Banking and Monetary Policy from the Perspective of Austrian Economics

1. Front Matter

   Pages i-xii

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2. Introduction

   • Annette Godart-van der Kroon, Patrik Vonlanthen

   Pages 1-22

3. Mises’s and Hayek’s Ideas on Banking and Monetary Policy from a Historical, Economic Point of View

   1. Front Matter

      Pages 23-23

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   2. Mises’ Monetary Theory

      • J. G. Hülsmann

      Pages 25-48

   3. Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good?

      • William Barnett II, Walter Block

      Pages 49-64

   4. The Trend of Economic Thinking on Markets and Money: What Is Hayek’s Position on These Issues?

      • Makoto Nishibe

      Pages 65-81

4. The Measures Taken by the ECB Considered in the Light of the Ideas of Mises and Hayek

   1. Front Matter

      Pages 83-83

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   2. What Is Wrong with the 2% Inflation Target?

      • Brendan Brown

      Pages 85-101

   3. Unintended Consequences of ECB Policies in Europe

      • Andreas Hoffmann, Nicolas Cachanosky

      Pages 103-126

   4. The Failure of ECB Monetary Policy from a Mises-Hayek Perspective

      • Gunther Schnabl

      Pages 127-152

   5. Hayek and Mises on Neutrality of Money: Implications for Monetary Policy

      • Arkadiusz Sieroń

      Pages 153-165

   6. Managing Decline by Expanding Government: The Case of Germany

      • Erich Weede

      Pages 167-192

5. Proposed Monetary Reforms for the Future

   1. Front Matter

      Pages 193-193

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   2. Anti-deflationist Paranoia

      • Jesús Huerta de Soto

      Pages 195-206

   3. The Reconsideration of Hayek’s Idea on the De-nationalization of Money: Taking the Growing Tendency of Digital Currencies in Consideration

      • Chikako Nakayama

      Pages 207-221

   4. Cryptocurrencies from an Austrian Perspective

      • Alistair Milne

      Pages 223-257

   5. Blockchain: The New Intellectual Battleground Within Economics

      • Max Rangeley

      Pages 259-280

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. 

• Friedrich August von Hayek
• Ludwig von Mises
• Austrian School of Economics
• European Monetary Union
• European Central Bank
• Methodological Individualism
• Marginalism
• European monetary policy
• Bubbles
• Asymmetric shocks
• Bitcoins
• Cryptocurrencies
• Anti-deflationist paranoia
• banking
• financial crises

“The editors are to be heartily congratulated for putting together this book, which covers an impressive range of topics in monetary economics from an explicitly Austrian perspective. … This book is indispensable reading for anyone who has a professional or vocational interest in the Austrian approach to money, finance, and business cycles.” (Joseph T. Salerno, The Quarterly Journal of Austrian Economics, Vol. 23 (1), 2020)

• Ludwig von Mises Institute Europe, Brussels, Belgium

  Annette Godart-van der Kroon

• Swiss Mises Institute, Zürich, Switzerland

  Patrik Vonlanthen

Annette Godart-van der Kroon (lic.jur) is the President Ludwig von Mises Institute – Europe and under her guidance, the Institute has organized a multitude of successful conferences and dinner debates since its establishment in 2002. LVMI – Europe has a Board of Directors composed of prominent economists, politicians and thinkers originating from Europe and beyond. She also possesses long-term experience as a civil affairs lawyer at the Courts of Roermond and Utrecht in the Netherlands. In 1996, she became a member of the Mont Pélerin Society, an influential society composed of Nobel Prize winning economists and other leading scholars. She is an author of several books and she presented many articles at Universities such as the University of Athens, Erfurt, Maastricht, Heilbronn, Lviv and others.


Patrik Vonlanthen is founder and president of the Swiss Mises Institute. Patrik works as a senior project leader and consultant. As president of the Swiss Mises Institute he passionately promotes the core principles liberty, property and peace.  

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