[Download] ➺ The Ethics of Money Production ➿ Jörg Guido Hülsmann – Thomashillier.co.uk

The Ethics of Money Production This Pioneering Work, In Hardback, By J Rg Guido H Lsmann, Professor Of Economics At The University Of Angers In France And The Author Of Mises The Last Knight Of Liberalism, Is The First Full Study Of A Critically Important Issue Today The Ethics Of Money ProductionHe Is Speaking Not In The Colloquial Sense Of The Phrase Making Money, But Rather The Actual Production Of Money As A Commodity In The Whole Economic Life The Choice Of The Money We Use In Exchange Is Not Something That Needs To Be Established And Fixed By GovernmentIn Fact, His Thesis Is That A Government Monopoly On Money Production And Management Has No Ethical Or Economic Grounding At All Legal Tender Laws, Bailout Guarantees, Tax Backed Deposit Insurance, And The Entire Apparatus That Sustains National Monetary Systems, Has Been Wholly Unjustified Money, He Argues, Should Be A Privately Produced Good Like Any Other, Such As Clothing Or FoodIn Arguing This Way, He Is Disputing Centuries Of Assumptions About Money For Which An Argument Is Rarely Offered People Just Assume That Government Or Central Banks Operating Under Government Control Should Manage Money Hulsmann Explores Monetary Thought From The Ancient World Through The Middle Ages To Modern Times To Show That The Monopolists Are Wrong There Is A Strong Case In Both Economic And Ethical Terms For The Idea That Money Production Should Be Wholly PrivateHe Takes On The Stabilization Advocates To Show That Government Management Doesn T Lead To Stability But To Inflation And Instability He Goes Further To Argue Against Even The Theoretical Case For Stabilization, To Say That Money S Value Should Be Governed By The Market, And That That The Costs Associated With Private Production Are Actually An Advantage He Chronicles The Decline Of Money Once Nationalized, From Legally Sanctioned Counterfeiting To The Creation Of Paper Money All The Way To Hyperinflation In His Normative Analysis, The Author Depends Heavily On The Monetary Writings Of Th Century Bishop Nicole Oresme, Whose Monetary Writings Have Been Overlooked Even By Historians Of Economic Thought He Makes A Strong Case That Paper Money Has Never Been Introduced Through Voluntary Cooperation In All Known Cases It Has Been Introduced Through Coercion And Compulsion, Sometimes With The Threat Of The Death Penalty Paper Money By Its Very Nature Involves The Violation Of Property Rights Through Monopoly And Legal Tender PrivilegesThe Book Is Also Eerily Prophetic Of Our TimesConsider The Current US Real Estate Boom Many Americans Are Utterly Convinced That American Real Estate Is The One Sure Bet In Economic Life No Matter What Happens On The Stock Market Or In Other Strata Of The Economy, Real Estate Will Rise They Believe Themselves To Have Found A Bonanza, And The Historical Figures Confirm This Of Course This Belief Is An Illusion, But The Characteristic Feature Of A Boom Is Precisely That People Throw Any Critical Considerations Overboard They Do Not Realize That Their Money Producer The Fed Has Possibly Already Entered The Early Stages Of Hyperinflation, And That The Only Reason Why This Has Been Largely Invisible Was That Most Of The New Money Has Been Exported Outside Of The US Because A Paper Money Producer Can Bail Out Virtually Anybody, The Citizens Become Reckless In Their Speculations They Count On Him To Bail Them Out, Especially When Many Other People Do The Same Thing To Fight Such Behavior Effectively, One Must Abolish Paper Money Regulations Merely Drive The Reckless Behavior Into New Channels Hulsmann Has Provided Not Only A Primer In Understanding Our Times, But A Dramatic Extension Of The Work Of Menger, Mises, Hayek, Rothbard, And Others To Map Ou


10 thoughts on “The Ethics of Money Production

  1. says:

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  3. says:

