Вы находитесь на странице: 1из 689

36.71:347.72.025:330.

33
65.262.1

98

: . . (. 13),
. (. 46), . (. 79)
: .

, 1998 .,
Dinero, Crdito Bancario y Ciclos Econmicos,
Unin Editorial, Madrid. Copyright 1998 Jess Huerta de Soto
, 2002 ., Unin Editorial, Madrid
, 2006 ., Unin Editorial, Madrid
, 2006 .,
Money, Bank Credit, and Economic Cycles,
Ludwig von Mises Institute, Auburn, Ala.
Copyright 2006 Jess Huerta de Soto


98
, / ;
. . . . . . : , 2008. 663+xiv .
ISBN 978-5-91603-001-3

.
, .
. 47 , ,
, .
(. , . , . ). 8
,
.
9 ,
, ,
.
, . ,
, , .

ISBN 978-0-945466-39-0 (.)


ISBN 978-5-91603-001-3 (.)

330.831.3
65.02

2006, Jess Huerta de Soto


, , 2008
, ,
, 2008

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xii
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

1


1. :
(mutuum commodatum) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
commodatum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
mutuum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
, . . . . . . . . . . . . . 12
2. . . . . . . . . . . . . . . . . 13
. . . . . . . . . . . . . . 14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
,
,
( 100% ) . . . . . . . . . . . . . 17
3.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
. . . . . . . . . . . . . . . . . . 18

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
. . . . . . . . . . . . . 21
4. ,
. . . . . . . . . . . . . . . . . . . . 22

, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

2
,

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
I . . . . . . . . . . . . . . . . . . . . . . 47
Societates Argentariae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
depositum confessatum . . . . . . . . . . . . 54
XIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
XIVXV .: Taula de Canvi . . . . . . . . . . . . . . . . . . . 62
4. V
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
5. :
. XVIIXVIII . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
, . . . . . . . . . . . . . . . . . . . . . 82
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
XVIII . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

3


1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
2.
(mutuum) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
. . . . . . . . . . . . . . . . . . . . . 100

, mutuum . . . . . . . . . . . . . . . . . . . . 104
() . . . . . . . . . . . . . . . . . . . . . . . . . . 106
, ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
3.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

. . . . . . . . . . . . . . . . . . . . . . . . 122
4. ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

4

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
2. . . . . . . . . . . . . . . . . . . . . . 135
3. . . . . . . . . . . . . . . . . . . . . . . . . 139
4.
: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
. . . . . . . . . . . . . . . . . . . . . . . . . 143
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151

vi


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
5.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
. . . . . . . . . . . . . . . . . . . . . . . . 176
. . . . . . . . . . . . . . . . 181
, . . . . . . . . . . . 183
. . . . . . . . . . . . . . . . . 184
7.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192

5


1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231
2.
,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236
. . . . . . . . . . . . . . . . . . . . . . . . 236
, . . . . . . . . . . . . . . 237
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
: ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241
:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246
: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248
: ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
. . . . . . . . . . . . . . . . . . . . . 259
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261
3. ,
:
, ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263
. . . . . . . . . . . . . . . . . . . . . . 275
4. ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292

vii

6


1. ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301
2. :
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303
3. . . . . . . . . . . . . . . . . . . . . 307
4. ,
:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310
5. ,
. . . . . . . . . . . . . . . . . . . 313
6. . . . . . . . . . . . . . . . . . . . 316
7.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317
8. . . . . . . . . . . . . . . . . . . . . . . 319
9.
. . . . . . . . . . . . . . . . . . . . . . . . . . 321
10. :
. . . . . . . . . . . . . . . . . 327
11. :
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333
12. :
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335
13. :


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

344
14. . . . . . . . . . . . . . . . . . . . . . 346
15. . . . . . . . . . . . . . . . . . . . . . . . 351
16. , ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
18. . . . . . . . . . . . . . . 358
. . . . . . . . . . . . . . . . . . . . . . . . 361
. . . . . . . . . . . . . . 363
1929 . . . . . . . . . . . . . . . . . . . . . . . . . . . 366
1970 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378

7

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403

viii

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410
. . . . . . . . . . . . . . . . . . . . . . 411
. . . . . . . . . . . . . . . . . . . . . 416
. . . . . . . . . . . . . . . . . . . . . 418
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426
4.
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434
6. .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440
. . . . . . . . 442
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447
. . . . . . . . . . . 449
:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451
, . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452

8


1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456
. . . . . . . . . . . . . 456
. . . . . . . . . . . . . . . . . . . . 464
. . . . . . . . . . . . . . . . . . . . . . . . . 472
2.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485
3.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491
,

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493

. . . . . . . . . . . . . . . 495
() ,

,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497
() 100% ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503
()
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505
. . . . . . . . . . . . . . . . . . . . . . . . 511
4.
. . . . . . . . . . . . . . . . . . . . 514
:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518

ix


. . . . . . . . . . . 522


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525
. . . . . . . . . . . . . . . 529
. . . . . 533
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538
5. .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

543

9
:
100%
1. 100% . . . . . . . . . . . . . . . . 545
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546
100% . . . . . . . . . . . . . . 551
:
100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553
100% . . . . . . . . . . . 554
100%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556
2. . . . . . . . . . . . . . . . . . . . . . . . . . . 560
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561
. . . . . . . . . . . . . . . . . . . . . . . . 563


, ,
100%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565

? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567
4.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579
5.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601
. . . . . . . . . . . . . . . . . . 602



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612
6. . . . . . . . . . . . . . . . . . . . . . . . 614
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646



, Dinero, Crdito Bancario y Cyclos Econmi
cos , ,
.
,

,
. ,
, ,
, . ,  .
,
.
, - , -
, .
, ,
,
.
.
1%,


: (Roger W. Garrison, Time and Money: The Mac


roeconomics of Capital Structure), Routledge 2001 ., .
. ,
[ ],
.

. , ,
- , -

(Tiempo y dinero: la macroeconoma en la estructura del capital [Madrid: Unin Editorial, 2005]), -
.
 2006 .
, ,
: Jess Huerta de Soto, Money, Bank Credit, and
Economic Cycles (Auburn (Ala): Ludwig von Mises Institute, 2006.

xi

,
2001 .
,
, , ,
. , , . ,
180 , 4%, .
,
.
,
,
- . , , .


28 2005 .




Dinero, Crdito Bancario y Cyclos
Econmicos, 1998 . ,
, 2002 .
,
.
-
, .
,

.
, .
,
.

--
2005 .

xii



Dinero, Crdito Bancario y Cyclos Eco
nmicos, ,
.
,
,
.
, ,
1998 2001 .
, .
, , ,
1998 ., .

-
(1% , 0,15%
2% ), .
, .
, , ,

, , , .
,
.
. , .
,
, ,



(Review of Austrian Economics 14 no. 4 [2001]:


255) (Quarterly Journal of Austrian Economics 3 no.2 [2000]:
8588) .

xiii

, .
, , ,
( , , - ..), .
,
, . ,
,
, .
,
.


6 2005 .



.
, . , , ,
.
, . ,
. , , , , .. .
. ,
,
, ,
. , ,
.
,
,

. , ,
- , ,
.
, ,
, . . , .
, , ,
. , ,
,
.


.: Jess Huerta de Soto, The Ongoing Methodenstreit of the Austrian School, Journal
des conomistes et des tudes Humaines 8, no. 1 (March 1998): 75113.

, - , .
.
,
, . , XXI,
( )
,
, .
, ,
. ,
- ,
, ,
.
,
,
. , , , , .

.
, . , ,
,
,
.
, ,
. ,
( 1997 .),
, . , , ,
, 1990- 1970- . ,
, -
,


Jess Huerta de Soto, Socialismo, clculo econmico y funcin empresarial (Madrid:


Unin Editorial, 1992; 2nd ed., 2001) [ . , . ., : , , 2008].

,
.
, ,
. -
,
,
, .

, ( ),
, . ,
?
, ,
,
, ?
. , ,
, ,
.
. ,
, . , -

, .
,
-, ,
.
.
, , , mutuum.


: Jess Huerta de Soto, Conjectural History and Beyond, Humane Studies


Review 6, no. 2 (Winter, 19881989): 10.

, 1 , , , ,
, ,
, .
. , , , -
.
. ,
, , ,
( , , ).
( ,
), ,
,
,
.
. ,
. ,
. ,
(. 2)
.
. ,
. , ,
, , .
4, 5, 6 7
, ..
. , -

. , ,
, , , .
,
, - , .
, , ,
,
, . ,
.
.
, .
8
.
. ,
,
, ,
,
, ,
, . ,
, . , ,
. ,
, , .
,
.
.

, , , ( ) .

. , ,

, , .. 100%- .
.
,
,
100%-
. ,
. , ,

.
.
,
.

1993 . -
-- ,
.
(Introduccin Crtica)
.
, Banque
centrale ou banque libre: le dbat thorique sur les rserves fractionnaires.
,
,

.

. , , ,


Vera C. Smith, Fundamentos de la banca central y de la libertad bancaria (Madrid: Unin


Editorial/Ediciones Aosta, 1993), . 2742. (The Rationale of Central Banking and the
Free Banking Alternative [Indianapolis: Liberty Press, 1990].) [ .
. .: , 1996.]
 Jess Huerta de Soto, Banque centrale ou banque libre: le dbat thorique sur les rserves fractionnaires, in the Journal des conomistes et des tudes Humaines 5, no. 2/3
(June-September 1994): pp. 379391.
La teora del banco central y de la banca libre Estudios de
economa poltica, chap. 11, p. 129143.
A Critical Analysis of Central
Banks and Fractional Reserve Free Banking from the Austrian School Perspective The
Review of Austrian Economics 8, no. 2 (1995): 117130; ,
, Banci centrale si sistemul de
free-banking cu rezerve fractionare: o analiz critic din perspective Scolii Austriece,
Polis: Revista de stiinte politice 4, no. 1 (Bucharest, 1997): 145157.

, ,
- -
( ), , (),
(),
, U.N.E.D (),
I.E.S.E. (), , (),
(),
-C.E.U. , .
, , , . , , , ,
, ,
,
.
, , ,
.
,
, . , , , , ,
,
. .


15 1997 .

1
:
(mutuum commodatum)

, , , , ,*. :
,
,
, , .
,
,
.

commodatum
Commodatum (.) , , , commodatary,
,
, .. , . ,
.
, . ,


The Shorter Oxford English Dictionary, 3rd ed. (Oxford: Oxford University Press, 1973),
vol.1, p.1227.
* , . 807: 1. () () , ,
( )
. . . .
 Manuel Albaladejo, Derecho civilII, Derecho de obligaciones, vol.2: Los contratos en par
ticular ylas obligaciones no contractuales (Barcelona: Librera Bosch, 1975), p.304.
 Juan Iglesias, Derecho romano: Instituciones de derecho privado,6.a edicin revisada yaumentada (Barcelona: Ediciones Ariel, 1972), pp.408409.

1. :
,

() (.. ). , .. , ( ),
( ,
)
(.. ).

mutuum
ommodatum ,

 , ,
. mutuum (.) ,
, mutuary, ,
( tantundem). mutuum ,
. ,
, , , .
, ,
, .
mutuum , . ,
commodatum, mutuum ,
* (
)
(.. ).
, , ,
, ,


,
. , , ,
, . ,
quia in genere suo functionem recipiunt per solutionem quam specie [
, ],
.. res quae pondere numero mensurave constant [, ,
(.). . .].
* . , .270. . : . . : . : , 2005. .447458. . . .

10

(mutuum commodatum)
. , mutuum
,
mutuary. , mutuary, , (tantundem), . ,
, , . ,
mutuum, ,
,
, . , ,
tantundem ,
, .
, , mutuum, , ,

, , tantundem.

mutuum, , .


(commodatum mutuum) ,
, , , , . (
depositum) ,
, , ,
, ,
, ,
. , .
, ,
. ,
, ,
(
; ).
, ,
, . ,
, ,
. , , .

11

2. ,
,

(, ), ( , ,
). , , , , .
, .. , ,
( , , ,
).
. , , (
)
, .
, [], , [ ]
, . ,
,  :
, .. ,
, , ,
. ,
,
:


, , ,
,
tantundem, .. ,
. , , , 381 , ,
, .
(
), 381 , ,
. ,
: Luis DezPicazo and Antonio Gulln, Sistema de derecho civil, 6th ed.
(Madrid: Editorial Tecnos, 1989), vol.2, pp.469470.

12


. ,
,
, .
,
[ ], , , tantun
dem iusdem generis, qualitatis et bonetatis*.

2

( ), , , , . ,
(.. , ) .
, ,  ,

, , , , tantundem,
, .
. , .. , ,
.
,
, .
* (.). . .

,
.
 ,
, tantundem
, , , ,
, ; , , , (.: Pasquale CoppaZuccari, Il
deposito irregolare [Modena: Biblioteca dell Archivio Giuridico Filippo Serafini, 1901],
vol. 6, pp. 109110).

13

2. ,



tantundem . ,
, in individuo, ,
,
tantundem, .. . ,


, . , , in
individuo , . ,

,
,
, .
. 20 , ,
, , (
10 ), ,
, ,
.


, , ,
, ,
,
. ,
quam suis rebus adhibere
solet ( (.). . .).
,
: , ,
;
.
in individuo (CoppaZuccari, Ildeposito
irregolare, .95). Joaqun Garrigues, Con
tratos bancarios (Madrid, 1975, .365),
(Juan Roca Juan, Comentarios al Cdigo Civil yCompila
ciones Forales, dirigidos por Manuel Albaladejo, tomoXXII, vol.1, Editorial Revista del
Derecho Privado EDERSA [Madrid, 1982], .246255), ,

, [ ]

14


, ,
,

tantundem,
.
, 100% .




,
,
, ,
. ,
, , ,
, ,
. , , ,
tantundem.
, , , ,
( ),
100% .
, (
)
,
[] ,
, ,
, (.251). ,

.
 , , ,
. ,
, ( ) ,
. ,
( ) (
). ,
.

15

2. ,
: , ,
, ,
, , ,
,

. . , ,
, , ,

tantundem, 10.
10 Antonio

Ferrer Sama, El delito de apropiacin indebida (Murcia: Publicaciones del Seminario de Derecho Penal de la Universidad de Murcia, Editorial Sucesores de Nogus, 1945),
.2627. (Eugenio
Cuello Caln, Derecho penal, Barcelona: Editorial Bosch, 1972, tomo 2, parte especial, 13.a
edicin, vol. 2, pp. 952953), , ,
, ,
.
( , ). , ,
, , ,
tantundem. , (Miguel Bajo Fernndez,
Mercedes Prez Manzano, y Carlos Surez Gonzlez, Manual de derecho penal, parte especial, Delitos patrimoniales y econmicos [Madrid: Editorial Centro de Estudios Ramn
Areces, 1993]) ,
, , ,
, ,
tantundem , (. 421).
,

,
,
(.429).
. 252 (
) 1996. (. 528 ), : , . 249 250, ,
, , ,
, , ,
,
, , 300.
50% . , , ,
in extenso , ., . : Norberto J. de la Mata Barranco, Tutela
penal de la propiedad ydelitos de apropiacin: el dinero como objeto material de los delitos
de hurto yapropiacin indebida [Barcelona: Promociones yPublicaciones Universitarias
(PPU, Inc., 1994), especialmente las pp.407408, 512).

16


,
,
( 100% )
.
100% . 12 1927 . , ,
. 4 1934 .
11. , ,
, ,
, ,
. ,

.

, 12.
, ,
12 1928 ., : , , , ,

, ,
, ,
, ;
,
,

13.

11

(Jean Escarra, Principes


de droit commercial, p. 256); : Garrigues, Contratos
bancarios, .367368.
12 Dictamen de Antonio Goicoechea, en La Cuenta corriente de efectos o valores de un
sector de la banca catalana y el mercado libre de valores de Barcelona (Madrid: Imprenta
Delgado Sez, 1936), .233289ff. : Con
tratos bancarios, p.368.
13 Jos Luis GarcaPita y Lastres, Los depsitos bancarios de dinero y su documentacin, en La revista de
derecho bancario y burstil (Centro de Documentacin Bancaria y Burstil, octubrediciembre de 1993, pp.9191008, y concretamente p.991).

17

3.
3



. , , , .


,
, , , ,
,
, mutuum.
,
.
,
, ,
,
. ,
. ,
, ,
,
, ,
, .
, , ,
tantundem. , , ,
[ ] .
( ) ,
. , . 5,
,
,
tantundem.

18





, , , . ,
,
,
[ ]
. , , ,
, , ,
. , ,
.
, [
] ,
. ,
,
14.
,
,
. , (..
) ,

.
,
.
. ,
, , , . , ,
,
, , ,
.

, .
14 Ludwig

von Mises, The Theory of Money and Credit (Indianapolis, Ind.: Liberty Classics,
1980), pp. 300301. [.: . . . : , 2008.]

19

3.
, :
,
.
,
( , [ownership] ),
. ,
,
contra naturam .
,

tantundem 15.
, ,
, , , , , , . ,
,
, , , 16.
,
,


, 17.
15

, , tantundem
(CoppaZuccari, Il deposito irregolare, p. 292). ,
, , , , ,
. depo
situm confessatum, ,
,
.
16 Mises, The Theory of Money and Credit, .301. [.: . . .]
17 , , , . ,

20



, , ,
. , , , 18.
, , ,
. ,
, . , ,
. ,
( ,
[] ),
tantundem , , .
,
,
tantundem 19.
:
, ,

. [ ]
,
, ,
tantundem, .
18 J. Dabin, La teora de la causa: estudio histrico y jurisprudencial, traducido Francisco de
Pelsmaeker y adaptado por Francisco Bonet Ramn, 2nd ed. (Madrid: Editorial Revista de
Derecho Privado, 1955), .24y ss. , , , ,
, , , ,
100% . .:
Jos Luis GarcaPita yLastres, Depsitos bancarios y proteccin del depositante, Contra
tos bancarios (Madrid: Colegios Notariales de Espaa, 1996), pp.119266, yespecialmente
las 167 y191; Florencio Ozcriz Marco, El contrato de depsito: estudio de la obligacin de
guarda (Barcelona: J.M.Bosch Editor, 1997), pp.37 y47.
19 , ,
, . , mutuum , [ ]
(, . . 1125 ). ,
, ,
. () ( .1128 ).
.: Manuel Albaladejo, Derecho civil II, Derecho de obligaciones, vol.2, Los contratos en
particular ylas obligaciones no contractuales, ob. cit., p.317.

21

4. ,
,
( , ) tantundem
20. , . ,
,
:
(
)
tantundem; tantundem 21.
, , . 1.1.

4
,

,

,
, .
20 ,

tan
tundem, . ,
,
,
, , tantundem
. ,
, : tantundem .
21 , , . ,
, ,

.
( ) ( ), , ,
. , ,
, (
), ,
.

22


1.1


1. 1.
.
.
2. 2.
.
.
3. ,
3. ,


.
.

1. ( - 1.
)
tantundem.
.
2.
2.
; , .
.
3. 3.
tantundem tantundem

(100% ).
.

, ,
, . ,

.

,
, , , , , , ..
,
, , . ,
,
,
, , .
,

23

4. ,
, , . , ,
,
.
,
, .
, ,
, ,
. , , , ,
, , , .
,
, , ,
22.
,
23,
, ,
,
. ,
,

22

. // . . .: , 2005, .
.417418. ,
:
, , ?
(.404). , , On the Origin of Money, Economic
Journal (June1892): 239255. : Israel M. Kirzner Classics
in Austrian Economics: A Sampling in the History of a Tradition (London: William Pickering, 1994), vol.1, pp.91106.
23 F. A. Hayek, The Constitution of Liberty (London: Routledge, 1st edition [1960] 1990);
. . , . .: , 2006; . . . .: , 1992.

24


24.
, ,
,
, , ,
, ,
,
, ,
25. ,
,
, , 26.


[ ]
24 .:

Jess Huerta de Soto, Estudios de economa poltica (Madrid: Unin Editorial, 1994),
ob. cit., cap. X, . 121128; . . .: , 2008,
.
25 . . .: ,
1994. : Nostra autem res publica non unius esset ingenio, sed multorum, nec una hominis vita, sed aliquod constitutum saeculis et aetatibus, nam neque
ullum ingenium tantum extitisse dicebat, ut, quem res nulla fugeret, quisquam aliquando
fuisset, neque cuncta ingenia conlata in unum tantum posse uno tempore providere, ut
omnia complecterentur sine rerum usu ac vetustate (Marcus Tullius Cicero, De re publi
ca, 2, 12 [Cambridge, Mass.: The Loeb Classical Library, 1961], pp. 111112; . :
Leoni, Freedom and the Law, p.89 [. .: . . .: ,
2007.]). . ,
, , , ,
,
, ,
, (p.1819). , 1950.
Il Politico, . : Omaggio a Bruno Leoni, Pasquale Scaramozzino,
ed. (Milan: Ed. A. Guiffr, 1969); Peter H. Aranson, Bruno Leoni in Retrospect, Harvard
Journal of Law and Public Policy (Summer, 1988). , , , ,
. 21 1967. . 54 .
26 , ,
,
,
(Bruno Leoni, Diritto e politica, in Scritti di scienza politica e teoria del diritto
[Miln: A. Giuffr, 1980], p.240).

25

4. ,
, , , , , ,
27.
, ,
. , ,
, , , ,
28. , , . , ,
,
29. , .
,
,
.
, ,
III. .. , ,
, . ,
II. .., , , , . III. ..
, ,
. , , , ,
, , , , ,
.
27

ius prudens, .. , iuris prudens.


.
,
. .: Juan Iglesias, Derecho romano:
Instituciones de derecho privado, 6a ed. (Barcelona: Ediciones Ariel, 1972), pp.5455.
28 Iglesias, Derecho romano: Instituciones de derecho privado, p.56; : Rudolf von
Ihering, El espritu del derecho romano, Clsicos del Pensamiento Jurdico (Madrid: Marcial Pons, 1997), esp. .196202, 251253.
29 interpretatio ,
; ius civile [ (.). .
.], (Francisco HernndezTejero Jorge, Lecciones de derecho romano [Madrid: Ediciones Darro,
1972], .30).

