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Books > Business & Economics > Industry & industrial studies > Service industries > Financial services industry
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Austrian Economics, Money and Finance (Paperback)
Loot Price: R1,150
Discovery Miles 11 500
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Austrian Economics, Money and Finance (Paperback)
Series: Banking, Money and International Finance
Expected to ship within 10 - 15 working days
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The financial crisis has exposed severe shortcomings in mainstream
monetary economics and modern finance. It is surprising that these
shortcomings have not led to a wider debate about the need to
overhaul these theories. Instead, mainstream economists have closed
ranks to defend existing theories and public authorities have
expanded their interference in markets. This book investigates the
problems associated with mainstream monetary economics and finance,
and proposes alternatives based on the Austrian school of
economics. This school emanated from the work of the
nineteenth-century Austrian economist Carl Menger and was developed
further by Eugen von Boehm-Bawerk, Ludwig von Mises, and Friedrich
August von Hayek. In monetary economics, the Austrian school
regards the creation of money by banks through credit extension as
a key source of economic instability. From this follows the need
for a comprehensive reform of our present monetary system. In a new
monetary order, money could be issued by both public and private
institutions, and there would be no need for fractional reserve
banking. Instead of creating money, banks would intermediate it. In
finance, the Austrian school rejects the notion of rational
expectations and measurable risk. Individuals use their subjective
knowledge to gather and evaluate information, and they act in a
world of radical uncertainty. Hence, markets are not "efficient"
nor can portfolios be built on the basis of known probability
distributions of asset prices as described in the modern finance
literature. This book explores the need for a new theoretical
foundation for asset pricing and investment management that will
give practitioners more useful orientation.
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