This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe's current financial crisis. The first part of the book discusses Ludwig von Mises's and Friedrich August von Hayek's ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises's concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

This book provides an overview of the evolution and theories of the Austrian School of Economics and develops answers to current economic questions and the pressing problems of the 21st century from the Austrian perspective. Readers will learn about the fundamental ideas of the Austrian School, the current state of Austrian economics, and the intellectual figures and institutions that sustain it as a vibrant intellectual movement. International experts on Austrian economics cover topics such as the economic impact of pandemics, trade blocs, federalism and European integration, and the economic development of China. The book also discusses the influence of the Austrian School on modern economic thought and mainstream economics, as well as on policymakers. It will appeal to students and scholars of economics and to anyone interested in social and economic liberalism.

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe's current financial crisis. The first part of the book discusses Ludwig von Mises's and Friedrich August von Hayek's ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises's concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

To celebrate the centenary of Hayek's birth, this timely book gathers together a distinguished group of authors who celebrate his work and pay testament to the vast scope of his ideas which span across epistemology, economy, the history of ideas, legal theory and cultural philosophy.The authors present an overview of the intellectual influences and historical events which inspired Hayek and examine the development of the idea of spontaneous order. They also describe the reasons why Hayek rejected constructivism for a more evolutionary approach in economics, political theory and legal theory. They go on to examine the welfare state, probably the most controversial area of Hayek's work. They then discuss the neutrality of the state and the morality of cooperation in society, the rule of law and constitution, and the concepts of the totalitarian state and free society. Hayek's political thought is applied to the issue of European federalism in the final part, where it is argued that Hayek's integrated vision of law, economics and history is what is required to enlighten us on the new state of Europe. The authors show that Hayek's work is as relevant today as ever. The book will be of great interest to scholars of liberal political economy, law and economics and the history of ideas.