26


, ,
.
, 30.
, , , . ,
,
, , .
. ,
, , , . , -
, ,
,
, , ,

. , ,
, - ,
, .
,
. - ( ) 4.
,
, , , 528533 . ,

(, ,
), 31
. , . , , ,
.
, , ,
.
30

426.,
III. .: HernndezTejero Jorge, Lecciones de derecho roma
no, .3.
31 Corpus Juris Civilis (Geneva: Dionysius Gottfried, 1583).

27

4. ,
.
(
), , , ,
, 32.
.
, , ,
,
mutuum, .


1 III 16
, , ,
(Depositi vel contra).
: , . ( ), . ( ) positum de, ,
, 33.
,

32 , -

, ,
. ,
, emblemata Triboniani, , . , ,
, , .., ,
. .: HernndezTejero Jorge, Lecciones de derecho
romano, pp.5051. [. : . . // . .I /
. . . . . .: , 2002. .1819.]
33 , ,
, . concilium principis [ (.). . .] praefectus praetorio ( , (.). . .) .
228. ,
, . ; ,
. .: Iglesias, Derecho romano: Insti
tuciones de derecho privado, .58.
: Depositum est, quod custodiendum alicui datum est, dictum ex eo, quod ponitur,
praepositio enim de auget depositum, ut ostendat totum fidei eius commissum, quod ad
custodiam rei pertinet (. .III. C.408/409). [
.: . .IVII / . . . . .
.: , 20022005.]

28


34. , 19 , II, 31
, mutuum, , , ... ,
, ,
, 35.
, ,
tantundem: .
, , ,
(certificate)
(deposit slip). , 24
III 16
: , 100 , ,
:
, .
, ,
, , []36.
34 ,

, depo
situm irregolare , , XV. , 1513. .: CoppaZuccari, Il deposito irregolare, .41.

(.232). . : Mercedes LpezAmor y Garca, Observaciones sobre el depsito irregular romano, en Revista de la Facultad de Derecho de la Universidad Complutense, no.74, curso
19881989, pp.341359.
35 .
39. . , ,
,
. . : Idem
iuris esse in deposito; nam si quis pecuniam numeratam ita deposuisset ut neque clausam,
neque obsignatam traderet, sed adnumeraret, nihil aliud eum debere, apud quem deposita esset, nisi tantundem pecuniae solvere (. .III. C.736/737).
36 , ,
203. 212. .
, ,
, ,
(Juan Iglesias, Derecho romano: Instituciones
de derecho privado, .58). : centum
numos, quos hac die commendasti mihi annumerante servo Sticho actore, esse apud me,
ut notum haberes, hac epitistola manu mea scripta tibi notum facio; quae quando volis, et
ubi voles, confestim tibi numerabo (. .III. C.434/435).

29

4. ,
tantundem,
.
, , ,
(, XVI, III, 7, 2): , , , ,
.. , , ,
,
. , () , *
, ;
, ** ,
37. ,

( mutuum, ;
).
, ( XLVII, II,
76 (77)) , ,
, ,
, .
( XLVII, II, 68 (67)), . [, XLVII,
II, 1, 3] , ( ) ,
. 38.
, , . , , : ... ,
, , , ,
(, XLVII, II, 52, 16)39.

* , . . . . .
** . . . . .
37 Quoties foro cedunt numularii, solet primo loco ratio haberi depositariorum, hoc est
eorum, qui depositas pecunias habuerunt, non quas foenore apud numularios, vel cum
numulariis, vel per ipsos exercebant; et ante privilegia igitur, si bona venierint, depositariorum ratio habetur, dummodo eorum, qui vel postea usuras acceperunt, ratio non
habeatur, quasi renuntiaverint deposito (. .III. C.426/427).
38 Furtum est contrectatio rei fraudulosa, lucri faciendi gratia, vel ipsius rei, vel etiam usus
eius possessionisve; quod lege naturali prohibitum est admittere (. . VII (I).
C.378/379).
39 . .VII (I). C.418/419. [...si pecuniam quis a me acceperit, ut creditori meo solvat,
deinde, cum tantam pecuniam eidem creditori deberet, suo nomine solverit, furtum eum
facere.]

30


3 XXXIV ( ) IV , , 239.,
tantundem ,
tantundem . : ... ,
,
, ,
, , 40. 8
,
, , .
, ,
, . : , ,
, 41. , , ,
, .
(, LXXXVIII, 1) : , ,
, 42.
, , tantundem , , .
[, XVI, III, 25] : , , , ,

40 Si depositi experiaris, non immerito etiam usuras tibi restitui flagitabis, quum tibi debeat

gratulari, quod furti eum actione non facias obnoxium, siquidem qui rem depositam invito
domino sciens prudensque in usus suus converterit, etiam furti delicto succedit (Garca
del CorralI.L., ed., Cuerpo de derecho civil romano: a doble texto, traducido al castellano
del latino, vol.4 (Valladolid: Editorial Lex Nova, 1988), p.490).
41 Si is, qui depositam a te pecuniam accepit, eam suo nomine vel cuiuslibet alterius mutuo
dedit, tam ipsum de implenda suscepta fide, quan eius successores teneri tibi, certissimum est (Ibid., p. 491).
42 Ut hoc timore stultorum simul et perversorum maligne versandi cursum in depositionibus homines cessent. , ,
, . .: ibid., vol.6,
pp.310311.

31

4. ,
43.
depositum confessatum (
), , , mutuum,
, .

, .
, ,
,
mutuum :
, XVI, III, 26 ()*; XII, I,
9, 9 ( )** 10
***.
, XLII, V, 24, 2,
, () 43 Qui

pecuniam apud se non obsignatam, ut tantundem redderet, depositam ad usus propios convertit, post moram in usuras quoque iudicio depositi condemnandus est (. .III. C.434/435).
* ...1. : ,
10 , ,
(), , 4
, . : ? , ,
, , ,
, . [.
. . . . . .)] 2. : ( ): 10 , . 10, ( ) , 10 . :
?
: , , ,
, .
, , 10, , , . . . .
** 10, .
, , , ; , :
. [
, ,
, , . . . . . ].
,
, . . . .
*** (), , ,
, ( ) . . . .

32


, , .
, , , , , , , :
, ( )44. , , .
, ,

tantundem ,
[]. ,
( mutuum), , [].
.
,
, , . ,
, , ,
.
Las Partidas (II, III, V) , , ,
, . ,
,
45. , 1255.Fuero Real
44 In

bonis mensularii vendundis post privilegia potiorem eorum causam esse placuit, qui
pecunias apud mensam fidem publicam secuti deposuerunt. Set enim qui depositis numis
usuras a mensulariis accepurunt, a ceteris creditoribus non seperantur; et merito, aliud est
enim credere, aliud deponere (. .VI (2). C.226/227). , , , ,
, , . [ , ]
, ,
; . , ,
, [ ..],
. ( , , 8 III XVI
. [.: . .III. .427.])
45 Las Partidas (. 1312) condesijos [ ], 2 , , , , ,

33

4. ,
(III, XV, V) , , , ,
,
, ,
, , , 46. ,
. , , ,
,
(tantundem) . , depositum
confessatum [ ].
,
,
, , ,
mutuum. 2 , , ( , ), ,
.
, , . 3 , , , ,
. 4 .

, ;
, , . ,
.
Las Partidas. .: Las Siete Partidas, glosadas por es licenciado Gregorio
Lpez, pablicadas en edicin facsmil por el Boletn Oficial del Estado (Madrid, 1985),
vol.3,5.a Partida, ttuloIII, ley2, .78.
46 . Fuero Real, : juan Roca Juan
El depsito de dinero, Comentarios al Cdigo Civil yCompilaciones Forales, tomoXXII,
vol.I, p.249.

2

,

, ,

, , . ,
, ,
,
. ,

( ) . ,
,
. 3.

. , ,
, ,
tantundem . .

. , .
, , ,

, .
: , .
, .


,
. 4 : ,

35

1.
, , , , ,
. , , , , , , .
,
,
, . ,
,
,
,
.
. ,

.
, , , ,
.
, , . -- (Instruccin de mercaderes) ,
,
,
. , .
, . ,
, . , , ,
. 4
,

, ( !). , ,
,
.
 Luis Saravia de la Calle,Instruccin de mercaderes (Medina del Campo: Pedro de Castro,
1544; Madrid: Coleccin de Joyas Bibliogrficas, 1949), captuloVIII, p.179.

36

1.
. , , [],
. ,
, ,
, ,
.
, ,
,
;
; , , XVII. ,
. ,
,


,
. ( , ), ( )
.
. , , 730 , , ,
, 400. ..
(.:Origen ydesenvolvimiento histrico de los bancos, en Enciclopedia universal ilus
trada europeoamericana (Madrid: Editorial EspasaCalpe, 1979), tomoVII, p.477).
, , , ,
3300. .. , ,
, , ,
, .
.
, 180
. ,
, 12,5%
. , .
. ,
,
2300 2100. .., 730 540. .., , .
,
(Joaqun TrigoPortela, Historia de la banca, cap.III de la Enciclopedia prctica de
la banca (Barcelona: Editorial Planeta, 1989), tomoVI, especialmente las pp.234237).

37

2.
, ,

.
,

.
,
, .
,
.

2

,
.
. ,
. , .


, . , ,
Trapezitica. 393. .. 

, , banchieri tavolieri, , (banco) (tavola). ,


, (trapezitei), (trapeze), .. .
Trapezitica (.: Raymond de Roover,
The Rise and Decline of the Medici Bank, 13971494 (Cambridge, Mass.: Harvard University
Press, 1963), p.15). , , ,
, , collybus,
collybist. nummularii argentarii, trapezitei, men
sularii, ,
:
, (.: Diego de Covarrubias
y Leyva, Veterum collatio numismatum Salamanca: Omnium operum, 1577, cap.VII).
 macrbioi (), (436
338. ..).
,

38


,
, I (407387. ..).

.
( ), ,
. , ,
, , , , .. ,
,
.
,
, ;
, ,
: , ,
[XVII, 1]. , ( ,
, ),
.
, , II , . ,
. , (
,
). , .. ( ).
. .: Juan
Manuel Guzmn Hermida, Introduccin General alos Discursos (Madrid: Biblioteca Clsica
Gredos, 1979, vol.1, pp.743.
 . ()// . 1968. 4. .209.
 2000
,
,
, , .
, [] , ,
, , (.
18 1821., : David Ricardo, Minor Papers on the Currency Ques
tion 18051823, Jacob Hollander, ed. (Baltimore: The Johns Hopkins University Press, 1932),
pp.199201). ,
, , , , ,
, , ;
,
. , , ,
, , ,
[] (Saravia de la Calle,

39

2.
, , ,
. , ,
, [] , [XVII,9].
, ,
.
, , , ,
.
, , , , [XVII,18]. ,
, ,
, ,
.
. , ,
, . ,
(
, ),
,
100% ,
, ,
.
, : ,
, , , . ,
, ,
, .
,
,
.
[XVII,1819].
Instruccion de mercaderes, p.183). ,
: Cantillion, Essai sur la nature de commerce in gnral
(London, 1755), pp.425426. , ,
. . . :
,
; , , ; ,
! , ( . // ., . . 2 . .25. .II. .92).
 . ()// . 1968. 4. .211.

40


,
, , , , ,
, . ,
,
, , , ,
, . , , , , . , ,
,
, ,
, ... .
, ? [XVII,53]10. , ,
, . ,
.
, .

, . ,
50, , [XXXVI,5]. ,
, ,

[XXXVI,11]. , , , ,
[XXXVI,44],
[XXXVI, 44]. ,
, , , ,
, , ,
, . ,
,


(phaner ousia)
(aphanes ousia). ,
( ), ,, , .
, (
).
10 . ()// . 1968. 4. .216.

41

2.

( )
. . , , ... ,
c, ,
, 11.
, . ,
: , ,
,
[XLVIII,12]12. ,
, . , ,
, , , [XLIX,5]13. ,
362 . .., ,
14.
, .
,
[XLIX,65]15. ,
[XLIX,43]16. , ,
.
, , , , ,
, ,
[XLIX,68]17.
, .
,
. , , 11 .

. 3 . . I. .: , 1994. .445, 446, 455,


456457. .: Edward E. Cohen, Athenian Economy and
Society: A Banking Perspective (Princeton, N.J.: Princeton University Press, 1992), pp.215
224. , , , , .
12 . . 3 . .II. .: , 1994. .127.
13 . .139.
14 G. J. Costouros, Development of Banking and Related BookKeeping Techniques in
Ancient Greece, International Journal of Accounting7, no.2 (1973): 7581.
15 . . 3 . .II. .: , 1994. .152.
16 . .147.
17 . .153.

42


,
, ,
,
.
, ,
, , 100% .
,
, 18. ,
,
. ,
, ( [
]). ,
,
. , , ,
,
19, ,
. ,
.
18 , -

,
,
, (S. C.Todd, The
Shape of Athenian Law (Oxford: Clarendon Press, 1993), p.251). (Bogaert),
, , :
. . .
,
(Raymond Bogaert, Banques et banquiers dans les
cits grecques [Leyden, Holland: A.W. Sijthoff, 1968], p.336).
, ( , ,
, p.364), , ,
, 100% . .
19 , ,
() .
, ,
, (Cohen, Athenian
Economy and Society, p.13).

43

2.
, ,
377376. .. 371. .., ( )
, c . ,
,
20.
, .
, 21.
,
, , .
, , 100, 12/3 . , 2 . . ,
,
, .
60, , ,
60 .22


, , ,
. , , ,
,
, ,
, .
, ( )
,
. , : ,
,
20 Bogaert,

Banques et banquiers dans les cits grecques, pp.391393.


p.391.
22 Trigo Portela, Historia de la banca, p.238. , 9, .. :
- 9 . ,
,
trirchies (Bogaert, Banques et banquiers dans les
cits grecques, p.367, : Cohen, Athenian Economy and Society, p.67).
21 Ibid.,

44


IV 23. , .
,
,
( ), .
:
, , , ,
.
.
, , . , .
, .
,
, , *24.
.
: , ,
,
. ,
, , . ,

. ** ,
.
, , ,
23 Michael

Rostovtzeff, The Social and Economic History of the Hellenistic World (Oxford:
Oxford University Press, 1953), vol.1, p.405.
* ,
.
24 Michael Rostovtzeff, The Social and Economic History of the Hellenistic World (Oxford:
Oxford University Press, 1957), vol.2, p.1279.
** ,
() 1915.
, .. 350. 50 III.
.. , II . , .
. . : Rostovtzeff, A Large Estate in Egypt in the third
century B. C. (Madison, 1922). . . .

45

2.
. , . ,
, .

.
, ,
, :
, ,

, ( )
.
25. .


, ,
. ,
, 1 . (argentarii)
tantundem , .
,
.
,
, mutuum. ,
.
350 . ..
, ,
, , , ..26 , , , 25 .

. .II. .: , 2001. .360


(.43). [. : . //.
. , 1911. (). . . .]
26 , : , /
(. . . , . : . . .
3 . .2. .: , 1997).

46


,
, ,
. ,
,
. *
,
. , ,
27. ,
, , ,
, .

I

I (217222. ..), , ,
. , ,
.
28.
** (Refutatio omnium haeresium29),
1844. . , , ,
. 185 190. ..
, , ,
( ).
* (76138. .) 117. . . .
27 Trigo Portela, Historia de la banca, p.239.
28 , , , ,
, . ,
. .
(15381584), . ( IV).
4.
** (.170.235)
, (217/218235), .
I ,
. . . .
29 Hippolytus Wercke, vol.2: Refutatio omnium haeresium (Leipzig: P. Wendland), 1916.

47

2.
,
, .
. ,
.
, , 217. , 14 222. ,
30.
, 31. , ,
, .

Societates Argentariae

, societates argentariae. ,
,
. ,
, , societates
argentariae 32.
,
, , 30 Juan

de Churruca, La quiebra de la banca del cristiano Calisto (c.a. 185190), Semina


rios complutenses de derecho romano, febreromayo 1991 (Madrid, 1992), pp.6186.
31 Ginesthe trapezitai dkimoi. (, .) .: Orgenes
ymovimiento histrico de los bancos, en Enciclopedia universal ilustrada europeoame
ricana (Madrid: Espasa Calpe, 1973), tomoVII, p.478.
32 .: Manuel J. GarcaGarrido, La sociedad de los banqueros (societas argentaria), in
Studi in honore di Arnaldo Biscardi (Milan, 1988), vol.III, esp. pp.380383. , , (, XVI, III,
7, 23), (, XVI, III,8), ,
, , []
(. .III. .427).
,
.
,
. , 100% .
,
,
.

48



33.
, taverna. .

, editio rationum,
34. mensarii,
mensa, , . , mensa .
, ,
, , .
taverna, . ,
33 ,

. , , ( ) , , ,
.
.
(21, 1216) , , , ,
. , ,
; . (11, 1517)
. (2, 1416) , , , , ,
. , ,
; , . ,
. , ,
, : Et intravit Iesus in templum
et eiiciebat omnes vendentes et ementes in templo, et mensas numulariorum, et cathedras vendentium columbas evertit: et dicit eis: Scriptum est: Domus mea domus orationis
vocabitur: vos autem fecistis illam speluncam latronum (Biblia Sacra iuxta Vulgatam
Clementinam, Alberto Colunga y Laurencio Turrado, eds. (Madrid: Biblioteca de Autores
Cristianos, 1994), San Mateo 21, 1213, p.982). ,
,
, . , ( , ).
,
, , (, , . . . [
. . .]). .: . .
.II. .: , 2001. .15.
34 Historia econmica (de los orgenes a 1789) (Barcelona: Editorial
VicensVives, 1971, p. 58) , praescriptio . ,
, praescriptio.

49

3.
, . 35.
, ,
, , ,
,
. . IIIIV. .. .
, (
)
.
.
36.

3

.
, .
. , ,
. ,
1119. , . ,
. ( 9000
) ,

, . , ,
35 .,

., , : New Constitution126
On Bank Contracts, edict7 (Decree and Regulation Governing Bank Contracts);
edict9, On Bank Contracts (.: Cuerpo de derecho civil romano, vol.6, pp.479483,
539544 and 547551).
36 :
(: , 2005. .719721).

50


, .
.
, , . , ,
. ,
, 37.
XI XII. ,
( ), . .
,
, . , ,
,
(.. ).
, (..
), 38.

. . , ,
, ,

.: Jules Piquet, Des banquiers au Moyen Age: Les Templiers, tude de leurs oprations financirs (Paris, 1939), Henri Pirenne,
Histoire conomique et Sociale Du Moyen Age (Paris: Presses Universitaires de France,
1969), pp.116, 219. , , . , , , 1494.,
, , . 1336., ( )
1340. , ,
1211. .: G. A. Lee, The
Oldest European Account Book: A Florentine Bank Ledger of1211, in Accounting His
tory: Some British Contributions, R. H. Parker and B. S. Yamey, eds. (Oxford: Clarendon
Press, 1994), pp.160196.
38 . , 100%
, . . ,
, .
1567. , . 1590.
,
(Charles P. Kindleberger, A Financial History of Western Europe, 2nd ed. [Oxford: Oxford
University Press, 1993], p.49).
37 .,

51

3.
. (,
(Taula de Canvi), ,
)39.




40 , .. ,
, tantundem
. XIII. ,
, , , . , ,
,
(, , , XVII.).
4 ,
,
,
, , . ,
,
. , , , ,


39

, , . .,
, X .
,
: Ibn Ab Zayd (AlQayrawn), Compendio de derecho islmico (Risla, FlFiqh) (Madrid: Editorial Trotta, 1993). .130
: ,
, , . (.
. 214215, , , mutuum,
, ;

.)
40
: Abbot Payson Usher, The Early History of Deposit Banking in Medi
terranean Europe (Cambridge, Mass.: Harvard University Press, 1943).

52


. ,
XVIII , XIX 41.
, (..
,
),
, .
, XII .
,
, mutuum42.
, , ..
. , , 29% .
, 3,3 43.
[] , 100%
. , (.. , ius privilegium)
.
44. ,
41 Ibid.,

pp.9 and192.
,
(mutuum) (Ibid., p.63).
43 , 29%. , 3,3 (Ibid., p.181). , , ,
.
: ,
, , ,
, (..181
182 ). , , ,
.
, ,

(Ibid., pp.89). , . 4.
44 XV. , , , .
.
42

53

3.
, , .
,

, . , , ,
. ,
(Taula de Canvi) .

depositum confessatum
(, )
.
45.
, ,
,
, , 46.
, , ( )

. ,
(.. ),
,

.
, ,
, , .

, .. 45 Marjorie GriceHutchinson, Early Economic Thought in Spain 11771740 (London: Geor

ge Allen and Unwin, 1978), ch.1: In Concealment of Usury, pp.1360.


XIII . , , . ,
, ,
,
(Harry Elmer Barnes, An Economic History
of the Western World [New York: Harcourt, Brace and Company, 1940], pp.192193).

46

54


(
)47.

. 48, , ,
. , .
1. , , ,
, ,
, (, XVI, III,
25, 1*). , ,
, , ,
, (mutuum). , , , ,
(mutuum).
,
, ( ,
).
47

. , Interest and Usury (Washington, D.C.: American Council of


Public Affairs, 1943) , ,
,
,
(p.228).
48 ,
, : Imbert, Historia econmica (de los orgenes
a1789), p.157158. : 1)
; 2) ,
; 3) ,
, , ; 4) ,
; 5) ( , ,
). depositum confessatum, .
. . ,
(Henri Pirenne, Economic and Social History of
Medieval Europe (London: Kegan Paul, Trench, Trubner and Company, 1947), .140).
* , , , [ . . , (. . . .)], (. .III. .435).

55

3.

.
depositum confessatum
, , , , .
(
) depositum confessatum
,
mutuum. ,
,
, mutuum. ,
, ,
depositum confessatum. : ,
tantundem
, deposita confessata. , ,
, depos
itum confessatum , ,
, , .
,
, [.. ]
,
(.. ,
tantundem
), , 49. , ,
49

mutuum, ,
. ,
,
,
tantundem. , , , (mutuum),
, , ,
. , (. 1) mutuum ():
,
, , tantundem . , ( ) ,
.
. ,
depositum confessatum, -

56


depositum confessatum , ,
, , ,
, ,
. ,
, ,
. , . XIX.
50.
,
: XIV., (Taula de Canvi) XV.
. , , ,
.
, .. 100% , tantundem
.
, ( , ). ,
, , .

mutuum.

