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

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The Virginia renaissance in political economy 43a window of opportunity that rarely opens in the academy. I am sure that those ofus involved, whether alive or dead, are quite willing to leave to others who are moredetached in time, place, and value stance any ultimate assessment of the inclusiveenterprise.Notes* Leland Yeager played a critically important role in Virginia’s “decade of the 1960s” inpolitical economy. Rather than examine this role in isolation, I examine the inclusiveresearch program in retrospect; the “Yeager difference” emerges clearly.1 An incomplete listing includes: James Buchanan, Ronald Coase, James Ferguson,Alexandre Kafka, John Moes, Warren Nutter, James Schlesinger, Gordon Tullock,Rutledge Vining, Andrew Whinston, and Leland Yeager.2 James Schlesinger also resigned from the faculty near the end of the decade discussed. I donot include his name here, nor do I refer to him in the narrative account, because,although he was a fully participating member of the institutional and research faculty,he did not consider himself to be a part of the “team” in Virginia political economy. Nordid those of us on the team consider Schlesinger as a participant in the academicexperience.3 See James M. Buchanan (1988, 1992). By necessity, for purposes of narrative continuity,there will be some overlap between the earlier treatments and that in this paper. Foranother perspective, see William Breit (1986).4 A revised and shortened version of this book was published as The Politics of Bureaucracy(1965).5 These included: Clark Warburton on the quantity theory; Murray Rothbard and ArthurKemp on the gold standard; Benjamin Graham on commodity-reserve money; GeorgeTolley on 100 percent banking; Milton Friedman and Jacob Viner on central bankindependence. There were additional lectures by Clarence Philbrook, James Buchanan,Willford King, and Richard Selden.ReferencesBreit, William (1986). Virginia Political Economy Lecture: Creating the “Virginia School”: Charlottesvilleas an Academic Environment in the 1960s. Fairfax, VA: George Mason University,Center for Study of Public Choice monograph.Brennan, Geoffrey and James M. Buchanan (1981). Monopoly in Money and Inflation: The Casefor a Constitution to Discipline Government. Hobart Paper 88. London: Institute of EconomicAffairs.Buchanan, James M. (1969). Cost and Choice: An Inquiry in Economic Theory. Chicago:Markham.Buchanan, James M. (1983). Monetary Research, Monetary Rules, and Monetary Regimes.Cato Journal, 3(Spring): 143–6.Buchanan, James M. (1988). Nutter Memorial Lecture: Political Economy: 1957–82.In Ideas, Their Origins, and Their Consequences: Lectures to Commemorate the Life and Work ofG. Warren Nutter. Washington, DC: American Enterprise Institute, 119–30.Buchanan, James M. (1992). Virginia Political Economy: Some Personal Reflections. InBetter than Plowing: And Other Personal Essays. Chicago, IL: University of Chicago Press,93–107.Buchanan, James M. and Gordon Tullock (1962). The Calculus of Consent: Logical Foundations ofConstitutional Democracy. Ann Arbor, MI: University of Michigan Press.
44 James M. BuchananCoase, Ronald H. (1938). Business Organization and the Accountant. Accountant, 1October–17 December; a series of twelve articles.Coase, Ronald H. (1960). The Problem of Social Cost. Journal of Law and Economics, 3: 1–44.Patinkin, Don (1956). Money, Interest, and Prices: An Integration of Monetary and Value Theory.Evanston, IL: Row, Peterson.Rosenberg, Alexander (1992). Economics – Mathematical Politics or Science of Diminishing Returns?Chicago, IL: University of Chicago Press.Tullock, Gordon (1965). The Politics of Bureaucracy. Washington, DC: Public Affairs Press.Vining, Rutledge (1984). On Appraising the Performance of an Economic System. Cambridge:Cambridge University Press.Wicksell, Knut (1896). Finanztheoretische Untersuchungen. Jena: Gustav Fischer.Yeager, Leland B. (1954). Some Questions about Growth Economics. American EconomicReview, 44(1): 53–63.Yeager, Leland B. (ed.) (1962). In Search of a Monetary Constitution. Cambridge, MA: HarvardUniversity Press.
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Money and MarketsIn recent decades,
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The Cultural Foundations ofEconomic
Page 7 and 8: First published 2006by Routledge2 P
Page 9 and 10: viiiContents9 The genesis of an ide
Page 12 and 13: ContributorsJürgen G. Backhaus is
Page 14 and 15: Preface and acknowledgmentsLeland B
Page 16 and 17: 1 A zeal for truthRoger KopplIf the
Page 18 and 19: A zeal for truth 3kind of decision-
Page 20 and 21: A zeal for truth 5and attributes to
Page 22 and 23: A zeal for truth 7“30 years to th
Page 24 and 25: A zeal for truth 9I have a $10 bank
Page 26 and 27: A zeal for truth 11conversation, Ye
Page 28 and 29: A zeal for truth 13a market economy
Page 30 and 31: A zeal for truth 15of “approval o
Page 32 and 33: A zeal for truth 17to offer about e
Page 34 and 35: A zeal for truth 19Klappholz, K. an
Page 36 and 37: 2 The Yeager mystiqueA profile of t
Page 38 and 39: The Yeager mystique 23students bent
Page 40 and 41: The Yeager mystique 25Yeager’s pe
Page 42 and 43: The Yeager mystique 27none, but not
Page 44 and 45: The Yeager mystique 29demeanor coul
Page 46 and 47: The Yeager mystique 31wanted to cou
Page 48 and 49: The Yeager mystique 33The common id
Page 50 and 51: The Virginia renaissance in politic
Page 60 and 61: 4 LelandA personal appreciationGord
Page 62 and 63: Leland, a personal appreciation 47I
Page 64 and 65: Monopoly politics and its unsurpris
Page 82 and 83: Good ideas and bad regressions 67I
Page 84 and 85: Good ideas and bad regressions 69am
Page 86 and 87: Good ideas and bad regressions 71
Page 88 and 89: Good ideas and bad regressions 73ap
Page 90 and 91: Good ideas and bad regressions 75Le
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Page 96 and 97: Good ideas and bad regressions 81th
Page 98 and 99: 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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Leland’s favorite economists 115w
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Leland’s favorite economists 117n
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circumstances and even acts of will
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Leland’s favorite economists 121c
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Leland’s favorite economists 123D
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Leland’s favorite economists 125G
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The genesis of an idea 127Stuart Mi
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The genesis of an idea 129suggest t
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The genesis of an idea 131macroecon
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The genesis of an idea 133value. Hi
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The genesis of an idea 135half of m
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The genesis of an idea 137Unsettled
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The genesis of an idea 1398 “M. S
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ReferencesThe genesis of an idea 14
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10 The macroeconomics of money,savi
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The macroeconomics of money, saving
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The macroeconomics of money, saving
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Mr. YeagerThe macroeconomics of mon
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11 No-name moneyMaria Minniti and L
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No-name money 153many political lea
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No-name money 155consultants, who f
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No-name money 157bank chose the one
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No-name money 159While inflation in
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No-name money 161was reinforced by
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No-name money 163private ownership,
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No-name money 165Mencinger, Joze (1
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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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