modelto illustrate important aspects of Yeager’s approach.
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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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8 Leland’s favorite economists *J
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Figure 8.1 The “Genealogical Tabl
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Leland’s favorite economists 103o
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Leland’s favorite economists 105e
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Leland’s favorite economists 107O
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Leland’s favorite economists 109S
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Leland’s favorite economists 111A
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Leland’s favorite economists 113v
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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
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Page 164 and 165: Mr. YeagerThe macroeconomics of mon
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 182 and 183: Monetary disequilibrium theory and
Page 202 and 203: Reflections on reswitching and roun
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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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