1342. (Isabetta Querini
vs. The Bank of Marino Vendelino), (.: Reinhold
C. Mueller, The Venetian Money Market: Banks, Panics, and the Public Debt, 12001500
(Baltimore: Johns Hopkins University Press, 1997), .1213).
50 , , ,
,
, ,
.
depositum confessatum , , , . mutuo deposito irregolare. , ,
, , ,
, confessatum , ? , , ,
, , , (CoppaZuccari, Ildeposito irre
golare, .5960).

57

3.
, .
, ,
51. , (
), . , , 52.

XIV.
XII XIII.
XIV. . , , , , , ,
, . ,
51 ,

, 163 93 (Bogaert,
Banques et banquiers dans les cits grecques, note513, p.392). 46 : Mueller, The Venetian Money
Market, pp.585586. XV. , , ( ),
. In Defence of
Fractional Monetary Reserves,
2001.
52 ,
. ,
, ,
: , . , .
.
.
, , [expansionary] . : ...
,

( ) . ,
, ,
, . , , ,

, .
, , , (Wicksell, Lectures on Political Economy, vol.2, pp.7475).

58


XIV .
, [expansionary] 53. , ( )
,
.
, . ,
. 1341 1346. ,
,
,
54. ,
, . ( mancamento della credenza,
),
, . ,
: *55. , ,
, ,

56.
53

. . : Reinhold
C.Mueller, The Role of Bank Money in Venice, 13001500, in Studi Veneziani n.s.3
(1979): 4796; Reinhold C. Mueller, The Venetian Money Market, ch.5.
Carlo M. Cipolla, The Monetary Policy of FourteenthCen
tury Florence (Berkeley: University of California Press, 1982, .13) ,
,
, .
54 Cipolla, The Monetary Policy of FourteenthCentury Florence, .9.
* (danse macabre, .) , . .
. .
55 Ibid., p. 1. . . 60 5
, : John Hicks, Capital and Time:
ANeoAustrian Theory (Oxford: Clarendon Press, 1973), pp.1213.
56 (, . . , ,
). (
) , , , , .

59

3.


, , ,
1950 . (lib
ri segreti) Archivio di Stato57.
(. .52),
(
, ) .
,
, XV .
, . ,
, . mutuum depositi a discrezione.
adiscrezione , ,
58. Discrezione
, , .


. ,
, , ,
, ,
, , . ,
, , ( ),
. , , .
,
, , ,
. , . ,
[ ] , ,
, .
, ,
.
57 De Roover, The Rise and Decline of the Medici Bank, 13971494.
58 , , , , , ,
. , ,
, discrezione (De Roover, The Rise and Decline
of the Medici Bank 13971494, p.101).

60



,
. libri segreti.
1442 .
, , 59.
, 12 1477 ., , .
, 50% 60.
, , , . , ,
, 1464 .,
, . , , ,
XIV .
,
, . ,
, , , , 4 .
XV.
,
,
, ,
61. ,
, , .
, XV.,
, .
, ,
. , , , 10%

59 Ibid.,

p. 213.
p. 245.
61 Ibid., p. 239.
60 Ibid.,

61

3.
62.
,
. :
,
, .

XIVXV.: Taula de Canvi



. I
(12131276) , , (Usos
de Barcelona). (13001301) , .
, .
.
, 13 1300 . ,
,
63. , , 13 1301 .
, , , , , .
, ,
, , , . ,
(.. , ),
64. ,
, .
62 ,

, 100%
, , .
, ,
10% . ,
,
. .
,
(Ibid., p.371).
63 Usher, The Early History of Deposit Banking in Mediterranean Europe, p. 239.
64 Ibid., p. 239.

62


,
, 14 1321. , , . , ,
,
, , , .
, , . ,
. ,
, , ,
, 1360.
65.
,
. XIV.

,
. ( ,
, ),
,
. 1397., , ,
( , , )
, 66.
XIV .
.
Taula de Canvi ( ). ,
,
. , Taula de Canvi ,
65 Ibid.,

pp. 240, 242.


,
, , XIV.
, , ,
. ,
, .
66 Ibid., p.244.

63

4. V
. . . .
(
1468.),
, 67.
, , , ,
. ,
. Taula
,
. 68.

4
V
69
V
. ,
(
) , . ,
, V
.

67 1468., , -

. ,
, 5% , . , ,
, (Ibid., p.278).
68 , 1433 . 28% Taula de Canvi ,
. .: Usher, The Early History of Deposit Banking in
Mediterranean Europe, p.339; Kindleberger, A Financial History of Western Europe, p.49.
,
1468 . 300
, ,
. 14 1714 ., ,
14 1723 . 1853.
69 : Jess Huerta de Soto,
New Light on the Prehistory of the Theory of Banking and the School of Salamanca,
Review of Austrian Economics 9, no. 2 (1996): 5981.

64


.
. , V
, ,
.
, ,
, . , .
.


V 70.
,

(Casa de Contratacin) 1545. V
, , . ,
, ,
.
, ,
,
. , ( ,
),

, .

,
. , ,
,
,
, .
70 Ramn

Carande, CarlosV ysus banqueros, 3vols. (Barcelona and Madrid: Editorial Crtica, 1987).

65

4. V
V (Carlos V y sus banque
ros)
V: , , ,
, , . ,
. ,
, , V71. ,
, , ,
.. ,
. , ,
. 1579 .
,
. 1553 .,
6,5 , , 1553., 1575., II.
.
. 320 . , . ,
, ,
. , , ,
, 72. ,
,
: ,
;
( , , , ..),
;
. : 71

XVII : XVII.
, , . 1622. , ,
, . (M. Colmeiro, Historia de la economa
poltica espaola (1863; Madrid: Fundacin Banco Exterior, 1988), vol.2, p.342).
72 200 000 :
. .: Carande, Carlos V
y sus banqueros, vol.1, pp.299323 pp.315316, .

66


, ;
,
, , ,
, .
, , XVI.
.
,

73. , XVI. (, 1 2)
, ,
, 100%
.
,
XVI., , , ,
.

, .
, , .
, , . 1574. , .
,
. , . (.. )
, .
, ,
, , . ,
73 .: Carlo M. Cipolla, Money in SixteenthCentury Florence (Berkeley: University of Cali-

fornia Press, 1989), esp. p.101ff.


XVI. : Felipe Ruiz Martn, Pequeo
capitalismo, gran capitalismo: Simn Ruiz ysus negocios en Florencia (Barcelona: Editorial Crtica, 1990).

67

4. V
tantundem 100% 74.
V .
,
. ,
18 .
V,
, , .
1557., II
, 1634.
, 75.


, ,
, , 76.
74

, 1570 ,
. , , , .
, ( 100% ). , , ,
1570 . .: Cipolla, Money in SixteenthCentury
Florence, p.107.
75 V, , CarlosV ysus banqueros.
: Rafael Termes Carrer, CarlosV yuno de sus banqueros:
Jacobo Fugger (Madrid: Asociacin de Caballeros del Monasterio de Yuste, 1993).
, ,
Calle de Fcar, ,
.
, fcar (Dicciona
rio, p.25) .
76 ,
, (Murray N. Rothbard, New Light on the
Prehistory of the Austrian School, in The Foundations of Modern Austrian Econom
ics, Edwin G. Dolan, ed. [Kansas City, Mo.: Sheed and Ward, 1976], p.5274; Idem, Eco
nomic Thought Before Adam Smith, ch.4, p.97133); (Lucas Beltran,
Sobre los orgenes hispanos de la economa de mercado, in Ensayos de economa poltica

68


,
, , , (Instruccin de mercaderes), --- .
, ,
, , , ,

[Madrid: Unin Editorial, 1996], pp.234254), (Marjorie GriceHutchinson, The School of Salamanca: Readings in Spanish Monetary Theory
15441605 [Oxford: Clarendon Press, 1952], Idem, Early Economic Thought in Spain
11771740 [London: George Allen and Unwin, 1978]; Idem, Economic Thought in Spain:
Selected Essays of Marjorie GriceHutchinson, Laurence S. Moss and Christopher K. Ryan,
eds. [Aldershot, England: Edward Elgar, 1993]); (Alejandro A. Chafuen, Christians for Freedom: LateScholastic Economics [San Francisco: Ignatius Press,
1986] (Huerta de Soto, New Light on the Prehistory of the Theory of
Banking and the School of Salamanca, pp.5981). , , , V I.
, ,
, ,
( ). ( : Jean Brenger, A History of the Habsburg
Empire, 12731700, C. A. Simpson, trans. (London: Longman, 1994, pp.133135.) , ,
. ,
(.: The School of Salamanca, pp.78). , ,
.297298 CarlosV ysus banqueros
. ,
. Restituto Sierra
Bravo, El pensamiento social yeconmico de la Escolstica desde sus orgenes al comienzo
del catolicismo social (Madrid: Consejo Superior deInvestigaciones Cientficas, Instituto
de Sociologa Balmes, 1975, vol.1, pp.214237) .
(
, ) . , ,
.
,
, Luis de Molina, La teora
del justo precio (Madrid: Editora Nacional, 1981, esp. p.3334). ,

, : Francisco Belda, S. J., tica de la creacin de crditos
segn la doctrina de Molina, Lessio yLugo, en Pensamiento, n.o19, ao1963, pp.5389.
, , C .
1 8.

69

4. V
77. ,
, , , ,
, ,
, , []
.
--
, ,

. ,
: , , ,
, , ,
? . ,
,
, 78. 12 , : .
, , ,
, , , , ,
, ,
, , 79. , ,
, mutuum,
.
. , ,
, [ ],

, , ,
80. ,
, . , , ,
, , , ,
. ,
77 Saravia

de la Calle, Instruccin de mercaderes, p.180.


p. 181.
79 Ibid., p. 195.
80 Ibid., p. 196.
78 Ibid.,

70


, 81. ,
, ,
, . ,
, . , ,
. , 7 10% ,
, , ?
, (
, ), , , , , ,
82. , , (
), . ,
,
, 1.
, ,
, , . : ,
,
, , , ,
, , ,
, ,
83. , ,
, , , , , ,
,
. ,
, ; ,
. , , , ,
, , ; ,
, ,
. , , , 84.
81 Ibid.,

p. 197.

83 Ibid.,

p.186.
p.190 ( . . .).

82 Ibid.

84 Ibid.,

71

4. V
, , , . :
,
,
, , .
, ,

, , , , ( ), , ,
, .
, : ,
, ,
, ,
85. ,
. , , ,
, , . , ,
, .

(Comentario resolutorio de cambios),
1556. , ,
. , ,
, , ,
, ,
,
; ,
, ,
, , . , ,
,
.
, ,
, , ..,

85 Ibid.,

72

p.198.


, , 86.
,
,
, .. ,
,
, .
. ,
,
, ,
, , , ,
, , 87. , , , , , ,
. ,
, , , . []
,
, . ,
, . ,
,
, 88.
(Suma de tratos y contratos,
, 1571)
, .
,
, ,
, (
), 89.
86 Martn

de Azpilcueta, Comentario resolutorio de cambios (Madrid: Consejo Superior


deInvestigaciones Cientficas, 1965), pp.5758.
,
1556., , 1560. Comentario resolutorio de
onzenas. , ,
.7780.
87 Azpilcueta, Comentario resolutorio de cambios, pp.6061.
88 Ibid., p.61.
89 (Instituto de Estudios Fiscales), 1977. ,
vol.2, p.479. , 1975. Editora Nacional.

73

4. V
,
, : ...
, 90. , , , , ,
. , , ,

, , , ( , ,
)91. . , 1,
,
tantundem, ( )
.
: [] , ,
, , , , [] . , .
, ,
, , ,
, , , :
, , ,
,
, 92.
, , ,
,
, , , : ..., , , ,
93.
V ,
.401 . 1571.
en casa de Hernando Daz Impresor de Libros, en la calle de la Sierpe.
90 Mercado, Suma de tratos ycontratos, vol.2, p.480 (
), p.401 ( ).
91 . , ,
.76.
92 Mercado, Suma de tratos ycontratos, vol.2, p.480
, p.401 .
93 Ibid.

74


,

94.
4 , , , , , , ,
. ,
, , .
14 . ,
;
, ,
, , [] 95.
()
.
, 2 ,
, depositum confessat
um.
, , tantundem . ,
,
. ,
, . , 6, 11 (La justicia yel
derecho, 1556) , , ,
94 Nueva

Recopilacin, 12, 18, 5, 6 1554.


V, , :
,
[ ,
], ; []
, ,

, , [ ] ( . . .).
, , , ( , ..). .: Jos Antonio Rubio
Sacristn, La fundacin del Banco de Amsterdam (1609) yla banca de Sevilla, Moneda
ycrdito (marzo de 1948).
95 1 CarlosV y sus ban
queros, , . .: Mercado, Suma de tratos ycontratos, vol.2, p.381382 ( 1977.), .321 ( ).

75

4. V
,
, . ,
, .
96. ,
,
, .

97. ,
(Tratado sobre los cambios, 1597)
, (mutuum)
, tantundem, ,
. ,
: , ,
, ,

, , . ,
, ,
,
, 98.
,
(Tratado sobre los prstamos y la usu
ra), ,

,
96 Habet

autem praeterea istorum usus, ut fertur si mercatorum quispiam in cambio


numeratam pecuniam deponat, campsor pro maio ri illius gratia respondeat. Numeravi
campsori dece milia: fide habebo apud ipsum & creditu pro duodecim, & forfam pro quim
decim: qui capsori habere numerata pecuniam bonum est lucrum. Neq, vero quicq vitij in
hoc foedere apparet (Domingo de Soto, De iustitia et iure [Salamanca: Andreas Portonarijs, 1556], LibroVI, cuestin XI, artculo nico, p.591. Edicin del Instituto de Estudios
Polticos [Madrid, 1968], vol.III, p.591). (El pensamiento social yeconmico
de la Escolstica, p.215) ,
.
97 , , ,
:
, (Marjorie GriceHutchinson, The Concept of the School of Salamanca: Its Origins and Development, 2
Economic Thought in Spain: Selected Essays of Marjorie GriceHutchinson, p.25).
, , , ,
, [ ] .
98 Luis de Molina, Tratado sobre los cambios, edicin e introduccin de Francisco Gmez
Camacho (Madrid: Instituto de Estudios Fiscales, 1990), pp.137140.
1597.

76


99. , , 1 ,
,
(mutuum). ,
, . ,
, , , , , ,
,
, , , 100. ,
( ),
, .
, tantundem ,
. , , ,
,
, . , , : , []
, , ,
, [ ]
, , , , ,
. , ,
, , , .
, , ,
. ,
, 101.

,
99

Luis de Molina, Tratado sobre los prstamos yla usura, edicin e introduccin de Francisco Gomez Camacho (Madrid: Instituto de Estudios Fiscales, 1989), p.13.
1597.
100 Molina, Tratado sobre los cambios, p.137.
101 Ibid., pp.138139 ( . . .).

77

5. :
.
, , , 100%
102.

5
:
.
XVIIXVIII .

, ,
, , 1609.
.
.

, 31
1669., 103. 102

,
. ,
: , , ,
, .
,
.
, . 8 .
, : Qui
bene advertit, eivsmodi bancarios depositarios peccare graviter, & damno subsequuto,
cum obligatione restituendi pro damno, quoties ex pecuniis apud se depositis tantam
summam ad suas negotiationes exponunt, ut inhabiles maneant ad solvendum deposentibus, quando suo tempore exigent. Et idem est, si negotiationes tales aggrediantur, ex
quibus periculum sit, ne postea ad paupertatem redacti pecunias acceptas reddere non
possint, v.g. si euenrus ex navigatione periculosa dependeat, in qua navis hostium, vel
naufragij periculo exposita sit, qua iactura sequunta, ne ex propio quidem patrimonio
solvere possint, sed in creditorum, vel fideiussorum damnum cedere debet (R. P. Joannis de Lugo Hispalensis, S.I., Disputationum de iustitia et iure tomus secundus, Disp.28,
section5 (Lyon: Sumptibus Petri Prost, 1642), pp.406407).
103 ( ) (!) .: Jos Antonio Rubio Sacristn, La fundacin del Banco de
Amsterdam (1609) yla banca de Sevilla.

78

. XVIIXVIII .
,
. , ,
tantun
dem , .. 100% .
,
, ,

, , , , ,
.
, 150 , .
, , 1610 1616 ., ,
1 . 1619 1635. 4
, 3,5. 1645.,
11 280 000 .
, XVIII., 1721
1722., 28 , , 27 .
, ,
, ,
,
1720 . ( .)
1772., , 28 29 .
100% , , .
1672.,
, (
). . ,
. , 1699.
: , , , .
;
, ,

79

5. :
50 , 104. 1802., , , ,
,
: , ,
,
, , , . , , ,
, ,
. , ,
[] ,
( , ), ,
.
,
,
;
, ,
105.
, . , ,

.
, ,
,
.

1782. . .
, , , 104

PierreVilar, A History of Gold and Money, 14501920, Judith White, trans. (London:
NLB, 1976), p.207. .208209
. . 1619.

1797.,
1873. .: J. K.Ingram, Banks,
Early European, in Palgraves Dictionary of Political Economy, Henry Higgs, ed. (London: Macmillan, 1926), vol.1, pp.103106.
105 Vilar, A History of Gold and Money, 14501920, p.209.

80

. XVIIXVIII .
. , XLIV ,
,
, ,
, , ,
. ,
, ,
106.


,
. (Political Discourses),
1752. , ,
100% ( , ), [ ]. ,

; , ,
, , .
, ,

, , ,
.
,
,

(
), ,
106

Real Cdula de S. M. ySeores del Con


sejo, por la qual se crea, erige yautoriza un Banco nacional ygeneral para facilitar las
operaciones del Comercio yel beneficio pblico de estos Reynos ylos deIndias, con la
denominacin de Banco de San Carlos baxo las reglas que se expresan (
, ,
, ) (Pedro Marn (Madrid, 1782),
pp.3132 ( . . .). .
: Pedro Tedde de Lorca, El banco de San Carlos, 17821829 (Madrid:
Banco de Espaa and Alianza Editorial, 1988).

81

5. :
,
107. , ,
, , ,
.
, , , , ,
. , Essays and Treatises on Several
Subjects, 17531754. ,
, . 4 : . ,
, . ,
100% .
(1734)
, ,
, 108.

,

, 1767. : (An Enquiry into
the Principles of Political Oeconomy: Being an Essay on the Science of Domestic
Policy in Free Nations). 39 . ,
, ,
, . :

, , , ; , , ,

,
109. , ,
107

. //. / (
). .5. .: . . , 1895. .2035.
108 . : Rothbard, Economic Thought Before Adam Smith, p.332335, 462.
109 : James Steuart, An Enquiry into the Principles
of Political Oeconomy: Being an Essay on the Science of Domestic Policy in Free Nations,

82

. XVIIXVIII .
, , 100% .
, ,
.
, 1770 , , 1776.

: , ,
,
. ,
, ,
...
,
, ,
110.
, , ,
, .
,
, .
,
. , , , , ,
, .
111. ,
1672.,
,
. ,

.
,
100% , ,
published by A. Miller and T. Cadell in the Strand, London 1767, vol.2, p.301 (
. . .).
: Ferdinando
Galiani, Della moneta (Naples: Giuseppe Raimondi, 1750), pp.326328.
110 . . .: , 2007. . 470.
111 .

83

5. :
, ,
, 1609.,
, 150*. ,
, , , ,
: .
, , 10, 3 3;
2, 300, 6,
112. , ,
,
.
, 1780
, ,
,
, . ,
20 , , , 4 . ,
,
170, ,
100% 25%.
: , 1820.
140. 113. , 100% ,

. ,
, ,
.

* , , 1672.,
, 1776.: ... ,
... [ . . .] ( . . 2007. .470471). ,
60 (, , ). .
. .
112 . . .471.
113 Vilar, A History of Gold and Money, 14501920, p.208. . : Wicksell, Lectures on Political Economy, vol.2, pp.7576.

84

. XVIIXVIII .

(), 1656. :
( 100% ) ; . , ,
,
,
114. 1668. ,
115. ,
,
: , .. , , , .
, , . , par excellence,
, ,
, ,
,
, , ..,
.
1694. , .
.
,
. , 116,
. ,
114

, , , 1844. . .: Kindleberger, A Financial History of Western Europe, pp.5253.


115 1968. .
116 , 1640. I,
V, , , .
II ,
, , ,
. .: Kindleberger, A Financial
History of Western Europe, pp.5354.

85

5. :
, ,
.
, 1797. ,
117. 1797., , ,
, , 118.
117

1720. .
, .
.
,
.
, , ,
. ,
, .
, ,
. ,
.
1720. ,
. . 775 135.
(Bubble Act),
, .
1722. .
,
, 4..
5% , . . . 47 7.
118 , , , .
, , ,
. , ,
XVIII., ,
, , , , [ ] ,
. .: John Taylor, Construction Construed and Constitu
tions Vindicated (Richmond, Va.: Shepherd and Polland, 1820; New York: Da Capa Press,
1970), .182183.
(James P. Philbin, An Austrian Perspective on Some Leading Jacksonian Monetary Theorists), Journal of Libertarian Studies10, no.1 (Fall,1991):
8395, esp.89. : Murray Rothbard, Conceived in Liberty (New York: Arlington House,
1975), vol.2: Salutary Neglect: The American Colonies in the First Half of the 18th Cen
tury, ch.26 Inflation and the Creation of Paper Money, pp.123140; 2nd ed. (Auburn,
Ala.: Ludwig von Mises Institute, 1999).

86

. XVIIXVIII .
,
. 8
,
,

, .
XVIII.

XVIII.
XVIII. .
, , , . ,
,
. , 100% , . , ,
. , ,
, .
, , XVIII.
, , , . , . 1718. (
) ,
. , ,
(Compagnie de la Lousiane ou dOccident), , ,
. 1720.
. :
, ,
..
, ,
, ,
. , ,

87

5. :
,
119.
,
.
,
, .
,
.

, .
,
, , .