    This book covers how money is produced in a theoretical historical context and the ethical implications of money production It certainly satisfied an intellectual craving and Hulsmann s religious perspective was interesting and not heavy handed After all, he s using Catholic writings to criticize the state, not his reader s personal behavior unless his reader is Bernanke However, this book was difficult it is not for beginners and I may have picked it up a little too early in my amateur s This book covers how money is produced in a theoretical historical context and the ethical implications of money production It certainly satisfied an intellectual craving and Hulsmann s religious perspective was interesting and not heavy handed After all, he s using Catholic writings to criticize the state, not his reader s personal behavior unless his reader is Bernanke However, this book was difficult it is not for beginners and I may have picked it up a little too early in my amateur studies I fully expect to read it again at a later date.The book is short, so it necessarily assumes a certain amount of background knowledge This includes libertarian theory, especially the ethics of Rothbardians basic economic theory, specifically Misesian economics I could follow the Christian reasoning, but I am unable to make an informed judgment of Hulsmann s accuracy and logic in this area The book has a narrow focus, so you will not see here a history of money production it is muchtheoretical Also, as the author points out in his introduction, he is not discussing the ethics of money or capitalism only the ethics of money production It leaves one wanting, in a good way, to learnabout these peripheral areas.If you ve been studying Austrian economics for years, I highly recommend this book Approach it with an open mind if you are not Christian Catholic although much of the book dwells on these areas, it is in an effort to show the long history of ethical thought in this area Since the author is passionate about his faith, as well as liberty, there is much to learn from him


  4. says:

    Great read about the history of money production You can see that the author has a strong catholic background, but that does not seem to bias his logic and thoughts about the inner workings of money debasement and inflation It is a very recommended read.


  5. says:

    2 stars for gold nuggets found in an otherwise chaotic disappointmentWith precious little written on the topic, and billed as a pioneering work, I was excited to get my hands on this book.Overall I found this book hard to follow and not completely organized Much of the material is explainedclearly and concisely in other works It is an introduction, yet it is a poor summary Both the organization of the monetary technical concepts, and the emphasis and categorization of ethical problem 2 stars for gold nuggets found in an otherwise chaotic disappointmentWith precious little written on the topic, and billed as a pioneering work, I was excited to get my hands on this book.Overall I found this book hard to follow and not completely organized Much of the material is explainedclearly and concisely in other works It is an introduction, yet it is a poor summary Both the organization of the monetary technical concepts, and the emphasis and categorization of ethical problems, the point of the book, are lacking The poor format and loose discussion were disappointing.That said, this book is still valuable These merits make it worth the read There are a few new thoughts, and a smattering of interesting points are made The introduction to Nicholas Oresme Ch13 is the highlight The Cultural and Spiritual Legacy of Fiat Inflation Note Exclusively Catholic ethics considered This is fine overall since ethically Catholics are pretty solid, but occasionally Church doctrine rather than Christian doctrine may be an issue and must be watched for Just something to note Though from an academic perspective it might be helpful to constrain the discussion by using statements of Catholic popes, this probably isn t the most accurate representation of true Christian ethics


  6. says:

    Great OverviewBook was published pre bitcoin, so reading it while also bring aware of Bitcoin makes the discussions evenrelevant For example, when problems with the classical gold standard are raised, it is easy to see that Bitcoin fixes this.


  7. says:

    Wonderful book on the consequences of moder money production nice intersection of history, ethics and economics Goes very well together with Rothbards s Mystery of Banking, which isfocused on some technical details of banking, e.g fractional reserves.


  8. says:

    Definitely worth reading His study of money productions gives you a great overview of its effects Just met him one week ago in Krakow Great academic and person


  9. says:

    Published in 2007, this book reads well like the spiritual underpinnings of Bitcoin Money by the people for the people.


  10. says:

    A quote which is often attributed to Einstein is that, if you can t explain it simply enough, then you don t understand it In this book Jorg Guido Hulsman takes the complex subject of money, how it is comes into being, and how it circulates in the economy and what happens when human action interferes with the processes with which money comes in and out of existence I especially liked that Prof Hulsman discusses not only money as an abstract concept but the various types of money physical a A quote which is often attributed to Einstein is that, if you can t explain it simply enough, then you don t understand it In this book Jorg Guido Hulsman takes the complex subject of money, how it is comes into being, and how it circulates in the economy and what happens when human action interferes with the processes with which money comes in and out of existence I especially liked that Prof Hulsman discusses not only money as an abstract concept but the various types of money physical and electronic an added bonus of this book is that it is also in many ways simultaneously a study of the history of money and economics I have included links below which added to my experience of the book.Resources 1 E Book Lecture by the Author