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Index
Foreword
Introduction
Influence on Mundane Economics
Money and Policy
To the Next Generation
I. Money
1. The Quality of Monetary Regimes
Connection Between the Quality of Monetary Regimes and Money’s Purchasing Power
Qualities of Monetary Regimes
A 100 Percent and Free Gold Standard
Fractional Gold Standards
Gold Bullion Standard
Gold Exchange Standard
Fiat Paper Money Standard
Switching Monetary Regimes and Money’s Purchasing Power
Conclusion
2. Subjectivism in International Economics: Why Absolute Purchasing Power Parity Does Not Hold
Subjective Valuation Differentiates Purchasing Power of Money Across Space
Arbitrage Does Not Equalize Purchasing Power of Money Across Space
Subjective Valuation Differentiates Purchasing Power of Money also Across Currency Areas
Foreign Currency is Valued Subjectively as a Means Toward Goods in Its Currency Area
Conclusion: Subjectivism and International Economics
3. Money
Money is as Money Does
Money as Medium of Exchange and Unit of Account, Present and Future
Multiple or a Unique “Monetary” Good?
(Re)defining the Money Supply
4. High-Frequency Trading: A Note on Spot vs. Future Trades, Property Rights, and Settlement Risk
High-Frequency Trading as the Exploitation of Delayed Settlement
Spot vs. Futures and the Status of Financial Trades
Legal Treatment and Consequences for Property Rights
Conclusion
II. Mundane Economics
5. Unsuspected Origins of Modern Austrian Economics: The Historical School of Economics on Capital and Economic Calculation
Carl Menger on Capital
The Historical School as the Source of Menger’s Later Viewpoint on Capital
Ludwig von Mises on Capital
The Historical Character of Economics — According to Ludwig von Mises
The Economic Calculation Argument as Found in Albert Schäffle’s Work
Conclusion
6. The Realm of Entrepreneurship in the Market: Capital Theory, Production, and Change
Production and Capital Structure
Roundabout Production Without Existing Capital
Roundabout Production In the Specialized Market
The Specialization Deadlock
Breaking Free From the Specialization Deadlock
Implications for Economic Theory
7. “Mises and Hayek Mathematized”: Toward Mathematical Austrian Economics
Benefits of Mathematization
Mathematics as a Common Language
Mathematics as a More Precise Language
Mathematics as a More Efficient Language
Costs of Mathematization
Downplaying Factors Not Amenable To Formalization
Losing Touch with Reality
Intelligibility
Conclusion
8. A Note on the Limits to Monopoly Pricing
Re-Thinking the Limits to Monopoly Pricing: Rothbard’s Contribution
The Overlooked Case of Monopoly Prices with Elastic Demand Schedules
Mises and Rothbard’s Conflation of the Immediate Run and the Long Run
The Trouble with Rothbard’s Falling Costs Proviso
The Current Textbook Treatment as a Superior Alternative?
Conclusion: Theory and Policy
III. Policy
9. Hayek on the Regulation of the Banking System and Central Bank Policy
Fractional and One-Hundred Percent Reserve Banking
Central Bank’s Policy Prescriptions
Conclusions
10. Fiat Money and Government Deficits
Monetary Mechanisms and Monetary Policy
Monetary Policy Since the 1970s in the United States
Fiat Money and Public Debt
Empirical Implications
Empirical Strategy
Conclusion
11. Knowing and Entrepreneurship
Objective “Technological” Knowledge[2]
Hayekian Knowledge
Misesian Knowledge
“Full” Economic Knowledge
Knowing, Guessing and the Market Process
Conclusions
12. Economic Policy and Entrepreneurship: Alertness or Judgment?
Entrepreneurial Incentives and Economic Policy
Entrepreneurial Calculation and Judgment
The Policy Implications of Entrepreneurship
Ownership and Political Entrepreneurship
Entrepreneurship and the Institutional Framework
Conclusion
13. Prospects for Interdisciplinary Engagement with International Relations
The Current State of the International Relations Literature
Strategies for Future Interdisciplinary Engagement
Strategy 1: Comprehension Before Engagement
Strategy 2: Engage and Incorporate Mathematics
Strategy 3: Focus on Academic Engagement
References
Afterword
Index
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