,
XVIII XIX. : , 120
. 121.
119

, , , .: Ferdinando Galiani, Della moneta, .329334; 23 35


(Sir James Steuart, An Enquiry into the Principles of Political
Oeconomy, .235291). ,
XVIII. .
First Paper Money in Eighteenth Century France, 10 The Trend of Economic Thinking: Essays on Political Economists and
Economic History, vol.3 of The Collected Works of F.A. Hayek, W. W. BartleyIII and Stephen Kresge, eds. (London and New York: Routledge, 1991), pp.155176. : Antoin E. Murphy, John Law: Economic Theorist and Policy Maker
(Oxford: Clarendon Press, 1997).
120 , ,
10% :
, . . .400 Essai sur la nature du commerce en gnral, 1755.
, . .: Rothbard, Economic Thought Before Adam Smith,
pp.345362.
121 , 1825.
..3436 .: Henry Thornton, An Inquiry into the Nature and
Effects of the Paper Credit of Great Britain, 1802. . (Augustus M. Kelley) 1978. . , ( ), .

88

. XVIIXVIII .
,
, ,
, . .
, , ,
.
:
,
(
). , , , ,
, .
,
,
. , ,
, , . . ,
,
.
,
,
. , ,
, ,
, ,
. . ,
, ,
,

. ,
, (). . .
: ,
, , , , [block
deposit] ( ),
. ,
, , , ,
.:A.E.Murphy, Richard Cantillon: Entrepreneur and Economist (Oxford: Clarendon
Press, 1986), .237.
.

89

, , , . ,
, , ,
. ,
,
. , , .
, ,

122.
,
,
, . .
,
, 123.

,
. 1734. ,

. ,
, , ,
, . , ,
124.

122

.: Hayek, Richard Cantillon (16801734), ch. 13, in The Trend of Economic


Thinking, pp.245293, esp. p.284 [. . .: .
.: , 2007].
123 ,
XX., .: La cuenta corriente de
efectos o valores de un sector de la banca catalana: su repercusin en el crdito yen la eco
noma, su calificacin jurdica en el mbito del derecho penal, civil ymercantil positivos
espaoles segn los dictmenes emitidos por los letrados seores Rodrguez Sastre, Garri
gues, Snchez Romn, Goicoechea, Miana yClemente de Diego, seguidos de un estudio
sobre la cuenta de efectos yel mercado libre de valores de Barcelona por D.Agustn Pelez,
Sndico Presidente de la Bolsa de Madrid (Madrid: Delgado Sez, 1936).
124 Antoin E. Murphy, Richard Cantillon: Entrepreneur and Economist (Oxford: Clarendon
Press, 1986), .209, 291297. : 1)
; 2) ; 3)
, .



. , ,
. [ ]
1 ,
.

,
, ex post facto.
, *. ,
,
, , :
, , ,
, depositum confessatum, . ,

.
,
. , , ,
, .
* .: . . , . .: , 2006.
4 5. . . .
 .: Bertrand de Jouvenel, The European Intellectuals and Capitalism, in Friedrich
A.Hayek, ed., Capitalism and the Historians (Chicago: University of Chicago Press,
1954).

91

1.

, .
, , .
, , [
] , , , , , . ( XVII.)
, .. , ,
, .
, , . ,
. ,
,
, , , , .
,
.
, ,
, , ..
,
, ,
. ( )
, , ( , ), ,
.
.
,
. , . , ,

,


Shepard B. Clough, The Economic Development of Western Civilization (New York:


McGrawHill, 1959), p.109 ( . . .).

92

1.
. , , ,
.
, , , ..
, . , ,
, , .
, ,
( )
.
, ,
. , ,
,
,
, ,
, ,
, . 8
, ,
, ,
,
.
, ,
,
.
. , , ,
, ( () ()
). ,
: , , , , ,
. , ,
, , .
, .

93

2.
,
, . , ( ),

( ).

2

(mutuum)


(mutuum) ,

( ). , 1,
, , ,
,
, , .. ,
, ,
. ,
, . :

, (
), ,
, , .
1 , , . ,
, ,
(, ).
,
,
. , ,
, ,
tantundem .
,
: .

94

(mutuum)
, ,
(mutuum), . ,
, .
depositum confessa
tum,
. , ,
, depositum confessatum
. ,
, ,
, , ,
. ,
(actio depositi actio furti*) [] ,
. , , , .
,
, , . , , excusatio non
petita, accusatio manifesta ( ). , , , ,
(mutuum). , , ,
.
Depositum confessatum (mutuum).
depositum confessatum * Actio depositi [directa] (.) ; ( ) ; actio furti (.) ; ,
. . . .
 , ,
, , actio depositi directa. ,
, .
,
( tantundem ).

95

2.
mutuum. ,

, , ,
,
, . ,
: , ,
, , ,
.
, , , ..
, .
. ,
. ,
, ,
, ,
, (, ,
), (,
, ).
, ,
,
,
( , ),
, ,
:
(.. ), , . , ,
,
.


.: Luis de Molina, Tratado sobre los cambios, edicin e introduccin de Francisco Gmez
Camacho, Instituto de Estudios Fiscales (Madrid 1990) Disputation408, 1022d., .138.
, ,
.
, ---, , ,
, , , , .
 .: F. A. Hayek, Richard Cantillon (16801734), in The Collected Works of F. A. Hayek,
vol.3: The Trend of Economic Thinking: Essays on Political Economists and Economic

96

(mutuum)
, ,
( ). ,

mutuum, (mutatis mutandis)
, ,
, . ,
, ,

, .
:
, ,
, .
, ,
. () . ,
,
,
, , tantundem.
,
, ,
( ) ,
,
( ), . , (
), ( ).
History, p.159. . : Henry Higgs, Richard Cantillon, in
The Economic Journal1 (June 1891): 276284. : A. E. Murphy, Richard Can
tillon: Entrepreneur and Economist. [ :
. .: , 2007.]
 .: Dictamen de Joaquin Garrigues, en La cuenta corriente de efec
tos o valores de un sector de la banca catalana yel mercado libre de valores de Barcelo
na, .194y ss.
, ,
. .
 .
. ,
, , ,
,
()
, . ,
:

97

2.
, ,
, , , , ,
, , .
.,
.


, (mutuum),
, .
XVIII. XIX.
, , , . ,
,
, . ,
, ,
, .
, 1848.
, , ,
(Sentencia del Tribunal Supremo de271948)
. ,
, . .: Oscriz Marco, El
contrato de depsito: estudio de la obligacin de guarda, .110112.
 .: La cuenta corriente de efectos o valores de un sector de la banca catalana yel mercado
libre de valores de Barcelona.
 ,
, 1860 ,
, ,
, . :
, , , ,
? ,
, ? .: . . : , 2002. .46.
(.
.7 2 1948.).

98

(mutuum)
, , .
, .
, , ;
, , ,
, , , , ,
10. ,
, ,
, , ,
. , ,
. ,
, . , . ,
, 100% 10.
(
). , ,
, ( ,
XVIXVII., XVIII.),
( ,
.).
, ( )

,
10 .:

E. T. Powell, Evolution of Money Markets (London: Cass, 1966) p.73 Mark Skousen, The Economics of
a Pure Gold Standard (Auburn, Ala.: Ludwig von Mises Institute, 1977), .2224. , ,
(Carr v. Carr,
1811) ,
(Devaynes v. Noble, 1806). .: J. Milnes Holden, The Law and Practice of Banking, vol.1:
Banker and Customer (London: Pitman Publishing, 1970), .3132, 5255.
10 ,
,
, (Cantillion, Essai, p. 407). ,
,
.

99

2.
. , ,
* , ,
. , , ,
. ,
, ,
, , . , ,
, ,
, .


.
, ,
, ,
mutuum.
. , ,

, , .
,
1768 .
, , (commodatum). ,
.
, , , , , ,
ipso facto (mutuum). , ,
, ,
* .: . . , . .: , 2006. .217227,
555562. . . .

100

(mutuum)
, 1, , ,
tantundem .
, 1768
, tantun
dem , ,
. 1770
.
,
.
, , 1724 . , ,
.
,
[
. . .], ,
, mutuum
, ,
, : 11.

. 309 , ,

, , ,
, , , , . , 309
1768 . 307 ,
, , , ,
,
2 306. 2 306 : ... []
, ,
11 Jos

Luis Albcar Lpez and Jaime Santos Briz, Cdigo Civil: doctrina yjurisprudencia
(Madrid: Editorial Trivium, 1991), vol.6, p.1770. 554 12 :
, , , 532, 534 535. ,
1768 .

101

2.
,
,
, ( .
. .). , 307
306,
,
,
. 310 ,
, , , , , ,
,
, , . *, , .
,
, 306 ,
, , ( , ),
. , ,

.
. ,
12,
* (privilegium odiosum, ., .) , . . . .
12
[depsito],
( ). [prstamo] [crdito],
, ,
, , , , , , , . ,
,
,
.
, , . ,
, Banco BilbaoVizcaya , : , ,
, , , ,

102

(mutuum)
, , ,
(tantundem), ..
100% . (
, 21 1928. ,
1) .
, 7 8
. 7 ,
, . 8 , ,
, . 10, , :
(
) , ,
.
: ,
, ,
, , ,
. , Banco
BilbaoVizcaya , ,
,
, Banco HispanoAmericano
, ,
, [] . , , , .
(
), , . .: Garrigues, Contratos bancarios, .368379, nn.31, 36. , , , ,
, , ..,
, . , , ,
. ,
, ,
,
. : Jrg Guido Hlsmann, Has
FractionalReserve Banking Really Passed the Market Test? The Independent Review7,
no.3 (Winter, 2003): 399422.

103

2.
, []
.
: ,
, . ,
,
,

. , , 180 , ,
,
1/4
. (
2%)
, . ,
, , , .
,
,

, , , , , (
; , ;
; ,
).


, mutuum
, , mutuum,

,

104

(mutuum)
, . , , ,
, ,
( 768
306 ),
,
mutuum, ,
,
, (, ; , ,
..)13.
, . , ,
.
1, ,
,
14.

13 Garrigues,

Contratos bancarios, .363 ( . . .).

14 ,

,

, , ,
, . , ,
, , ().
,
, .
,
,
, ,
,
. , , , ,
, (. .20),
, ,
.

,
, , , .
, ,
, : ,
, , , .

105

2.
()

, mutuum,
, , .
( 15 ),
, 16
.
,
17,
,
, .
1 ,

(mutuum). () . ,
, , ,

.
, ()
. , ,
. , ,
, , ,
tantundem, ( ), .
15 ., , .: Jean Dabin, La teoria

de la causa.
mutuum
, . ,
, . ,
, , . ,
, ,
, . , , ( . . .). . : Jos Luis Lacruz Berdejo, Elementos de derecho
civil, 3rd ed. (Barcelona: Jos Mara Bosch, 1995), vol.2, p.270.
17 , , , . . : Gnesis, esencia yevolucin de la Escuela
Austriaca de Economia, en Huerta de Soto, Estudios de economia politica, .1755.
16

106

(mutuum)
,
, .. . , ,

, , , .
,
, , , ,
.
,
, ,
(),
. ,
, : ,
.
, ,
, . , ,
. ,
? : , ?18 ,
,
( )19,
18

, , , ,
. ,
, ,
,
, , ,
, ( ) , , (,
). .: Belda, S. J., tica de la creacin de crditos segn la doctrina
de Molina, Lesio yLugo, .64, 87. . : Oscriz Marco, El contrato de deposito:
estudio de la obligacin de guarda, nota83, .48.
19 , ,
( ).
,
.
, . ,
, .

107

2.
, 100% tantundem, .
, , ,
20. , ( 100% ):
, . ,
, ,

21.
, ,
, ,
()
.
, 22. 23,
, 1.
, ,
20 ,

- , Contratos bancarios, ,
(
.357 358) (.1 11 .352 357).

, . , ,
.
21 Garrigues, Contratos bancarios, .367 ( . . .). , , ,
, .. ,
, . .: . .
. : , 2006. .107. , , (.. ), (.. 100%) .
22 , , ,
, , , .
, , ,
tantun
dem, ..100% , , ,
1. .: Garrigues, Contratos bancarios, .368.
23 Garrigues, Contratos bancarios, nota31 al pie de las .367368.

108

(mutuum)
100% . , ,
, , .
, , , , ..
, , ,
.

, ,
, 1768
, , , ,
.
, 1768
, ,
. ,
.
, , ,
.
, .
, , ,

. 100% , .. tantundem .
, . ,
,
.
, , , mutuum (). , , ,
[ , , ]

109

2.
, ,
. ,
, ( )
(mutuum). ,
, , (
100% tantundem ). , , ,
,
tantundem24. ( ) .
.
, ,
, , ,

. , , , , , .
,
, mutuum, .. ,
,
. , () : , , , ,
, , ,
mutuum, , , . , error in negotio, .. ,
25.
, ,
, 26.
24 CoppaZuccari,

Il deposito irregolare, .132.

25 .: HernndezTejero Jorge, Lecciones de derecho romano, .107108. -

,
: , , , , mutuum (),
, mutuum.
26 , , , .

, .

110

(mutuum)
, , (
) , ,
( ..) .
() ,
, .. .
, , , ,
, .
, , [
] () . ,
5 ,
. ; ,
, , , , ,
, .
, . , ,
( ).
, , , *, 27.

, ,
**. , ,
, ,
. , , , , , . , ,
* Un contrato aleatorio (.), aleatorio , . . . .
27 .: Albaladejo, Derecho civil II, Derecho de obligaciones, vol.1: La obli
gacin yel contrato en general, .350352. ,

( )
, .
** (
) .: . . . .101112, .102107.
. . .

111

2.
, , .
, ( 100% , ),
[ ,
] , , 100% tantundem28.
,
,
.
, () , , ,
, ,
, .
( ), , , , . , ,
,
,
.

, ,
, ,
, [aborto jurdico (.)], .
, [ ] , [monstruo (.)], , (monstrua
prodigia), . 30
:
[figura humana (.)] ,
28

2001. ( corralito)

( ).

112

(mutuum)
, , ,
, ,
, [no ser (.)]29.


.
( ) , , , ,
; , . .
,
, ,

,
, .
,

( , , , , , ).
,
, ,
;
;
.
, , , ,
, , ,
() () , .
29 Dictamen del seor de Diego (Felipe Clemente), in La cuenta corriente de efectos o valores

de un sector de la banca catalana yel mercado libre de valores de Barcelona, .370371.


, , ,
. ,
,
, , ,
.
, , , , . .: CoppaZuccari,
La natura giuridica del deposito bancario, Archivio giuridico Filippo Serafini, vol.IX
(nueva serie) (Mdena 1902), pp.441472.

113

3.
( ), , , , ,

mutuum, , . *, .
,
. . , ,
, , ,
. , , mutuum, ( ),
, .
,
,

. , ( )
,
, , . , () , .
, , mutuum (),

30.
, mutuum ().
, , * . .414. :
1. , ,
, ().
. . .
30 , ,
(mutuum), ,
,
(mutuum), 1. , ( ), : Jos Luis GarcaPita
yLastres, Los depsitos bancarios de dinero ysu documentacin, esp.991 yss. ,
, .

114


, ,
, , ,
, 31.
, ( )
,
.
, , ,
,
. , , .

, ,

, . 8 , , ,
( ), .
, , ,
. .

,
, , ,
, ,
(..
31

,
, ,
(180
).

115

3.
),

, .. .
. ( 100%
tantundem ),
: , ,
; ; ; , ,



.
, , , , ,
32. , tantundem, ,
33.
, . , . ,
, 34.
32 Garrigues,

Contratos bancarios, .375.


.365.
34 Ibid., .367. Los depsitos bancarios de dinero ysu
documentacin, , ,
,
, , ,
(Contratos bancarios, .990). Depsitos bancarios yproteccin del depositante (en Contratos bancarios, .119226). , :
... ,
,
( , ..)
(.122123). .: Eduardo Maria Valpuesta Gastaminza, Depsitos bancarios de dinero: libretas de ahorro en Contratos bancarios, Enrique de la Torre Saavedra, Rafael Garca Villaverde, Rafael Bonardell Lenzano, eds. (Madrid: Editorial Civitas, 1992).
.: Angela Principe, La responsa
bilit della banca nei contratti di custodia (Milan: Editorial Giuffr, 1983).
33 Ibid.,

116


, ,

ad hoc, 35.
( , , , ). ,

, , , . , ,
( ), ,
,
. , ,
(
)36. , ,
, , ( ) . ,
, , ,
, , ,
(.. ), , ,
()
, ,
.
,
.
,
, ,
,
. , ,
( , ),

,
35 Garrigues,

Contratos bancarios, .365.

36 , : -

,
. , , . , ,
, , 100% .

117

3.
, ,
.
5 ,
,
, . ,
(.. )
, , . ,
, .
,
, , , .
,
, .
, (.. , ,
100% tantundem , []
) , , , []
. , , ,
,
,
. ( .)
, , .
, 37. 37 . . : , 2002. .108

111. , .., : .. , ,
, George Peabody and
Company 1857. . ,
J. S. Morgan and Company (.93, .).

118


, ,
,
.
,
. ,
,
,
. ,
. ,
,
, ,
,
, , , .
,
(..
)
,
,
, . ,
,
, ,
,
.

.

( ) , .. ,
,
. : ,
,
,
, , . . : ...
.
,
,

119

3.
38. ,
, ,

, ,
, ,
ad hoc. , , . ,
, , (
).
,
.
, , .
, , .
(
),
, .

, ,
, ,
, (
),
,
. , , ,
, (
) 100% . ,
, ,
.
,
38

120

. . . .: , 1992. .181.


, , 2.
,
. , (
, ),
.
, , , .
.
, ,
,

.
, , ,
, , .. ,
, ,
. ,

,
,
, . , (
, ) ,
(
) (
),
. (
,
), ,
, , ,
, .
.

, .

,
( , , , , , ).

121

4. ,


():
,
(
).
2. , error in negotio:
.
3. error in negotio,
:
[
].
4. , [ ]
;
, (
).
5. :
( )
( , ).
6.
() ,
,
.
7. ,
(
, ),
, .
1.

4
,

. , ( )
,
( ), , .
, , ,
.

122


, ,
, , ,
.


, ,
,
39,
. , (
)
,
, ,
.
,
, , ,
. , ,


,
, ( ).
, ,
, (, )
,
. ,
, ,
, , 40. ,
39

, , , , . ,
( ) .
40 , , , ,

123

4. ,
, .
,
, , , .
,

,
. ,
.
. , .
, ,

41. , .

, .
41
. , , , . .


,
. , , . ,
( )
.
, .
, , , .
. , ,
, ,
, . , ,
, ,
.
, ,
.
, ,

124


,
, , , , ,
42. ,
, , ,
,
. , , , .
, ( 100% ) ,
, .
() , , ,
/
43.
, . ,
, . :
, . ( ,
.)
42 , ,
(), ,
. ( , , 100% ), (? ? ?),
.
, , ,
.: .. . .431435.
43 ( ) ,
,
, , .

125

4. ,
, ,
,
. .
,

.
, (
). , ,
,

.


, ; , , ,
. , .
,
.
, .
, ,
( ), ( ),
, , .. ( ), , , . , ,
, 44. , 44


, , , ,
().
,
. , ,
.

126


, ,
(
, ).
(
)
.
, , (, ). , ,
( mutuum, )
, , [] . ,
,
*, .. ,
[ ], ,
,
.
,
, .
,
[ ] ,
. ,

, .
,
, .

.
,
( )
.
, . ,
. ,
* , (). . . .

127

4. ,
, ,
,
45. , ,
( )
, ( ) . ,
,
, ,
, . , , ..
, , ,
46.
, ()
,
47.
45 Murray

N. Rothbard, Austrian Definitions of the Supply of Money, in New Direc


tions in Austrian Economics, Louis M. Spadaro, ed. (Kansas City: Sheed Andrews and
McMeel, 1978), .143156, esp.150151. ,
.
46 ,
. (
), . , ,
.
47 7, 1921 1938.
,
, , . ,
(
), (
) ,
.
1929 . . .
, 1938. , ,
, , , . .: John Maynard
Keynes, The Collected Writings (London: Macmillan, 1983), vol.12, .47, 114154. .
: Nicholas Davenport, Keynes in the City, in Essays on John Maynard Keynes,
Milo Keynes, ed. (Cambridge: Cambridge University Press, 1975), pp.224225. .
.108 7.

128


,
. . , ,
, , ,
(
). ,
, , ,

,
, , , , . , ,
, ,
, , ,
, .
. , , , ( ),
,

, 48.
, . , :
,
. : ,
; ,
, , , ; ,
( ) , ;
48

, , .
, ,
( ,
, ), ,
. , , , ( )
, .

129

, , ,
(
) . , ,
, .

4


,
. 13
,
,
, .
: ,
,
, . , ,
. , , .

,
, 100%- .

, .
(
)
. , ,
,
..

. ,
(, ), , ,
, .
,

131

1.
, , , .
(), () ,
( ,
). , ,
, . ,
. , ,
. ,
, ,
.. ,

.
,
(.. , ,
), .

, , ,
,
.
,
. , , ,
, .
, ,
: ,
,

.
.
, , .
, ,
-

132

1.
, ,

. , , .
,
. ,
, , , , , . ,
, , .

, , , . ,
.
.
,

, . , ,
,
, .

. , . , ,
,
. ,
, 1970 , ,
.


, , ,
,
...
, :
,
. ... .
, ,
( . . .
.: , 1992. .178, 180, 181).

133

2.
1990 , , .
1997.
, .
(2001.) : , .
, .
(
100% ) .

,
.
.
,
, .. , , ,
(.. , ,
) .

.
, (
).
, ,

, mutuum. .


, ,
, , 1980-
. , , -
, , (Margaret Thatcher, The Dawning Street Years (New-York:
HarperCollins, 1993), p. 668). , - - , .
, , , ,
, . , , .. ,
, laissez faire.

134


2

,
1000000 (..). , , 1000000..
(),
, ( ), .
,
. 10%,
1100000..
:
(1)


(
)

1000000

1000000

, ,
( ) ( ). .

. 1000000..
, .
(1)
1000000.. . () , , , , , 1000000..
.
, , , ,
1000000.. Z, , 1000000..
15% .


, ,
, , ,
.
.

135

2.
Z,
, 1000000.. Z , .
(2)
1000000


( (
) )

1000000


. .
, , , , 10% ,
, , Z, 15%
. , , 5%.
Z,

(
, ,
, Z
1000000.., , ). , ,

5%.
Z 1000000..
15%. :
(3)

1000000

150000



1000000

( ,
Z)
150000

, , .: . , . , : , , 2008. .2. [.:


. . : , 2008.]

