Gil Guillory Archive
Utilitarian Considerations on the Production of Money
This is part 3 of an ongoing live blog of The Ethics of Money Production (book, webbed)]
Chapter 4: Utilitarian Considerations on the Production of Money
Having described the workings of a commodity money on a free market, and its ethics; Hülsmann takes up some of the utilitarian arguments against commodity money and in favor of paper money that have been suggested by many writers.
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3. Money within the Market Process
[This is part 2 of an ongoing live blog of The Ethics of Money Production (book, webbed)]
Chapter 3: Money within the Market Process
The law of marginal utility applies to all goods, including money. A man who produces additional units of money can allocate the money to an end which is not currently satisfied. This results in higher money prices being paid for goods; that is, an increase in the money supply will, exchange by exchange, cause some prices to rise. A general rise in prices is also called a decrease in the purchasing power of money.
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The Ethics of Money Production: a live blog
Introduction and Part 1, Chapters 1 & 2
Guido Hülsmann's newest contribution (book, webbed) is a "concise exposition of monetary theory, with special emphasis on the ethical and institutional aspects of money production" (Preface). He has a tough act to follow, for the scope of his book is similar to that of Rothbard's What Has Government Done to Our Money (book, webbed). However, as is apparent from the beginning, Hülsmann's book is more scholarly than Rothbard's, in the sense that he points the reader to a vast trove of writings on money from Church fathers to modern secular economists, across many languages, with brief notes on their essential claims, merits, and flaws -- all without unduly bogging down the main narrative; and, Hülsmann is more deeply concerned with ethics and exploring the economics of money with more thoroughness.
On to the summaries and reflections...
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