TAILIEUCHUNG - Austrian Definitions of the Supply of Money

The ultimate key to ensuring financial stability lies in the design of compatible international mechanisms that ensure the effective oversight and orderly resolution of banks at both national and global levels. Such a mechanism would reduce financial stability concerns of home and host countries regarding specific legal structures and allow banks to organize themselves in ways that fit their business models best. A combination of national and international arrangements is needed to ensure that cross-border banking groups fully internalize the costs associated with their failure (the first-best solution). These include better risk management by the banking groups; effective oversight, information-sharing,. | Austrian Definitions of the Supply of Money By Murray N. Rothbard Polytechnic Institute of New York From New Directions in Austrian Economics edited with introduction by Louis M. Spadaro. Kansas City Sheed Andrews and McMeel 1978 pp. 143-56. I. THE DEFINITION OF THE SUPPLY OF MONEY The concept of the supply of money plays a vitally important role in differing ways in both the Austrian and the Chicago schools of economics. Yet neither school has defined the concept in a full or satisfactory manner as a result we are never sure to which of the numerous alternative definitions of the money supply either school is referring. The Chicago School definition is hopeless from the start. For in a question-begging attempt to reach the conclusion that the money supply is the major determinant of national income and to reach it by statistical rather than theoretical means the Chicago School defines the money supply as that entity which correlates most closely with national income. This is one of the most flagrant examples of the Chicagoite desire to avoid essentialist concepts and to test theory by statistical correlation with the result that the supply of money is not really defined at all. Furthermore the approach overlooks the fact that statistical correlation 144 New Directions in Austrian Economics cannot establish causal connections this can only be done by a genuine theory that works with definable and defined In Austrian economics Ludwig von Mises set forth the essentials of the concept of the money supply in his Theory of Money and Credit but no Austrian has developed the concept since then and unsettled questions remain . are savings deposits properly to be included in the money supply .2 And since the concept of the supply of money is vital both for the theory and for applied historical analysis of such consequences as inflation and business cycles it becomes vitally important to try to settle these questions and to demarcate the supply of money in the

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