136


, , , , 1000000..,
,
10% . :
(4)

1000000
100000

1000000
100000

, , 1 000 000 ..,


Z, 100 000 .. ,
.
, .

:
(5)



()

100000
50000

150000

150000

150000

, 50000..
(150000.., )
(100000.. ).
:
(6)

( )

50000

50000


( )

50000
50000

137

3.
, , , 50 000 .. ,
,
( ) .
,
, mutuum:
1.
2.
3.

4.
5.
6.

7.

8.
9.

1000000.., ..
, .
.
, , , Z,
, , [ ].
Z,
1000000..
Z 1000000.. ,
.
,
,
Z ,
.
Z , 150000..
,
Z.
Z 1000000.. ,
,
100000..

50 000 .., , , ,
Z, ,
.

Z, . Z .
Z ,
(
1000000.. 10% ), ,
Z 15% . . , , . , Z
,
, , ,

138


, , , , .
, ,
, .
, , .. ,
,
,
.

3


,
, .. , mutuum.
( , .)
( )
, , ,
. ,
( ) ,
, ,
. , ,
( ), (tantundem). ,
, , tantundem , ,


: ... ,
, . , . ,

. ,
, ,
. : . , ,
, (Murray N. Rothbard, The Mystery of Banking [New York: Richardson and Snyder, 1983], p.8485).

139

3.
,
, ( ). , ,
,
. ,

, .
,
.
1000000.. (, ,
1000000..). , , . , , ,
,
1000000.. , ,
, 1000000..
, .
1000000..

:
, ,
. ,
, (
):
(7)
1000000


( )
1000000

( )

: ,
, ,
, , . ,

, ,
.
, . .
:
1000000.., , . ,

140


, , ,
, (
), .
, , , .
. , .
, 3%
.
. (
, , , .) , 2% , 1% , .. 10000..
(30000..) ,
:
(8)

30000
20000

30000

20000

:
(9)



()

20000
10000
30000

30000

30000

( )

1010000

1010000


( )

,

10000
1000000
1010000

141

4.
,
, ,
. , 30000..
, ,
10000..
, ,
(30000..), (20000..).
, , ,
, , ,
,
.
1000000.., .. ,
.

4

:
2, , tantundem
, , . 3 .
,
, .
2,
. .

,
,
, ,
( 

(Mises, The Theory of Money and Credit) :


, , []
, ,
. ,
, - , , , (p. 301. . . .).

142

:
,
). ,

.
.


: .
, , ,
, mutuum.
, , ,
, , . ,

, , ,
.


, ,
,
. , , ,
. , , :
. , , , , , ,
, , ,
. .: Stephen Horwitz, Monetary Evolution, Free Banking, and
Economic Order (Oxford and San Francisco: Westview Press, 1992), p.117. .:
Gerald P. ODriscoll, An Evolutionary Approach to Banking and Money, in Hayek,
Coordination and Evolution: His Legacy in Philosophy, Politics, Economics and the
History of Ideas, Jack Birner and Rudy van Zijp, eds. (London: Routledge, 1994), ch.6,
p.126137.
:
,
, , ,
, .
( ) ,
, (Rothbard, The Mystery of Banking, p.90).
, , . 1.

143

4.
,
, ,
, .
, , , ,
, , ,
. , 10% ( ) ,
, 90% , .. 900 000 ..,
. , :
,
7, .
(10)
1000000


( )
1000000

tantundem,
,
:
(11)
900000

900000

, Z, :
900000.. ex nihilo, .. . ,

, , , ,
.
1000000.. ,
, .


( ) ,
, .:
F.A.Hayek, Monetary Theory and the Trade Cycle (Clifton, N. J.: Augustus M. Kelley,
[1933] 1975), pp.154ff.

144

:
, 1000000.., , .
, 900000.. Z, Z, 900000.. ,
Z 900000..,
, .
,
,
,
1.., 900 ...
, ,
900...,
. ,
, mutuum, .

, . 1900000.., . 1900000..,
,
1900000..
. : Z
, , . , Z 900000
( ;
, , ), ,
1000000.. ,
100000.. , , 1900000.. 1000000..,
, ,
( 1900000.. 900000 Z 100000


, .
100%,
: ( )
,
900 000 .. ,
( ), ,
, . - ,
. , (
) ( ,
ius privilegium), (900 . ..).

145

4.
900000..,
.)
, (
)*. ,
, .. .
, , , , .
, .. , ( 900000.. , ), 10.
,
(100000.. ),
(), , , ..
, , ,
11.
* . , (
).
, ,
.
. . . .
10 , , , ,
, , ,
(. . .405). ,
, , ( ). ,
, ,
. ,
, , , .
11
. : , [ ] , , ,
(Chester Arthur Phillips,
Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks
to Borrowers [New York: Macmillan, [1920] 1931, pp.34, 40]).

, . , ,
, , ,
ipso facto [ (.). . .]
, . .: Richard H. Timberlake,
A Reassessment of C. A. Phillipss Theory of Bank Credit, History of Political Economy
20, no.2 (1988): 299308.

146

:
, ,
, , 100% tantundem, ,
, . :
, , , ,
.
: , . , ,
( ). ,
-
tantundem. , ,
90% , ,
, , , 900000..
, ,
Z,
,
,

900000.. , , Z
,
. , , , 1000000..,
, .. , 1000000.. ().
Z 900000..
, .
, , 900000..,
1000000.., Z ( ).
, ,
, .
. .
Z, .

147

4.
(12)

( )
100000
900000
1000000

1000000

1000000

, , . ,
, , Z , 900000.., ,
.
, ,
, , 10% ( 100000.. ) 12.
, ,
.

, [ ]
13.
,
,
. , ,
, , ,
.
, , ,
, . ? , , ,
, ? , , , , , , , ,
12

,
() .
13 , ,
, . 2.

148

:
, ?14
, ,
.
. , , ,
, .
, ,
, , ,
.
, , ,
.
, , ,
. , ,
, , .
, ,
. ,
15.

14 Wilhelm

Rpke, Economics of the Free Society, trans. Patrick M. Boarman (Grove City,
Pa.: Libertarian Press, 1994), p.97.
15 ,
. , ( ), : ,

,
.
... ,
, ,
. ,
, , .
), (Mises, The
Theory of Money and Credit, p.312; . . .)
,

, .. , ,
.

149

4.
,
( )
, , , , , . ,
. ,
, , , [ ]
, ,
(. (1) (6), (. (8) (9)). ,
Z, 15%
(900000..), .. 135000.. :
(13)
135000

135000

,
, ,
20000.., ,
, . :
(14)
20000

20000


30000.. (3% ),
, ,
.
,
135000.., 20000.. .
115000..
,
, ,
, - 16.
16 .,

150

. 25.

:
, , :
(15)



()

20000

115000

135000

135000
135000


:
(16)

( )

215000
900000
1115000


( )
115000
1000000
,
1115000


. ,
,
, *, 17.
, 1000000..,
:
(17)
1000000

1000000

* , Z. . . .
17 Hayek, Monetary Theory and the Trade Cycle, p.154. :
,
.

151

4.
,
Z , , 900000..,
. , , ,
(900000..). :
(18)
900000

900000

,
. 900000.., , Z. :
(19)

1000000
900000
1900000

1900000
1900000

, , 900000..,
900000.. ,
900000.., 1900000.. 1000000.. , .. . 900000..
, , ,
, , .
, ,
, , , ( ), ,
[].
, , , ,

. , , -

152

:
, , ,
, . ,
, , (
,
), ,
, .
, , ( ) , (, , 900000..)

, , ,
. , ,
,
. ,
. , , .
. ,
,
, .
,
(,

, ), ,
.
,
,
,
,
. , ,
. ,
, .
. Z
, , ,

, , . , ,

153

4.
. (t1) 500000.., (t2) 400000..
:
(t1)

(20)

500000

( , -

Z)
(21)

500000

(t2)

400000

( , -

Z)

400000

, ,
:
(22)

1000000
900000
1000000

1000000
1000000

(12), 1000000.., 100 000 .. ( )


900 000 .., Z. : 1900000.., 900000..
( , , ..
1000000.. 100000..), 1000000.. (100000.. 900000..,
Z, )18.
18 ,

Pedro Pedraja Garcia, Contabilidad y anli


sis de balances de la banca, vol.1: Principios generales y contabilizacin de operaciones
(Madrid: Centro de Formacin del Banco de Espaa, 1992), esp. p.116209.

154

:

, , 1913. , ,
, , ,
19. ,
,
,
. , ( ),
.
,
,
. , , ,
, ( ),
. ,
, :
, , .
,
19 Herbert

J. Davenport, The Economics of Enterprise (New York: Augustus M. Kelley,


[1913] 1968), p.263. . .
: W. F. Crick, The Genesis of Bank Deposits, Economica (June 1927):
191202. ,
, ,
, . Contra
tos bancarios (. 3132, 355) ,
, ,
(. 355): , , , , ,
.
: , ( ),
, ,
( ) (. 32). : ,
,
, . ,
ex nihilo. ,
, , , (. 31).
,
, ,
, .
. , ,
.

155

4.
,
, .
.
, ,
.
,
. ,
. .



,
.
:
d , ;
d1 , ,
;
x d;
c , , ,
;
k , .
, d1 ,
, ,
:
[1]
d1 = (1 k)x.
, , , , .. d1,
d
cd
ck, :
[2]
d1 = d (cd + ckx).
[2] d1 [1],
:

(1 k) x = d (cd + ckx).

156

:
, ,
x:
(1 k) x = d cd ckx;

(1 k) x + ckx=d cd;

x (1 k + ck) = d (1 c);

x,
, , 20:
x=

d (1 c )
.
1 k (1 c )

:
[3]

x=

d (1 c )
.
1 + k ( c 1)

[3] , c
k .
c k, x.
[3] : , , , ,
20 ,

,
,
, .

, , , , , .
,
, , , ,
, , , . , , ,
, , .
( ,
.) ,
. . ,
, : Davenport, The Economics of Enter
prise ( .17, .254331).
.. (F.A.Hayek, Monetary Theory and the Trade Cycle, p.152 ff.).
. . 28,
, 1887.

157

4.
. ,
,
, , ,
,
.
k , . , .. , k
, 21. , k
, . ,
, .
, ,
. , k,
k,
. ,
, ,
k22.
, , , , . 21 Phillips,

Bank Credit, p.5759.


. , , ,
. ,
, ,
[] , . , , ,
. , ,
, .
, , ,
,
. .: Costantino BrescianiTurroni, Curso de economa poltica, vol.2:
Problemas de economa poltica (Mexico: Fondo de Cultura Econmica, 1961), p.144145.
,
,
, , .
, ,
, ,

.

22

158

:
k,
, .
k ,
, , , ,

.
, , .
, ,
c 10%, k 20% ( , )
d 1000000.., ,
[3], :
1000000 (1 0,1)
[4]
x=
= 1097560 ..
1 + 0, 2 ( 0,1 1)
, ,
1 000 000 .., 10% 20% k 900 000 ..,
(18) , 1 097 560 .. ,

22% , (18)
23. , , , ,
c = 0,1 k = 0,2 1097560..
900000.., .. 22% .
(. (18) (19)) :
(23)

1000000

1097560


( )
1000000

( ) 1097560

23 , -

,
, , .
, , , . ( .)
, . ..
: ,
. .: Phillips, Bank Credit, p.64
. 63 5.

159

4.
1000000..

1097560.. k ( 0,2) , 80% , .
( ,
), 24:
24

. (25),
(, , ), , k=0,2
,
. :
(26)

1000000

1000000

, , :

900000

900000

, 20% 900 000 .., ,


90%
( ..), :
(27)

180000

180000

90% , :
(28)

162000

32400

29160

5832

5248

162000

32400

29160

5832

5248


, 20% , .

, , :

160

:
(24)

878048

(80% 1097560)

878048

:
(25)

121952

1097560
,
1219512 ,

1219512
1219512


,
, .. , k = 0. , , , , , .
k=0, , [3], :
x = d(1 c).

[5]

, d = 1000000.., c = 0,1, :
x = 1000000(1 0,1) = 900000..

, , , (11) (18).
, , k
,
(29)

( )
= 0,1 k = 0,2

121824

1096408

1218232

1218232
,

1218232


(25).
,
. , (29)
(25) .

161

4.
. ( k = 0,2,
22% , .. 1097560.. 900000.. .) ,
,
.
, .
, ,
, .
, [], .
, ,
k, k, . , ,
, ,
, .
, , , ,
. ,
,
,

. k , .
k , , k. ( , ,
)25.
k, , (
), k, , ,

. , .
c ( ) k (
), 25

. ,
(15), . , , .. . ,
(. . .433).

162

:
(
[3], x = d).
,
c
2%
5%
7%
13%
15%
20%

,
k
c
k=
; (x = d = 1)
1 c
2,04%
5,26%
7,52%
14,94%
17,64%
25,00%



, k = 1.
, , , , ,
, ,
. ( .) k = 1
[3], :
d (1 c )
x=
.
[6]
c
, d = 1000000.., c = 0,1,
:
[7]

x=

1000000 (1 0,1)
= 9000000 ..
0,1


, . , 9000000..,
: 10
( 1000000.. 9000000.. , , ).
26, ( , , ),
,
.
26 BrescianiTurroni,

p.133138.

Curso de economa, vol.2: Problemas de economa poltica,

163

4.
( ),
. t1, t2, t3, ... t9 ..
, 90%
.
, (
, ),
. , ,
, :
(30)

t11000000
t2900000


( )


( ) 1000000
900000
, U

, U . , U, 900000.. . :

t3900000

t4810000

, U


( ) 900000

810000

, V
, .
,
:

t5810000

t6729000
t7729000

, Y

t8656000
t9656000

, Z

164


( )


( C)


( D)

810000
729000
729000
656000
656000

:
, :
[8]

1000000+ 1000000 0,9+ 1000000 0,92+


+ 1000000 0,93+ 1000000 0,94+ ... =
= 1000000 (1+ 0,9+ 0,92+ 0,93+ 0,94+ ...)

. 0,927.
r = 0,9; = 1000000.. , ,
:
a
1000000
[13]
=
= 10000000 ..
1 r
1 0, 9
, d 1000000.., , r = 1 c, r = 1 0,1= 0,9, ,
( )
d
d
[14]
= .
1 (1 c ) c
( , , ,
) d,
c.
27

[9]
Sn = a + ar + ar 2... + ar n1,
r, :
[10]
rSn = ar + ar 2+ ar 3... + ar n1+ ar n;
[10] [9], :

Sn rSn = a ar n;
, ,

Sn(1 r) = a(1 r n);
Sn:
[11]
Sn = a(1 r n);
n
|r| < 1 r .

lim
S = lim
n n
n

a (1 r n )
a
=
, |r| < 1.
1 r
1 r

a
, |r| < 1.
1 r

, , .
V. .., ,
. ,
, ( ,
). .: The Concise Encyclopedia of Mathematics, W. Gellert,
H. Kustner, M. Hellwich and H. Kastner, eds. (New York: Van Nostrand, 1975), p.388.
[12]

Sn =

165

5.
[14]
, [27],
. , , 1887.28
, , ,
, ( ,
), :
d
d dc
x= d = .
[15]
c
c c
:
d (1 c )
[16]
x=
.
c
[6].
d = 1000000.. c = 0,1 :
1000000 (1 0,1)
[17]
x=
= 9000000 ..
0,1
, , :
(31)


U
V
Y
Z

... ... ...

... ... ...

... ... ...

()

1000000
900000
810000
729000
656000
... ... ...
... ... ...
... ... ...
10000000

:

1000000

900000

810000
C
729000
D
656000
... ... ...
... ... ...
... ... ...
... ... ...

10000000

28 , : -

, ,
,
, , , , ,
[ ] . ;
2/ , , , 3
, .
4/5, , .. ,
,
, . , , ,
(Alfred Marshall, Memoranda and Evidence before the
Gold and Silver Commission, December 19, 1887, in Official Papers by Alfred Marshall
[London: Royal Economic Society, Macmillan, 1926], p.37).

166


1000000.., , ,
9000000.., ,
, 9000000..29

.
. ,
, ,

. , , .
, , 10% c. ,
20% ( 20% , ). , k = 20%.
, 1000000..
:

29

, , ,
r cd.
, x (1 k),
r , k c x. :
[18]

(1 k) x = r k c x;

k c x + (1 k) x = r;

x (kc + 1 k) = r.
r
x=
.
kc + 1 k

[19]

, , , , 1000000.., c=0,1 k=0,2,


r=900000..,
900000
[20]
x=
= 1097560 ..
0, 2 0,1 + 1 0, 2
, [4].

167

5.
(32)
1000000


( ) 1000000

Z , [3], :
(33)
1097560

, Z 1097560

, k = 0,2, .. 80% , :
(34)

878048

878048

:
(35)

(c = 0,1; k = 0,2)

121952
1097560
1219512

1219512
1219512

, Z , Y,
, . , .
[3].
(36)
878048
963710
770969

168


, V


( Y)
878048


963710

770969


:
(37)

(c = 0,1; k = 0,2)

107079 1070789
963710
1070789
1070789

, V U, , ,
, .
:
(38)
770969
846185
676948


, R


( U)
770969
846185

676948

, R 80% (k = 0,2) , , , , .
, .
(39)

(c = 0,1; k = 0,2)

94021
846185
940206

940206

940206

D, , :
(40)
676948
742992
594393


, S


( )
676948
742992

594393

169

5.
, S
. D :
(41)

(c = 0,1; k = 0,2)

82555
742992
825547

825547

825547


. 1000000.., ,
, :
[21]

1219512+ 1219512 0,878+ 1219512 0,8782+ =

= a + ar + ar2+ ... = ar n ,
n= 0

: a = 1219512..,

(1 c ) .
1 + k ( c 1)
, r 80%, .. (1k),
, .
, [3],
(1 c ) .

1 + k ( c 1)

1 0,1
[22]
r = (1 0, 2)
= 0, 87804878.
1 + 0, 2 ( 0,1 1)
r = (1 k )

, |r| < 1, [11] [12]:


[23]

ar
n= 0

a
1 219 512
=
= 10 000 000 ..
1 r 0,1219512

D, , :
ds1
[24]
D=
= 10 000 000 ..
1 k ) (1 c )
(
1
1 + k ( c 1)
ds1
1219512..
x :
[25]

170

x = D d = 10000000 1000000= 9000000..


. 41 . 41. .
41


(k = 0,2; c = 0,1)
,

(,


)




D
E
F
G
H
I
J
...
...

122000
107000
94000
82600
72500
63700
55900
49100
43000
37800
...
...

1098000
964000
846000
743000
652000
573000
503000
443000
387000
340000
...
...

1220000
1071000
940000
826000
725000
637000
559000
491000
430000
378000
...
...

d = 1000000

x=Dd=
=9000000

D = 10000000

: .


, ,
k = 0, = 0,1.
.
1000000..:
(42)
1000000
900000
900000


, Z

1000000
900000
900000

171

172

s1

s2

x3

771

d3
s3

R3
P3

771 846

C
t1
t1

x4

677

d4
s4

R4
P4

677 743

D
t1
t1

x5

594

d5
s5

R5
P5

594 652

E
t1
t1

dn

cn
sn

xn

N
t2n1 t2n

. 4-1. *

878

d1

R2
P2

R1
P1

d1

878 964

1 1098

x2

x1

B
t1
t1

A
t1
t1

Rn
Pn

:
t1, t2, ..., tn
;
x1, x2, ..., xn
,

;
s1, s2, ..., sn
,
;
R1, R2, ..., Rn
,
. i = 1
n;
P1, P2, ..., Pn ,
;
c1, c2, ..., cn ,
(

C1,
);
d1, d2, ..., dn
,
.

: R P .
* : C.A. Philips in Bank Credit, op. cit., p.61.

100
200
300
400
500
600
700
800
900
1000
1100
1200
1300

1300
1200
1100
1000
900
800
700
600
800
400
300
200
100

5.


Z 900000.., Y, :
(43)

100000
900000
1000000

(c = 0,1; k = 0)

1000000
1000000

Y, , , c = 0,1 k = 0, :
(44)
900000
810000
810000


, V

900000
810000
810000

:
(45)

(c = 0,1; k = 0)

90000
810000
900000

900000
900000

V ,
U, U ,
, .. k = 0, c = 0,1, :
(46)

810000
810000
729000
, 729000
729000
729000

173

5.
:
(47)

(c = 0,1; k = 0)

91000 810000
729000
810000
810000

S, S
D ( c = 0,1, k = 0),
:
(48)

729000
656100
656100

729000
, 656100
656100

D :
(49)

(c = 0,1; k = 0)

729000

72900
656100
729000

729000


, [8], :
[26] 1000000+ 1000000 0,9+ 1000000 0,92+1000000 0,93+ =

= ar n ,


: a = 1000000;

r = 0,9.

n= 0

. 27, , , :

174

a
a
a 1000000
=
= =
= 10000000 ..
1 r 1 (1 c ) c
0,1


a = d = 1000000.., ,

d
d
= .
[27]
1 (1 c ) c
, [14].
,
d
[28]
r = (1 k )
.
1 k ( c 1)

k=0, , k [28], , r=1c=
=0,9, . ,
,
10000000.. 9000000.., , k = 1.
. 42.
( k = 0), ,
, 0 < k < 1.
30.

(k = 0,2; c= 0,1)
,

(,

)

100000
900000

90000
810000

81000
729000
D
72900
656600
E
65600
590000
F
59000
531000
G
53100
478000
H
47800
430000
I
43000
387000
J
38700
348000
...
...
...
...
...
...

d (1 c )
x=
=

d=1000000
c

= 9 000 000

42

1000000
900000
810000
729000
656600
590000
531000
478000
430000
387000
...
...
d
= 10 000 000
c

: .
30 ., .: Juan Torres Lpez, Introduccin a la economa poltica (Madrid: Editorial Cvi-

tas, 1992), p.236239; Jos Casas Pardo, Curso de economa, 5.a edicin (Madrid, 1985),
p.864866.

175

6.
, , ( k = 1), , .
,
, (9000000..)
(10000000..).
k = 0. k = 1.
, , , .
, (
, )31.

