If you’re in the Memphis area and you’re looking for something to do this evening, Rhodes is hosting a Symposium on “The Legacy of Adam Smith and the Future of Capitalism” through the Project for the Study of Liberal Democracy. This year marks the 250th anniversary of Adam Smith’s The Theory of Moral Sentiments, and we will hear comments from James Otteson, Professor of Philosophy and Economics at Yeshiva University and Charles G. Koch Senior Fellow at the Fund for American Studies, and Peter McNamara, Associate Professor and Graduate Director in the Department of Political Science at Utah State University. I’m the discussant. If you saw Brian C. Anderson’s review of Michael Hardt and Antonio Negri’s Commonwealth in this morning’s Wall Street Journal, you understand why this discussion takes on added importance. The fun begins at 7:00 PM in the Bryan Campus Life Center.
Source link: http://blog.mises.org/10796/tonight-the-legacy-of-adam-smith-and-the-future-of-capitalism/
Tonight: “The Legacy of Adam Smith and the Future of Capitalism”
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Eamonn Butler of Adam Smith Institute prefers fractional-reserve banking
Posted by Ivo Cerckel on October 7th, 2009
http://bphouse.com/honest_money/2009/10/07/eamonn-butler-of-adam-smith-institute-prefers-fractional-reserve-banking/
http://bphouse.com/honest_money/2009/10/07/eamonn-butler-of-adam-smith-institute-prefers-fractional-reserve-banking/comment-page-1/#comment-2588
Here’s what Dr Butler wrote 20 years ago – that’s a long time, I know – on p. 263 of his
“Ludwig von Mises – Fountainhead of the Modern Microeconomic Revolutionâ€,
(Aldershot, England, Gower, 1988)
at the start of the section “banks, governments and notesâ€:
SNIP
Although of more questionable benefit, the issue of fiduciary media also confers significant advantages on the bank or government concerned. Instead of being tied to lend borrowers only up to the amount of money in its vaults, it can increase its lending (and thus its income from lending) out of the new issue. The more notes it issues, the more credit it can grant to borrowers. UNSNIP
Is this no longer applicable?
Or has Butler since then rejected the teachings of von Mises?
I live about 50 miles from Memphis and you would have to pay me goof money to go anywhere in that town. I never go *to* Memphis, I only go through it on my way to somewhere else.
Ivo, the event is about Smith’s legacy but I don’t think that Dr. Butler of the ASI is coming to Memphis for this event.
In any case, Butler is not an Austrian, but the ASI is still probably the nearest equivalent to the Mises Institute in the UK.
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