6


,
,
, . ,

, ( d 1000000.., ). ,
,
,
, (
). 32,
, ex nihilo
,
,
1000000..
,

.
10% 9000000..,
, 10. , , ,
,
31

Curso de economia, vol, 2,


p.133138.
32 Richard G. Lipsey, An Introduction to Positive Economics, 2nd ed, (London: Weidenfeld
and Nicolson, 1966), pp.682683.

176


, , , (
),
, . ,
, ,
,
, .
, 33, ,
. , ,
,
. ,
,
, ,
(.. 100000.., 900000.. ). ,

(.. 1000000.. 9000000..).
, . ,
,
, ,
, .
, ,
,
, . , ,
, ,
( 1000000.. ,
), , 100000.. (..
1000000.., ).
,

900000.. 100000..,

, ,
33 Rothbard,

The Mystery of Banking, ch. 8, pp.111124.

177

6.
. ,
, 0,1
,
, ,
. ,
.
, 1000000..
. , c 10%, k . , 10% . , 10%
, . , .
, (42) , , ,
, , ,
. 42. ,
:
(50)

1000000
1000000
900000
900000
900000
900000
, , ,
, , :
(51)

900000
900000
810000
810000
810000
810000
810000.. , , , , . :
(52)

810000
810000
729000
729000
729000
729000

178


, D, E, F, G, H, I J. .
10% 900000.., . 10% 810000.., ,
10% 729000.., , ..
, ,
1 000 000 .. , , :
(53)

(c = 0,1; k = 0)
1000000
9000000

10000000


()
1000000

()
9000000

10000000

,
, , k = 1 ( , ). , ,
, , ,
, .
(53) , . ,
,

, .
( 1000000..
9 000 000 .. , 9000000..) ,
(.. , ) . , , ,
, .

179

6.
,
9000000.. ,
90000000.., ,
( ), 100000000..
, . 42,
, , 1 000 000 .. , 100000.. 100000..
.
900000..,
9000000.. ,
10000000.. .
, ,
, .
, , .
, , , . , ,
34. ,
XVI , , ,
.

, , , ,
,
. , , .
, , ,

. k = 0 , 35.
34 Saravia

de la Calle, Instruccin de mercaderes, p.180.


, ,
. (Phillips, Credit Banking,
p.64): ,
.

35

180


,
,
. ( ) , , ( )
.
, , ,
. , , .. ,

, ,
.
, , , , , ,
.
, ,
.



, ,
( ) ,
,
. ,

, .
( k = 0)
10% (c = 0,1), f , . f = 0,15.
. ,
, , ,
. 8 ( ),
,
, (.. , ). ,
, , ,
.
,
( )
.

181

6.
900000.., , , :

(1 f) 900000= (1 0,15) 900000= 765000..
, , k = 0, c = 0,1,
f = 0,15, :
DN , DG , , F, :
DN = DG F.
[29]
, ,
DG, f, f , . ,
F = f DG .
[30]
,
, , :
d = DN c + F.
[31]
DN [29] F
[30], :
[32]
d = (DG F) c + f DG .
F f DG, :
[33]
d = (DG f DG) c + f DG .
DG:
[34]
,
[35]
DN = DG (1 f),

d = DG (c cf + f),
DG =

d
.
c cf + f

d (d f )
d (1 f )
d
=
=
.
c cf + f c (1 f ) + f c + f
1 f
, .
, , , :
d
[37]
x = DN d =
d.
f
c+
1 f
f , ,

:
d 1 000 000
DN = =
= 10 000 000.
[38]
c
0,1
[36]

182

DN = DG (1 f ) =

d (1 c ) 1 000 000 (1 0,1)


d
d =
=
= 9 000 000.
c
c
0,1
, , ,
, d = 1000000.., c = 0,1, 15%
, .. (f = 0,15).
1 000 000
DN =
= 3 617 021.
[40]
0,15
0,1 +
1 0,15
, , 15% , 3617021..,
10000000.., f = 0.


x = 3617021 1000000= 2617021,
9000000.., ,
. , ,

36.
[39]

x=

,
, ,
, ,
, . ,
36

, , : Armen A. Alchian
and William R, Allen, University Economics (Belmont, Ca.: Wadsworth Publishing, 1964),
pp.675676. ,
, DN :
d (1 f ) 1 000 000 0, 85
d
DN =
=
=
= 5 666 667,

f
f
0,15
1 f
:

= DN d = 4666667..
,
(f=0), (c = 0),
,
d

DN = =
0
(
, . . 5.)

183

7.
,
,
, . , , , .
, ,
,
f, .. , 37.


, , , ,

,
, ,
.
,
, , 38.
37

, , ,
, , 50
(166,386 = 1), ,
, . (
( )
, ).
6,6 .
, 13,2%
, 7,5 ( 13,2%).
2% ( 1/1996
11, ), 13,2% f,
.. , . , , ,
.
, 1994. Boletn Estadstico del Banco de
Espaa, .
38 : Laurence S. Ritter and William L, Silber, Principles of Money, Banking and Financial Markets, 3rd rev., updated ed. (New York:
Basic Books, 1980), p.4446. , , : John D.
Boorman and Thomas M. Havrilesky, Money Supply, Money Demand and Macroeconomic
Models (Boston: Allyn and Bacon, 1972), esp. p.1041; Dorothy M. Nichols, Modern Money
Mechanics: A Workbook on Deposits, Currency and Bank Reserves, , p.2931; Phillip Cagan, Determinance and Effects of
Changes in the Stock of Money, 18751960 (New York: Columbia University Press, 1965).

184

, .. ,
,
, 39.

, ,
, ,
.
, , .
, 13, (
) ,
, . , ,
:
(54)
1000000



1000000


, , , ( ,
), ,
(, , ). ,
,
, , ,
, ( , ).
, , .
. , . : Jos Miguel Andreu Garca, En torno
a la neutralidad del coeficiente de caja: el caso espaol, in Revista de Economa, no.9; El
coeficiente de caja ptimo y su posible vinculacin con el dficit pblico, Boletn Econmico
de Informacin Comercial Espaola (June 29July 5, 1987): 2425y ss.
39 Usher, The Early History of Deposit Banking in Mediterranean Europe, p. 9, 192.

185

7.
, , , ( , ), ,
,
40.
, = 0,1
,
. :
(55)

9000000

9000000

,
,
, (
) .
, .
(56)


1000000

9000000

10000000

10000000

10000000

,
, , .
,
, ,
. , ,
, , 9000000 , ,
40 ,

, ,
,
. , .. ,
, ( . . . :
, 2006. .107)

186


, .
:
(57)
1000000
9000000
9000000

1000000
9000000
9000000

, : , . :
(58)

1000000
1000000
9000000
( ) 9000000
10000000
10000000

, , , ,
, , .
1000000 , , . ,
, ,
, , .
, .
, ,
, .
,
,
, .
, , , (54) (56) ,
, . ,
,
. ,
.

187

7.
( ) ,
,
, , , ,
.
,
, .
, , ,
,
. , , , , , ,
(.. ). , ,
,
.
, ,
.. , ( ),
(
), .
, ( , ),

, , .
, (,
, ).
, , . , , .
(,
, ).

, , ,
. , ,
, ,
. ,
. ,
, :

188


(59)
1000000
900000

1000000
900000

,
. ,
, , :
(60)

100000
900000
1900000

1000000
900000
1900000

, ,
, , ,
, ,
:
(61)
900000
810000

900000
810000

:
(62)

90000
810000
900000

900000

900000

.
c = 0,1, k = 0, , ,
,
( ), 9000000..:
[41]

d (1 c ) 1000000 0, 9
=
= 9000000 ..
c
0,1

189

7.
,
c = 0,1 k = 1. x
:
d (1 c )
x=
,
[42]
1 + k ( c 1)
k = 1
d (1 c )
c
(, ).
,
,


d (1 c )

.
c
, .
:

x=

(63)
1000000
9000000

1000000
9000000


, k > 0 ( k = 0,2). c = 0,1,
1000000.., ,

d (1 c )
[43]
.
1 + k ( c 1)
1097560.. . , , ,
,
, , . ,
, , ,
.

. , , -

190


(
). ,
, .
,
.
, , . ,
. ,
, , , . , 19
1844., , , ,
.
, , .
() . ,
,
, , .
,
,
, 1844. 41.
41

8 (.458. 473.) , ,
,
,
, Tratado sobre los cambios,
(Madrid: Instituto de Estudios Fiscales, 1991;
1597.). ., , Disputation 409, p.145156,
p.147.
,
. 1797. (. 30 1797.
: Evidence given before the Lords Committee of Secrecy appointed to inquire into the
courses which produced the Order of Council of the 27th February 1797, in Thornton,
An Inquiry into the Nature and Effects of the Paper Credit of Great Britain, F. A. Hayek,
ed. [Fairfield, N. J.: Augustus M. Kelley, 1978], p.303).
,
, ,
,

191

8.
8

, , , , , ,
, , ,
, ,
, , . Ceteris paribus
,
: ) ; ) ( f ); ) ,
,
, , ,
(.: Condy Raguet, Report on Bank Charters, in Journal of the
Senate, 18201921, Pennsylvania Legislature, p.252268, Rothbard, The Panic of 1819: Reactions and Policies
(New York and London: Columbia University Press, 1962), p.148). ,
, ,

,
. ., .: James
Wilson, Capital, Currency and Banking (London: The Economist, 1847), p.282,
: . . .140.
, ,
: ...
, , ,
. , , ,
.
,

. ,
, .
. ,
(mutatis mutandis) . ,
,
. XX ,

.
, (.
3).

192


; ) ,
; ) ,
, .. .
, , (, 1000000 ..) ,
, ,
, . , c = 0,1 k = f = 0,
9 000 000 .., , 1/10
. , , ,
,
, .
,
. f , , ,
.
,
.
,
, , , .
. , ,
c=0,1, k = 0 f = 0, , .
.
(64)
1000000
900000
900000

(65)

1000000
900000
900000

(c = 0,1; k = 0; f = 0)
100000
900000
1000000

1000000
1000000

193

8.

9000000.. ,
:
(66)
900000
900000

900000
900000

:
(67)

(c = 0,1; k = 0; f = 0)
1000000
1000000

1000000
1000000

900 000 ..:


1900000.. (1000000.. 900000.. , ) 1000000.., , .
.
,
, , , . ,
, :
(68)

(c = 0,1; k = 0; f = 0)


1000000

9000000

10000000

10000000
10000000

, :

194


(69)

(c = 0,1; k = 0; f = 0)

1000000

1000000



1000000

1000000..

9000000..,
. , (66)
(67), , . 42.
,
, ,
, :
(70)

9000000

()

9000000

:
(71)

(c = 0,1; k = 0; f = 0)


1000000

9000000

10000000

10000000

10000000

(69), ,
,
: (71) 10 000 000 .. , (69) 1000000..
, . , ,
. 9000000.. ,
,
, 9000000.. , (69)42.
42

, ,
, (
) , .

195

8.
,
, : , ( ), .

, ,
/ ,
1000000.., ,
.
, , , , , , .
.

. , ( ), ,
, ,
, , ,
, , ,
,
, . ,
, .
, ,
, ,
.
,

().
,
,
, ,
.
,
.
,
(
). (
).
, , ,

196


,

.

, ,
,
,
.
, ,
,
(
).
,
,
(, ). ,
,
, (
, )
, . ( 9000000.., , 10000000..,
.. 1000000..)
, ,
, , .
, ,
( ), , ,
, ,
, , ,
. .
, . ,
.

,
. , , ,

,

197

8.
,
. ,
,

, , ,
43.
. (
, , ,
.)
, ,
,
. ,
, ,
, . (,
, 100%
), :
12% . , : (

) , , , , , , 44.

43 .

5, 4. ,
,
. , .
, , .
. , ,
.
44 ,
, .. 100% .

5


,
(),
, , .. . .
, :
, , , , .
,
, ,
. ,
( )
,

. , ,
, , [.. ,
. . ].
, .
,
, .
, ,
.

1

,
, .


, .

199

1.
, .



. , , ,
, . ,
, ,
. , , , .

:
,
. (..
),
, , , , .
, , ,
. ( , )
, . .
, , ,
. , . ,
, , , , ( , , ) , . :
HansMichael Trautwein, Money, Equilibrium, and the Business Cycle: Hayeks Wicksellian Dichotomy, History of Political Economy 28, no.1 (Spring, 1996): 2755; Idem.,
Hayeks Double Failure in Business Cycle Theory: A Note, ch. 4of Money and Business
Cycles: The Economics of F. A. Hayek, M. Colonna and H. Hagemann, eds. (Aldershot,
U.K.: Edward Elgar, 1994), vol.1, pp.7481.
 , , , , .:
. , .
.40.

200


,
, , , , ,
.
,
, , . , ,
,
. , .. ,
, (, ,
..). ,
.
, ,
(.. ),
..
.

,
,
, .
,


, , ( ), ,
,
. () ,
( , , ..).
,
, [ ], ,
. .: Huerta de Soto, Gnesis, esencia y evolucin de la
Escuela Austriaca de Economa, in Estudios de economa poltica, chap. 1, pp.1755.
, . Carl
Menger, Grundstze der Volkswirthschaftslehre (Vienna: Wilhelm Braumller, 1871).
Gter der ersten Ord
nung (s. 8), .. . [ 1894.:
. . .: , 1894.]

201

1.
, .
: ,
. , , ,
, , . , , ,
.
,
, ,
, .
, . , , .. . , , ,
. ,
,
, .
,
, .

: , ,
,
(.. , ).
, :
,

, . , , ,
. , , ..


,
, , .:
Gerald P. ODriscoll and Mario J. Rizzo, The Economics of Time and Ignorance (Oxford:
Basil Blackwell, 1985), ch. 4, pp.5270.
,
, , , . Ludwig M. Lachmann, Capital and its Structure
(Kansas City: Sheed Andrews and McMeel, 1978), p.83. .: Peter Lewin, Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M. Lachmann,
History of Political Economy 29, no.3 (Fall, 1997): 523548; : Roger W. Garrison, Time and Money: The Macroeconomics of Capital Structure (London and New York:
Routledge, 2001), pp.2526.

202


,
. ,
(.. , ). ,
,

, , , .

, , . ,
, , ,
. , ,
. :

,
,
. , ,
. ,
,
. , ,
.
, ,
.

. ,
, ,
,
, .


:
,
. ,
, .. , . , , ,
(Jos Castaeda Chornet, Lecciones de teora
econmica (Madrid: Editorial Aguilar, 1972), p.385).
. ,

203

1.
, , .
: , , , ,
,
, .


,
,
. ,
, , . ,
. ,
, ,
. ,
, , , .
,
., , : Res futurae per tempora non sunt
tantae existimationis, sicut eadem collectae in instanti nec tantam utilitatem inferunt
possidentibus, propter quod oportet quod sint minoris existimationis secundum iustitiam. : , ,
, , , (Aegidius Lessines, De usuris
in communi et de usurarum contractibus, opuscule 66, 1285, p.426; . : Dempsey,
Interest and Usury, p.214, note 31). .
,
1431, 1499 1556. (.: Rothbard, Economic Thought Before Adam Smith, pp.85, 92,
106107, 399400). , , , , , ,
.
 ,
, .
, .
, . , , , , ,
(, , ,
). .: . . .451457.

204


, ,
, 10.

, , .
, : , , , 11.
,
.. . ,

,
, .
, , .. , . ,
10

, , ,
, . ,
. , . ,
, (Israel M. Kirzner,
An Essay on Capital (New York: Augustus M. Kelley, 1966), p.38; : Israel
M. Kirzner, Essays on Capital and Interest: An Austrian Perspective (Aldershot, U.K.:
Edward Elgar, 1996), pp.13122).
11 : ,
, ,
.
, , .
: , ,
, ,
. ,
( ,
, ) , . ,
, .
,
, ,
, , ,
( ), ,
, , , , .. , ,
. , , , (F. A. Hayek, The Pure Theory of Capital (London:
Routledge and Kegan Paul, [1941] 1976), p.57. . , .298 . 31).

205

1.
, ,
,
12.
, , ,
.
, ,
. : ,
. ,
, , , , , ,
, . . , ,
, , .. .
, , ,
, , , .
, , ,
, .
,
( , ) ,
, , , , ,
.
, , ..
, 13. ,
12

: Eugen von
BhmBawerk, Kapital und Kapitalzins: Positive Theorie des Kapitales (Innsbruck: Verlag der Wagnerschen UniversittsBuchhandlung, 1889), pp.107135 [.: . . : , 2008].
13 ,
( ),
( ).
() (), (
) ,
, ( ). , (
), ( ). .: Richard von Strigl, Capital and
Production (Auburn, Ala.: Mises Institute, 2000), p.27, 62.

206


.
, , .. ,
? , ,
. ,
, , ,
( ) (), . , ,
, ,
. , , 1/10
, ( ,
, ).
, , ,
, .. ,
,
(
). , , , ,
, .
(.. ) , ,
(
10 , ). ,
.
, ,
:
, (.. ,
) ,
. , ,
.
, . , ,
,
. , , , ,

207

1.
,
.
, , ( , ,
), , ,
. ,
, , . , ( ) ,

. , , , ,
, , .
(..
).
, .
, ,
,
, .. , ,
, , ,
. ( , ,
, .)
, , ( ), , ,
, ..
. ,

. ,
,
.
,
,
( ) , (,
), , ,
, ..,
, , ..
, . , , -

208


, , . ,

, , ,
. ,

. (,
, ), , , , , ,
.
. ,
, , .
, (,
), , ,
(
), 14.
, , , , ,
, .
, , ,
. ,
, ,
, .
, , , ,
, ..,
. ,
,
, ,
.
, ,
14

(Mark Skousen, The


Structure of Production [London and New York: New York University Press, 1990])
(. 168169). , , .
.
: E. B. Alderfer and H. E. Michel, Economics of American Industry, 3rd ed. (New
York: McGrawHill, 1957).

209

1.
, ,
( )
(, , ..), ,
. , , ,
. ,
. ,
, ,
, .
, , ,
,
() . , ,
(). , (
). ,

, , , , .
,
.
,
,
. .
, ,
, , ,
, ,
. ,
. , . , , (.. )
.
( ) , .
, .. , ,
, , , . ,
, , .
, -

210


,
, (..
, ). , ,

.
,
, , . , , ,
, .
, . ,
,
, 15. , , ,
. , , , , ,
. , ,
.
, , . (
)
16.
15


, , , , ,
, . ,
, ,
(Hayek, The Pure Theory of Capital, p.89). ,
, ,
. , ,
, ,
, , (Ibid., p.90).
16 , ,
,
:

211

1.
, . ,
, ,
17.
, ,
. , , , ,
. ,
, , , : , , .

, , ,
, , ,
,
18.
,
, ,
, 19.

. , , ,
( ), , ,
.
. ,
. ,
, , ( , ).
17
,
. , , The Pure Theory of Capital (.54), Capital and its Structure, .11 .
18 , . .: . ,
. .37.
19 . . 23.

212


() , ,
, (), ,
,

.

,
,
, , .
, . , ,
, ,
,
. ,
, , , 20.
,
,
,
.

,
, ,
.


, .

.
20

, , (Wicksell, Lectures on Political Economy (London: Routledge and


Kegan Paul, 1951), vol.1, p.164), .

213

1.
;

, ,
, . , ,
, ,
.

,
, , ,
,
, .
, , , , ,
, .. ,
, . *, , ,
.
.
, , ,

. ,
.
. ,
9% ,
, 100.. ( )
109.. ( )21.
* .: . . : , 2008.
.3637, 70. . . .
21 . ( , , , ).
.
. ,
, (Mises, Human Action,
The Scholars edition (Ludwig von Mises Institute, Alabama, 1998), p.523).
, . ,
, ,
: Murray N. Rothbard, Man, Economy, and State: A Treatise on Economic Prin
ciples, 3rd ed. Auburn, Ala.: Ludwig von Mises Institute, 1993), chaps. 56, pp.273387.
,

214


, ,
, , ,
, .. ,
.
,
( ,
). ,
,
, ,
,
( )
( )
,
, .
( ) (
), , .

. , , ,
.
, . ,
, ,
. ( ), ,
(, , ,
. , ,
,
, .
,
(.. , ),
(, ,
)
,
. : , ,
.
(Charles E. Wainhouse, Empirical Evidence for Hayeks Theory of Economic Fluctuations, in Money in Crisis: The Federal Reserve, the Economy and Monetary Reform, Barry
N. Siegel, ed. (San Francisco: Pacific Institute for Public Policy Research, 1984), p.40).

215

1.
), ,
. .
, .
, , , , ,
.
, , , ,
,
, .
( ) , , , . ,
,

,

22. ,
,
, . ()
,
,
. ,

.
,

(
), , 22 ,

,
, .
,
, , ,
. ,
, :
, : , , (Alfred Marshall,
Money Credit and Commerce [London: Macmillan, 1924], p.14).
.377 (. .) .

216


,

, ,
23.
, , ,
, , ,
(.. ).
, (
, , ), ,
,
, ..
,
.
, , (.. ),
,
.
( ) ,
, 24. , .

. , , ,
, . ,
23 , , -

, ,
. , ,
, , (. . .280).
24 , ,
, .
( )
, ,
: ,
. , , ,
(. . .500).

217

1.

, , .
(.. ),
, ,
, , .
, ,
, , ,
,

, , .

,
.
,

, ..
. , , ..
, , , ,
.
, ,
, . ,,
, .. ,
. ,
, ,

, , ,
, 25. ,
25

, , . :
, , ,
, .
(Garrison, Time and Money, pp.3334).

218


,
, , , , , ,
, .
, , ,
, , ,
, ,
.. , , .. , ,
, . ,
, , ,
(, , ) ,
, (, ,
), ,
, , , , , , , , .



, ,
, . 51
. ,
, .
,
,
, 26,
, . 5127.
26 .

. .
27 , . 51, The Theory of Political Economy,
1871. , 1957 . Kelley and Millman. , , . 230,
, i . ,
1889., , .

219

5-
( 1-
)

4-
( 1-
)

3-
( 1-
)

2-
( 1-
)

1-
( 1-
)

1-

2-

3-

4-

5-

()

20
40

80

100

14

12

10

= 100 ..

60

16

. 5-1.

18


( )

30

10

8
+

100 ..
=

, ,

(= 11% )

220

()

1.


, . 51,
, (..). ,
,
, .. .
, , , 100.. , ,
. ,
, .
, , , ,
( , konzentrische Jahresringe),
. . .114115 Kapital und Kapitalzins, vol.2:
Positive Theorie des Kapitales; . . Capital and Interest
.2 .106107 [.: . .
: , 2008. .II. .4].
, ,
. , ,
,
, , ,
. , 1931., Prices and Production (London: Routledge, 1931, p.36; 2nd rev. ed., 1935,
p.39 [.: . . . : , 2008. .47]). , , .51.
1941. ( )
The Pure Theory of Capital (., ., .109). , 1941.
. , ,
(.117 . . 1941.). 1962. (Rothbard,
Man, Economy, and State, chap. 67) , ,
. The Structure of
Production .
La teoria austriaca del ciclo economico,
Moneda y credito, no.152 (March 1980): 3755, Huerta de
Soto, Estudios de economia politica, cap. 13, p.160176. ,
Lectures on Political Economy (vol.1, p.159)
, ,
. .: Alonso Neira, M. A., Hayek Triangle,
in An Eponymous Dictionary of Economics: AGuide to Laws and Theorems Named After
Economists, Julio Segura and Carlos Braun Eds. (Cheltenham, England: Edward Elgar,
2004). ,
: William Barnett and Walter Block, On Hayekian Triangles, Procesos
de Mercado: Revista Europea De Economia Politica, Vol.III, No. 2, Fall 2006.

221

1.
.51, ,
( ) , .
: , .. ,
, ( ), , ,
( ).
, ( )
, .
, .
(
). ,
28.
,

( )

( ) (
). , ,
100.. , , .
80.. ,
. 10..
(
), , (
,
(100..)
, 10..).
80..
10..
( 90..), ,
100.., 28

, , ,
,
, ,
(BhmBawerk, Capital and Interest, vol.2:
Positive Theory of Capital, p.106).

222


, ,
90.. .
90.. ( ,
) ,
, .. 100.., 11% (10:90=0,11).
,
(
.51).
. , , , 40.. , , 14..
( ).
54.. , , ,
60.., 6 .., ..
. 11%.
.
,
( ),
18+16+14+12+10=70.. ,
. ,
, ,
. ,
,
.
30.., , 70.., , 100..
, ,
.


.
1. , .
,

223

1.
.

,
, .
2.
.
,
. , , ,

.
,

. , , .
, ,
, ,
. ,
29.
, ; ,
,
30. , , .
, , ,
. ,

29 John B. Clark, The Genesis of Capital, Yale Review 2 (November 1893): 302315; Idem.,

Concerning the Nature of Capital: A Reply, Quarterly Journal of Economics (May 1907);
Frank H. Knight, Capitalist Production, Time and the Rate of Return, in Economic
Essays in Honour of Gustav Cassel (London: George Allen and Unwin, 1933).
30 , , , ,
.
.
(. . .456). Man, Economy, and State, pp.412413.

224


, ,
, , ,
, ,
, 31. , ,

, ,
. ,
.
3. .
, , , .

, , . ,
, , , .
, ,

, ,

. , ,
.
, .. , . ,
,
. , , ,
31

, , ,
, , . , , ,
, ( . . .).
, , , ,

,
(Rothbard, Man, Economy and State, p.414; . . .).

225

1.

, .
(
, ) ,
. , .
4. .
,
.
: .
, ,
,
. 51, ..
, , .
, , , , ,
, ,
..32 ,
32 .

. : ,
,
, ,
, (. . : , 2008. .48).
,
, (BhmBawerk, Capital and Interest, Bk.2:
Positive Theory of Capital, p.325337, esp. p.337 [.: .
. : , 2008. .II. .4]). . ,
Der Zins aus ausdauernden Gtern .361381 1889. : In Folge davon verfllt der Werth derenlegeneren Nutzleistungsraten
demselben Schicksale, wie der Werth knftiger Gter. .: BhmBawerk, Kapital und
Kapitalzins, vol.2: Positive Theorie des Kapitales, s.365. , , , :
,
, .
, .
, , , , , (Jos Castaeda
Chornet, Lecciones de teora econmica, p.686).

226



33.
5. ,
, .
, ,
: (
)
.
, ,
, . ,
, , , , ,
. , . 51 , ,
11% . , ..
,

. ,
; , , ,
,
, , .

. .
6. .
. 51 ,

33

, , ,
. ,
, ,
, ,
, , . .: Roger Garrison, The AustrianNeoclassical Relation:
AStudy in Monetary Dynamics, , (1981.), .45.
.: Garrison,
Time and Money, pp.4748.

227

1.
(100..), ,
(.. ),
. .51,
,
.
, , ( ) .
, ,
, 270..:
, 2,7 , .

, 34.
7. .
. 51 , ,
. , , .. , , , ,
. , ,
,
, .

( ), . . 52.
, 370 ..
100.. ,
, 270.. , ,
.
34 ,

. 51, (BhmBawerk,
Capital and Interest, vol. 2, p. 108109). 1889 . ,
. , 1929 ., . . Gibt es einen Widersinn des Sparens? (Zeitschrift fr Nationalkonomie, Bd.1,
Heft 3, 1929), The Paradox of Saving Economica (May 1931), : Hayek, Profits, Interest and Investment and Other Essays on the Theory
of Industrial Fluctuations, 1st ed. (London: George Routledge and Sons, 1939 and Clifton,
N. J.: Augustus M. Kelley, Clifton 1975), p. 199263, esp. pp. 229231.
, , . 51 (.: .
. . 46).

228

+
+

3 = 40 + 14 = 54 40 2

4 = 20 + 16 = 36 20 2

,



270 .. =

200

,

2 = 60 + 12 = 72 60 2

5 = 0 + 18 = 18

51

270

..

70


18

16

14

12

10


( )

1 = 80 + 10 = 90 80 2


( ,
)

229

1.

52


100.. + 270..
( . 51)
, : 370..

) , (
,
)

1 : 100 90
2 : 80 72
3 : 60 54
4 : 40 36
5 : 20 18

=
=
=
=
=

,
,
,
) ,

1
2
3
4
5

10
8
6
4
2

30..
10
12
14
16
18

,

,

70..

, :

100..

: 3,7 .

, , .52, : 3,7
. ,
, ,
, .
. 51 , , .. , , ,
, . , , ,
,
,
. , ,
, ,
. ,
, , , ,

230


, ,
, 35.
,

, , ,

, . ,
, , , ,
,
. , ,
, ,
, , , . , ,
, ,
, ,

, , . ,
, . , , ,
36.
35 Adam

Smith, The Wealth of Nations, bk. 2, chap. 2, p.390


1776., ; E. Cannan edition (New York: Modern Library,
1937 and 1965), p.306; vol.1 of Glasgow edition (Oxford: Oxford University Press, 1976),
p.322 [ . . .: ,
2007. .331]. ( . .5657), ,
.
, (Thomas Tooke, An Inquiry into the Currency Principle, London
1844, p.71)
.
36 . . .49. . . . . . ; (
) , ,
, , , . 51 (. . 39).

231

1.

, . ,
, , ,
. ,

, ,

. , ,

, ,
.
, .. (
), , , , ,
.
. ,
()
, ,
. ,
. , ,
, ,
,
. ,
.
,
:
, ,
,
,
37. ,
37

, , ,
. , (Ramn Tamames, Fundamentos de estructura econmica, 10. edicin revisada,
Madrid: Alianza Universidad, 1992, p.304). . ,
,
, .
, , -

232


. ,
, , , , ,
.., .

, , .
, (,
, ,
, ,
).
.52
, , ,
, ,
.
, , . , , ,
. , ,
, . ,
, ,
(Enrique Viaa Remis, Lecciones de contabilidad nacional (Madrid: Editorial Cvitas,
1993) p.39). , ,
, .
.
(J. R. Hicks, Albert G. Hart, The Social Framework of the American Economy:
An Introduction to Economics (New York: Oxford University Press, 1945))
(
). , . (pp. 3334): ,
, , , . ,
, , ...
,

, ,
. ,
, , .
;
( . . .).

233

1.
, ,
,
, , , , .
, , ( ) , ,
38.

, , , , ,
,
, .
,
, ..
. ,
. , , ,
,
( ) 39.
38

(Skousen, The Structure of Production, pp.191192) .


: ,
() [ ] (), ..
, .
, 34% , ..
, (66%). , , , , 56% . ,
14% . , ,
1982. , , ,
, ,
.
. . 1986. . 20 6.
39 , (.. )
, ,
. , -

234


,
,
,
, , .

,
, , .
, .

, , , , ,
. , ,
,
,
40.
..
, , , ,
, . :

, , (Rothbard,
Man, Economy, and State, p.343). ,
, ,
,
. , , ,
(, , , , ) ,
. , , , ,
, . .: .
. .5658, .56, 2; Skousen, The Structure of Production,
p.190; George Reisman, The Value of Final Products Counts Only Itself, American
Journal of Economics and Sociology, vol.63, no3, July 2004, pp.609625; Idem., Capitalism (Ottawa, Ill.: Jameson Books, 1996), pp.624ff. . , . 55.
40
, ,
.
, . , :
, ,
, .

235

2. ,
2

,


, , , .. , .. .
.
, , ,
, ,
. , ( ) ,
, . ,

. , , ,
( ).
,
. .
, , ,
41. , , , , , ..
, .
. ,
( ),
. .: Skousen, The
Structure of Production, pp.45.
41 , . , , , , 10%
100.. (10..), , 8% 150.. (12..).

, ,
20%, .. 10.. 12.. -

236


,
,
.
, ( ) ,
, ( .51
70..). ,
,
, .
(, ).
,
, , .
, , ( ) (
)
, , ,
, . , ,
,

, (
). , ,
. ,

.

,

:
, .
, , , , , , ,
,
.

237

2. ,
,
(
) . ,
4,
, :
(72)
1000000

1000000

,
1000000.. , . , , .
, :
(73)
1000000

1000000

, ,
:
1. ;
2. ;
3. .
,

,
.
, ,
, .


, ,
. , . ,
,

238


. , , , , . ,

, ,
42,
,
,

. , ,
(
) , . ,
,
. ,

,

. ,

,
, .

,
,
. , , . ,
(
7)

42 .,

.226227, .32 33.

239

2. ,
. ,
43.
,
, ,
. , 25% .
,
100..,
, ,
. , 25% (.. )
,
, . . , 44.
43

1970 , ,
, . , ,
,
, . , , : ,
?
,
? , , , (Clifford F. Thies, The Paradox of Thrift: RIP, Cato Journal 16,
no.1 [SpringSummer, 1996]: 125). . . 58 , .
44 , , , . .
magnum opus [ (.). . .], Capital and Interest,
1889. (Kapital und Kapitalzins: Positive Theorie des Kapitales,
s.124125). , Capital
and Interest, , : , ,
,
, .
.
10 , ,
, ,
. ,

240


: ,


. . 52 ,
, .. , , .
. 52 , 100..
, , 90..
80.. 10.. ( ).
10.., 11%, ,
, ,

,
.
, 25%
, . 52 , (), t+1. ,

100 75.. . ,
, . ,
90.. ,
7,5 2,5 , , .
.

, ,
.
,
,


;

,
, ,
,
(BhmBawerk, Capital and Interest, vol.2: Positive Theory of Capital, pp.112113;
. . .)

241

242


t+1

t+1

10

32,25

20

21,5 10.21

18

75

80

10

100

80

. 5-2.

(
1,70%)

(
11%)

(
11%)

(
11%)

20
18
+2

10
25

75
90
15

100
90
+10

= 32,25
= 31,71
= +0,54

=
=
=

=
=

=
=
=

=
=
=

2. ,


80.. , (, , , ..),
10.. ( ). , , 15.. 25..,
(
), ,
, 10..,
, ,
. ,

,
.
,
, , , .
, ,
, ,
. ,
( ) ,
, ,
, .

, t .52.
, 11%
20.. 18.. ,
, , (
).
,
(.. )
, 11% (
).
,

243

2. ,
, ,
, ,
, , .

()
, ,

. , , , , . 52
t+1. ,
18
31,71.., .. . ( 21,5.. ,
10,21.. 45.) , 20 32,35..,
0,54.. ,
(1,70% 11%), , ,
, , ,
15..
,
.

.
, ,


, , .
18.. t 31,71 t+1. , .. .

, .. , , ,
,
. , , .
45

244

, . 53.


, , ( , ) ,
.
, , , ,
, , . ,
, , , ,
(
),
.
, , , ,
( ). ,
, , ,
.
,
. ,

.
, , ,
, .
,
. , ,
. ,
,
. ,
,
.

245

2. ,
:

, ..
, .
,
, ,
. , ,
, , , ,
, , .
, , , , ,
, .., , .
,
. ()
. ,
11 5%
(
11% 1 : 0,11 = 9,09;
1 : 0,05 = 20). ,
, 20, 11 5% , , 56%46.
,
, . , , .. , ,
46

an =

1 (1 + i )
i

(1 + i )n 1 ,
n
i (1 + i )

i
n, ,
. , , n , 1/i,
( ). C.: Lorenzo Gil Pelez, Tablas financieras, estadsticas y actu
ariales, 6. edicin corregida y aumentada (Madrid: Editorial Dossat, 1977), pp.205237.

246


. , ,
, , .. ,
.
, , , , , , .
, ,
( , ). ,
, , , ,
. ,
,
,
, ,
47.

.

(
,
) ( ( ,
, ) , ).
,
.
, , ,
, . , ,
,
47

, , ( / )
, ,
, .
,

, .

247

2. ,
, ,
, , . ,
, , , , . , , ,
,
, . , , ,
. , (.. )
, . ,
, 48.
, ,
,
.
, ,
, ,
, ,
, ,
( ).

:
. . 52,

( 100 75..). , ,
, , -

48

, . , , ,
. ,

,
,
.

248


49. , , ,
, ,

,
. ,

, .
, , , . ,
, ,

. ,
,
.
, .
, , .
,
1817. :
, , , , ,
, , , .
50.
, ,
1821., ,
, , 51.
. . , ,
1939., 49

,
, .
, , , , . .: F. A. Hayek, Reflections on the Pure Theory of Money of
Mr. J. M. Keynes (continued), Economica 12, no.35 (February 1932): 2244, : The Collected Works of F. A. Hayek, vol.9: Contra Keynes and Cambridge: Essays,
Correspondence, Bruce Caldwell, ed. (London: Routledge, 1995), pp.179180.
50 .: . . .: ,
2007. .103
51 . .337.

249

2. ,
.
,
, .
:
: ,
52.
, ,
52 .: Hayek, Profits, Interest and Investment and Other Essays on the Theory of Industrial

Fluctuations, p.39. 1941., ,



, .

, ,
,
.
.293 The Pure Theory of Capital (London: Macmillan, 1941): , . : Hayek
F. A. The Ricardo Effect, Economica (34, no.9 (May 1942): pp.127152),
: Hayek, Individualism and Economic Order (Chicago: University of Chicago Press, 1948),
chap. 11, pp.220254 [. .: .. .
.: , 2000. .210239]. :
Hayek F. A., Three Elucidations of the Ricardo Effect, Journal of Political Economy 77,
no.2 (1979), : Hayek F. A., New Studies in Philosophy, Politics, Economics
and the History of Ideas (London: Routledge and Kegan Paul, 1978), chap. 11, pp.165178.
, Economic Theory in Retrospect
(Cambridge: Cambridge University Press, 1978, pp.571577) [. .: . . .: , 1994. .499505], ,
. .: Mark Blaug, Hayek Revisited, Critical Review 7, no.1 (Winter, 1993): 5160,
esp. p. 5960, note 5. ,
: Laurence S. Moss and Karen I. Vaughn, Hayeks Ricardo
Effect: A Second Look, History of Political Economy 18, no.4 (Winter, 1986): 545565.
, ( . .724727)

. ,
, ,

. Man, Economy, and State (pp. 631632).
The Pure Theory of Capital (p. 347), ,
,
.

250



, .
,


, , ,
, ,
. , ,
53. , ,
,
, , . ,
( ): .
,
,
, (,
)
.
.
, .
,
,

54.

: ,


, , . ,
, ..
, ,
(
53 .:Hayek,

The Pure Theory of Capital, p.256.

54 , :

, ,
( ) ,
(Hayek, The Pure Theory of Capital, p.275. . , . 13).

251

2. ,
).
, . 53.
. 51, 75.. (.. ), 80.. . 51
64,25.. . 53. (60 53,5..) , . ,
(
), .
. 40 42,75..
, 20 32,25.., . 52. ,
, , . .
, ,
, , . 51. , , ( 1,7%
) .
(
) ,
, [ ],
75.., ,
. , 75.., .. 25.. ,
. 51, ,
, . ,
, , . ,
( )
( 75..).
,
(
, , ).
. 53 54 , ,
, . ,
295.., ..
25.. , . 51. , 25..

252

1-

2-

3-

4-

5-

6-

7-

21,5

10,75

53,5
64,25
75

75 ..
=
5

0,18
+
0,36
+
0,54
+
0,71
+
0,89
+
1,07
+
1,25

. 5-3.
( 25 ..)

= 100 ..

42,75

32,25

10,57 + 10,39 + 10,21 + 9,79 + 9,86 + 9,68 + 9,5


=

, ,
(= 11% )


( )

253

254

. ,


( 75..
)


( )


( )

. 5-4.
( . 5-1 () . 5-3 ())

1-

2-

3-

4-

5-

6-

7-

2. ,

,

295,00 .. =


=
(),

295 ..

225,00
70 ..





53

( 25..)


(
( )
)
64,25 2
1 = 64,25 + 9.50 = 73,75 + 9,50
53,50 3
2 = 53,50 + 9,68 = 63,18 +
9,68
42,75 4
3 = 42,75 + 9.86 = 52,61 +
9,66

32,25 5
4 = 32,25 + 9,79 = 42,04 + 9,79

21,50 6
5 = 21,50 + 10,21= 31,71 + 10,21
10,75 7
6 = 10,75 + 10,39 = 21,14 + 10,39
7 =
0 + 10,57 = 10,57 + 10,57

255

2. ,

54

( 25..)

75..




295..
=


370..

( ,
, . 53.)
(: 25..,
.. 270 295.., 25.., .. 100 75..)

) ,

(
)


1 75,00 73,75= 1,25
2 64,25 63,18= 1,07
3 53,50 52,61= 0,89
4 42,75 42,04= 0,71
5 32,25 31,71= 0,54
6 21,50 21,14= 0,36
7 10,75 10,57= 0,18

,

)


(
)

= 5,00..

9,50

9,68

9,86

9,79

10,21

10,39

10,59


,
:

70,00..

= :

75,00..

: 4,9.

256


. , . 54, 370..,
75.. , 295..
. ,

, :
(.. ).
( )
. 54. . 54
. 51 . 53 25.. ,
:
: .
(
6 7).
: ,
( 4 5).
: , .
:

( ).
(
) . , (
) ,

55.
55

,
. ,
, .
,
, , , .. . ,
, ,
. ,

,

257

2. ,
, ( , , ), .
, , , ,
. ,
( ), ,
,

: ,
() . ,
,
, . ,
, ,
56.
, .
, ,
,
,
. , (, , )
,
. (.. . .: , 2000. .237239) ,

, , , . .. , , , .

, , .
, , , . .:Hayek, The Pretence of Knowledge, ,
11 1974. The American Economic
Review (December 1989): 37 [. .: .. //
. 2003. 1. .164167].
56 1865 1879. , , , 15 ,
,
(Milton Friedman and Anna J. Schwartz, A Monetary History of the United States
18671960 [Princeton, N. J.: Princeton University Press, 1971], p.15,

258


57
, , .
, ,
.30.
18751885. : , , , ,
,
, .
,
(Alfred Marshall, Official Papers, p.9; . . .). , . : George A. Selgin, Less Than Zero: The Case for a Falling Price Level in
aGrowing Economy, Hobart Paper 132 (London: Institute of Economic Affairs, 1997).
57 ,
, , 1932., , ,
,
,
, . : , , , ;
, . ,
. ,
,
, ,

(F. A. Hayek, Capital Consumption. Kapitalaufzehrung
Weltwirtschaftliches Archiv 36, no.2 (1932): 86108 ( . . .); : Hayek F.A., Money, Capital and Fluctuations: Early Essays (Chicago:
University of Chicago Press, 1984), chap. 6, p.141142).
, ,
,
. ,
,

(.: . . . .: , 2007. .157166). ,
:
, (Hayek, The Pure
Theory of Capital (1976ed.), p.439). , ,
, , (
) , , . (
.) .: J. Huerta de Soto, Hayeks Best Test of a Good Economist, Processos de
Mercado: Revista Europea De Economia Politica, vol.5, no.2, Autumn 2004, pp.121124.

259

2. ,
,
, , ,
58.
, ,
. , , , ,
. ,

,
, .
,
, ,
, 59.
58

, 1929. Gibt es einen Widersinn des


Sparens? ( Paradox of Saving), Economica (May 1931), Profits,
Interest and Investment, pp.199263.
Sofismi sul risparmio, Rivista Ban
caria (December 1932) : Augusto Graziani, Studi di
Critica Economica (Milan: Societ Anonima Editrice Dante Alighieri, 1935), pp.253263.
, , ,
, .
,
7. 13 (Paul A. Samuelson and William N. Nordhaus, Economics, 13th ed. [New York:
McGrawHill, 1989], pp.183185). , 14 (New York: McGrawHill,
1992) . , , 15 (New York: McGrawHill, 1995,
pp.455457) [.: . ., . . . 15 . .:
, 1999. .494496]. .: Mark Skousen The Perseverance of Paul Samuelsons Economics, Journal of Economic Perspectives 2, no.2 (Spring, 1997): 137152.
, ,
. ,
,
, . , . .: Skousen,
The Structure of Production, pp.244259.
59 (Rothbard, Man, Economy, and State, pp.467479) , ( ) , ,
.

260



, , ( ),
. , , . 53. , , , 25..,
. ,
75 100.., , , , . ,
,
, , ,
.
, ,
,
. ,

, . :

,
, .
, . 51 ,
,
:

, , , . , ,
,
, , :
, ,
. ,
, .
, ,
. ( ),
, ,
.
,
( ), ,
.

261

3. ,
, , , . , ,
, .
, , , ,
,
.
, XIV
, ,
1360., , , . , ,
,
,
60. ,
,
61, , , ,
62.

60

: ,
, , . ... , , . [
:] ? , , ,
(Hicks, Capital and Time: A NeoAustrian Theory,
pp.1213).
61 BhmBawerk, Capital and Interest, vol.2: The Positive Theory of Capital, pp.113114
[. .: . . : , 2008.
( )]. , .
: Ersparung [ist] eine unentbehrliche Bedingung der Kapitalbildung
(BhmBawerk, German edition, p.134).
62 ,
,
. , . : ,
, , ,
. (Fritz Machlup, The Consumption of Capital in Austria,
Review of Economic Statistics 17, no.1 [1935]: 1319). 1973.

262

: , ...
3
,
:
, ,

, , ,
. ,

. ,
( 4), , :
(73)
1000000
(74)
900000

1000000

900000

, (17)
(18) 4, ,

, , ,
63. ,
.

, ,
63

,
, F. W. Taussig, Principles of Economics, 3rd ed. (New York: Macmillan, 1939), vol.1, p.357.

263

3. ,
, ,
. , (..
) ,
, . , ,
:
.
,
,
. , (
) , ,
.
( ) .

, ,
, , , .
. , ..
, 64. ,
,

(, , ).
,
,
(, , ,
). ,
, .
64

, , . , , ,
, . (. . .515).

264

: , ...

,
, .
,
, ,
. ,
, , . , ,
, , ,
,
65
,
,
. , ,

,
,

66.
, , , .. , , .
, ,
,

. , ,
65


, . (.. ),
(.. ).
. , , . (.
. .518)
66 .
, ,
(Mises, The
Theory of Money and Credit, p.400).

265

3. ,
,
. ,
, ,
, . ,
, . ,
. ,
, ,
67. ,
... .
, ,
, .
.
, ,
, ,
. . . 68.
, ,
.
67

, , ..
(,
..), ,
, . .: . , . .2 3.
68 . . .516.
, , ,
. ., . 13 54.
The Great Depression , :
, ; ,
; , ; , ; , ; , ; ,
; ,
; ,
; , ,
(.:
Robbins, The Great Depression (New York: Macmillan, 1934), p.3942).

266

: , ...
,
, ,
. , ,
. ,

,
, .
, , , ,
, .
, ,
. :
,
;
69.
, , , ,
. , ,
:
, ,
. :
, .
,
, .
, ,
70.
69

(). .: Roger Garrison, Time and Money,


pp.6776.
70 , ,
.
,
, , , , ,
T1 T2. ,
, , .. . .: Laurence S. Moss; Karen I. Vaughn, Hayeks Ricardo Effect: A Second Look, p.564. ,
: Kaldor, Capital Intensity and the Trade Cycle,

267

3. ,
. 55 ,
,
. . 55 . 51 , 100.., , .

( ),
(
),
. , , ,
, ,
11%, . 51, 4% *. ,

, ,
,
.
. 55 , ,
. ,
270.., . 51, 380.., ,
, 270.. ( ), 113..,
. ,

,
, . , . 55, 483.., .. 113..
,
(..52).
Economica (February 1939): 4066; idem.,Professor Hayek and the Concertina Effect,
Economica (November 1942): 359382. ,
Monetary Theory and the Trade Cycle, 1933. , ,
,
,
, . .Rudy van Zijp, Austrian and New Classical
Business Cycle Theory (Aldershot, U.K.: Edward Elgar, 1994), pp.5153.
* . . . .

268

1-

2-

3-

4-

5-

6-

7-

28,5

14,25

71,5
85,75
100
= 100 ..

57

. 5-5.
( )

42,75

13,65 + 13,10 + 12,54 + 11,97 + 11,64 + 10,85 + 10,25

100 ..
=
16

0,60
+
1,15
+
1,71
+
2,28
+
2,86
+
3,4
+
4,0

, ,
( 4,1% )


( )

: , ...

269

270

= 14,25

= 99,75



(84 70)
= 14

= ( ) = 113,75

= 57,0

2- = 5,75

3- = 11,5

4- = 17,0

5- = 22,75

= 14,25
= 26,5

7-
+ 6-

. 5-6. ,
( )

()

3. ,

42,75 5 + 11,97
28,50 6 + 12,54
14,25 7 + 13,10

4 = 42,75 + 11,97 = 54,72

5 = 28,50 + 12,54 = 41,04

6 = 14,25 + 13,10 = 27,35

7 =

483,75 ..
370 ..
113,75 ..

* , (. . 52)

383,75 ..
,

* ( 100 .. )

383,75 .

383,75 ..

84,00


1) 270,00 ..

( , . 51)
2) 113,75 .. ( )

299,75

57,00 4 + 11,64

3 = 57,00 + 11,64 = 68,64

13,65

71,50 3 + 10,85

2 = 71,50 + 10,85 = 82,35

0 + 13,65 = 13,65

85,75 2 + 10,25


( )

55

1 = 85,75 + 10,25 = 96,00


(270 .., , 113,75 ..,
)


( )

: , ...

271

3. ,
. 56 , (.. ,
)
.
. . ,
( ).
, ,

, 113,75..,
.
.
. 55 :
, , ,
,
,
. , . ,
,
,
.
, , ,
. , , ( ,
.. )
, ,
, .
, 1912. ,
,
. : , ,
, , ,
,
, . ,
, ,

272

: , ...
. :
, .
,
71.
, (, ),
XIX, ( , , ..), , ,
, ,
. ,
. ,
, , . . 72.
71 Mises,

The Theory of Money and Credit, p.401; . . .


, , : Aber bald
setzt eine rcklufige Bewegung ein: Die Preise der Konsumgter steigen, die der Produktivgter sinken, das heit der Darlehenszinsfu steigt wieder, er nhert sich wieder
dem Satze des natrlichen Kapitalzinses (Ludwig von Mises, Theorie des Geldes und der
Umlaufsmittel, 2nd German ed. [Munich and Leipzig: Duncker and Humblot, 1924], p.372).
, , ,
( ) .
.
, ,
. : Knut Wicksell, Geldzins und Gterpreise: Eine Studie ber die den Tauschwert des Geldes bestimmen
den Ursachen (Jena: Verlag von Gustav Fischer, 1898), : Interest and
Prices: A Study of the Causes Regulating the Value of Money (London: Macmillan, 1936and
New York: Augustus M. Kelley, 1965).
, , , , .
Geldwertstabilisierung und Konjunkturpolitik (Jena:
Gustav Fischer, 1928); : Monetary Stabilization and Cyclical Policy : Mises, On the Manipulation of Money and Credit
(New York: Free Market Books, 1978).
72 : F. A. Hayek, Geldtheorie und Konjunkturtheorie (Beitrage zur Konjunkturforschung, herausgegeben vom sterreichisches Institut fr
Konjunkturforschung, no.1 [Vienna 1929]), : Hayek, Monetary Theory and the Trade Cycle (London: Routledge, 1933, and New
Jersey: Augustus M. Kelley, 1975); F. A. Hayek, Prices and Production ( 1931., , , 1935.,
[ . . : , 2008]; F. A. Hayek, Profits, Interest, and Investment

273

3. ,
73.
(1939, 1969, 1975); , : F. A. Hayek, Money, Capital and Fluc
tuations: Early Essays, Roy McCloughry, ed. (Chicago: University of Chicago Press, 1984);
: F.A.Hayek, The Pure Theory of Capital, 1941.
. Prices and Production
(pp. 101104) [. .: . . : , 2008]
, , , ( ,
): , ;
.-. , . ; ,
,
(. . . ., 1894; .: , ,
1997) , , (BhmBawerk, Capital and Interest, vol.2: Positive Theory of Capital, pp.316ff.). : (Richard von Strigl, Kapital und Produk
tion [Munich and Vienna: Philosophia Verlag, 1934, 1982; . .: Auburn, Ala: Mises
Institute, 2000]); (BrescianiTurroni, The Economics of
Inflation: A Study of Currency Depreciation of PostWar Germany [1931, 1937; London
and New York: Augustus M. Kelley 1968]); (Haberler, Money and
the Business Cycle, 1932, .: The Austrian Theory of the Trade Cycle
and Other Essays [Washington, D. C: Ludwig von Mises Institute, 1978], pp.720 [. .: .: . .
: , 2005. .518]); (Fritz Machlup, The Stock Market,
Credit and Capital Formation, , 1931,
[London: William Hodge, 1940]).
: Davenport, The Economics of Enterprise, chap. 13 (New York:
Augustus M. Kelley, 1978 [1913]); Frederick Benham, British Monetary Policy (London:
P.S. King and Shaw, 1932); H. F. Fraser, Great Britain and the Gold Standard (London:
Macmillan, 1933); TheodoreE. Gregory, Gold, Unemployment and Capitalism (London:
P.S. King and Shaw, 1933); E.F.M. Durbin, Purchasing Power and Trade Depression:
ACritique of UnderConsumption Theories (London and Toronto: Johnathan Cape, 1933),
Idem., The Problem of Credit Policy (London: Chapman and Hall, 1935); M.A.Abrams,
Money in a Changing Civilisation (London: John Lain, 1934); C. A. Phillips, T. F. McManus
and R. W. Nelson, Banking and the Business Cycle (New York: Arno Press, 1937); Frank
Albert Fetter, Interest Theory and Price Movements, American Economic Review 17,
no.1 (1926): 72ff. (included in F. A. Fetter, Capital, Interest, and Rent, Murray N. Rothbard,
ed. [Kansas City: Sheed Andrews and McMeel, 1977]).
73 , 1974. . . . .: William J. Zahka, The Nobel Prize Economics Lectures (Aldershot,
U.K.: Avebury, 1992), pp.19, 2528. , Revista de Occidente 1932. (La causa de las crisis econmicas, Revista de
Occidente, Feb. 1932) Monetary Theory and
the Trade Cycle (La teoria monetara y el ciclo econmico [EspasaCalpe, 1936]).
, ,
Price Expectations, Monetary Disturbances and Malinvestments (
Previsiones de Precios, Perturbaciones Monetarias e Inversiones Fracasadas). 4 Profits, Interest and Investment , , (,
Prices and Production, 1996.

274

: , ...

, ,
,
.
(
, ),
. , , ,
.
1. .

(
(Precios y produccin, Unin Editorial, Madrid).
(
)
(Teoria del dinero y del credito; Madrid: Editorial Aguilar, 1936). , .
, : Richard von
Strigl, Curso medio de economa, Mexico: Fondo de Cultura Econmica, 1941. 1947. : Emilio de Figueroa, Teora de los ciclos econmicos (Madrid: CSIC,
1947). (.
4463). J.A.Estey, Busi
ness Cycles (Tratado sobre los ciclos econmicos, Mexico: Fondo de Cultura Econmica,
1948), 13 .
, : Gottfried Haberler, Prosper
ity and Depression (Prosperidad y depresin: anlisis terico de los movimientos cicli
cos, ,
1942., 3
; . . The Pure Theory of Capital (La teora pura del
capital, . Aguilar, 1946); (La accin humana: tratado de economa), 1960.
Fundacin Ignacio Villalonga. ,
La teora austriaca del ciclo econmi
co, Moneda y Crdito 152 (marzo de
1980), ; .
. , Inflacin o Pleno Empleo? (Madrid: Unin Editorial, 1976). 1996. (Precios
y produccin) (Ediciones Aosta and Unin Editorial in Madrid). [ .: . .
. : , 2008; . . : . : , 2005; .
: . : , 2005;
: / . . : , 2005;
. / . . : , 2003;
/ . . : , 2008; . . : , 2008.]

275

3. ,
). ,
. ,
, , . , , , :
, , , , , ,
, .
,
,
. , , .
, ,
, .


. , , , ,
, 74.
2. .

,
. ,
[ ]. :
A. ,
. , , ,
,
, , ,
.

74

11 6 (. , .333 .) ,
,
.

276

: , ...
, () ().
B. , ,

,
. , , ,
, ,
.
. , , ,
, ,
. , ,
. , , ..
, .
,
. , ,
, .. ,
, ,
, ,
.
C. , ,
,
.
,
.
, .

.
,

, , ,

277

3. ,

75.
. ,
, .
, , , , , , ,
,
, . ,
( , ) ,
(
, ,
).
,

,
, , ,
76.
75

, ,
. . , , , , .
,
, .
,
.
,
. , ,
. (.
. .516). , ()
, . .: Garrison, Time and Money, p.70.
76 : , ,
, ,
(.. , ),
. . ,

278

: , ...
3.
, , .
,
, ,
,
. ,
, , , , , .
, ,
.. . , , , ,
,
, , , ,
. ,
, ,
, . :
,
, ,
, ,
.
.
, ,
, ,
77.
, ,
,
() (. . .103).
77
,
. ,
,
. ,
,
, , , ,

.
, , ,
(.. ),

. , , , (Hayek,
The Pure Theory of Capital, pp.377378; . . .).

279

3. ,
4. .
, ,
, .
, , , , , .
,

, .
: , , , ,
,
, .

, , ,
, ( ),
, 78.
, , , 79.
( 19952000.), ( )
, ( )
, , .
78 ,
, ,
,
.
, , ,
, , , ,
, :
,
. ,
.
, .
79 ,
, Profits, Interest and Investment, (.371). .1314 , :
, .
, , ,
,

280

: , ...
, , , ,
, ,
. , ,
,
,
80.
5. .
, .

. ,
, , . ,
, .
. , ,
, , .
. , ,
, ,
.., .. ,
, , , ,
.

: The Ricardo Effect (1942, pp.127152) [.:
. . . .210239] Three Elucidations of the Ricardo Effect (1969).
: Laurence S. Moss, Karen I.
Vaughn Hayeks Ricardo Effect: A Second Look (1986, pp.545565), G. P. ODriscoll,
The Specialization Gap and the Ricardo Effect: Comment on Ferguson,
History of Political Economy 7 (Summer, 1975): 261 269. .: Jesus Huerta de
Soto, Ricardo Effect, in An Eponymous Dictionary of Economics: A Guide to Laws and
Theorems Named After Economists, Julio Segura and Carlos Braun Eds. (Cheltenham,
England: Edward Elgar, 2004).
80 , : , ,
. , , ,
,
,
,
. ,
, .
, (. . .520).

281

3. ,
, , ,
10%, ,
, (, 4%) ( ..), , ,
, ,
(
4 10%). ,
(.. 10%)
:
A.
, ..
. ,
, ,
, , , , 81;
B.
: ,
, ,
,
,
. , 81

1928. , . . ,
.
, .
. ,
, (.: Mises, On the Manipulation of Money and
Credit, p.127). , 1928. Geldwertstabilisierung und
Konjunkturpolitik. .5152
, . Prices and Production
Monetary Theory and the Trade Cycle (1929). ,
, ,
,
. ,
,
Monetary Theory and the Trade Cycle Prices and Production,
1928.

282

: , ...
, 1937.82 ,

, ,
. ,
, , . ,
,
, , ,

. , ,
, , ,
, 83.
, , , ,
, , ,
.
84.
82 .: F. A. Hayek, Investment that Raises the Demand for Capital, in Review of Econom

ics and Statistics 19, no.4 (November 1937); F. A. Hayek, Profits, Interest
and Investment, p.7382.
83 ,
, , ,
[]. ,
, , , , , ,

,
, , ,
, (Hayek, Investment that Raises the Demand for
Capital, pp.76 and 80). , ,
, : , .
, ,
(. . .516).
84 ,
, , , .
,
, ,
. , (Moss and Vaughn, Hayeks Ricardo

283

3. ,
6. ,
, :
.
: , , , . ,
, ,
, ,
, , , .
,
. , [] , , ,
, ,
. , .
, , , .

, , ,
. (
) , ..
(
Effect: A Second Look, p.554).
:
.
,
.
. , . ,
. ,

. , ,
, . , , , .
, , ,
, .
, , , .
. , ,
, ,
. (. .
.520521).

284

: , ...
, , , , ..),
.
,
.

, .. , , , ,
, . , ,
,

, .

, , , .
.
. .
, ,
, ..
, 85.
, . , ex nihilo,
,
, ,
.
. ,
, , . ,
85

: ,
, , , (returns),
. ,
, . ,
, ,
,
(Hayek, The Pure Theory of Capital,
pp.345 346).

285

3. ,
1, ,

, 86, , ,
. ,
,

. ,
:
,
87. ,
, , , .
,
, . ,
, , ,
,
,
, .. 88.
:
, ,
, , . ,
86

,
,
( ). .: . ,
. ., : , , 2008. .127 . ,
.
87 , . ,
, , , .
, ,
. , ,
,
(. . .522).
88 .: Huerta de Soto, La teora austriaca del ciclo econmico, in Estudios de Economa
Poltica, chap. 13, p.175. , :
, ,
, , , .
,
(.
. .94).

286

: , ...
, ,
, ,

, 89.
. 57 , ( ) .
,
, ,
. . 55 56,
[ ]
. , . 56, ,
, . 55 (483,8..), ,
, .

132.., 100.. . 55
. 55.
383 351.. , ,
,
, , .
. ,


. , , , , 13,5%, .. ,
89

,
. , ,
, , . , ,
. , , ,
, , ,
(. . .524.)

,
: ,
, ; , ,
; , , ; , ,
, .
, ,
. .: Skousen, The Structure of Production, p.304.

287

1-

2-

3-

4-

5-

20,36

80

106,5

17,15

132,7

13,72

+
10,20

= 132,7 ..

53,25

26,5

132,7 ..

47,95 =

16

12,78

9,6

6,39

3,18

. 5-7.
, ( )

23,32
=

288
, ,
( 4,1% )


( )

3. ,

84,75

= 351,00 .. =

= 351,00 .. (





)

= 483,7.. ( . 55)
132,7.. + 351..
( = 483,7..)

266,25

56

( , , )


1 = 106,50 + 10,20 = 116,70 106,50 2 + 10,20
2 = 80,00 + 13,70 = 93,72 80,00 3 + 13,72
3 = 53,25 + 17,15 = 70,40 53,25 4 + 17,15
4 = 26,50 + 20,36 = 46,86 26,50 5 + 20,36
5 =
0 + 23,32 = 23,32

23,32

: , ...

289

3. ,

(11% ). , ,
,
, ,
.
, . 57
, ,
, .
.
, ,

, .
,
, , , . ,
, , ,
. ,

, , ,
90.
90 , -

, ,
, , : 1)
, .. , , ; , ; 2) , ..
;
; 3) , , , ; ,
; 4) (marginalvalue)
,
; 5)
(.: Machlup, Professor Knight and the Period of Production,
Journal of Political Economy 43, no.5 [October 1935]: 623).
,
, , : , , , . .

, , . ,

290

: , ...
.
, .
,
( , 2). ,
,

,
, ,

91.
, , , , (..
), .
, 3,
,
(),
( ()) , , ,
, .
,
. ;
, . , , , , (. . .525).
91 ,
.
,
(Hayeks Ricardo Effect: A Second Look, p.555; . . .). ,
Price Expectations, Monetary Disturbances and Malinvestment, 1933 Profits, Interest and Investment,
pp.135156.
, ,
, Austrian Macroeconomics: A Diagrammatical Exposition,
New Directions in Austrian Economics, Louis M. Spadaro, ed. (Kansas
City: Sheed Andrews and McMeel, 1978pp. 167201,
1978. (The Institute for Humane Studies). A Reconsideration of the Austrian Theory of Industrial Fluctuations, Economica 7
(May 1940), Capital, Expectations and the Market Process:
Essays on the Theory of the Market Economy (Kansas City: Sheed Andrews and McMeel,
1977), pp.267284. , .: Harrison R., Time and Money.

291

4. ,
4
,

,
. , ,

( )
.
,
. ( . 3).

,
. .
, . , , ,
, ,
( ), .

, , ,
, , , ,

. , , , ,
[patterned]
()
(.. ).
92. ,
, , .
, -

92

.: . , . .5354.

292


57


1. .
,
.

1.
. ,
,
,
.

.

2. .

2.
,
.
, .

3.
.

3.
.

4.
.
.

4. , .
ex novo
( ).

5.
.

5.

.

93. : ,
, ,
( )94 ,
, , .. ,
,
. ,
, .
,
, , , ,
. . 57.
93

(J. D. Hey, Econom


ics in Disequilibrium [New York: New York University Press, 1981], p.99). ,
(Emiel F. M. Wubben) Austrian Economics and Uncertainty,

(Maastricht, April 1992, p.13), : , .
, .
94 . . .105108.

293

4. ,
, ,
,
,
. , , .
, , ( ,
) (..
, )
95.
, , .

( , ). , , ( ),
( . 56 ).
,
, , , ,
,
.57. , ,
95

, ,
. . . ,
, , (.: M. V. Pauly, The Economics of Moral Hazard, Ameri
can Economic Review 58 (1968): 531537.)
: Kenneth J. Arrow, The Economics of Moral Hazard:
Further Comments, American Economic Review 58 (1968): 537553. , 1963. Uncertainty in
the Welfare Economics of Medical Care, American Economic Review 53 (1963): 941973.
, , , , , , . : Arrow, Essays in the Theory of RiskBearing (Amsterdam, London and New York:
North Holland Publishing Company, 1974), p.177222, 202204. , : Karl H. Borch, Economics of Insurance (Amsterdam and New
York: North Holland, 1990), p.325330, 7 ( ,
); Joseph E. Stiglitz, Risk, Incentives and Insurance: The Pure Theory of
Moral Hazard, in The Geneva Papers on Risk and Insurance 26 (1983): 433.

294


( 6 7 . 56)
.
, ,
. ,

, ,
.
, . ,
, ,
,
.
, ,
, . 56. ( ) ,

( ). ,
,
,
,
. ,
, 4
, , . ,
, . , ,
. ,
96 ,
,
. .
, ,
,
, , . ,
96

. .
.
,
(. . .538).
, 4, 8.

295

4. ,
, , .. , , . ,
, .
,
,
. , , ,
, .
,
,
, . ,
, , ,
( ), .
( XIV)
. ,
,
. ,
.
,
, , , (
3), , .
,
, ,
, .
4,
.
.

, , ,
, . ,
, .

296


,

. , ,
, .
( ),
. ,
.
,
, ,
. ,
. ,
, , , ,
. ,
, ,
,
,
, 100% .
, 100% ,
( ),
, ?
,
. , , ,
, , , , .. ,
. ,
.
. , ,
, , , , , ,

297

4. ,
.

, ( ).
,
, ? , ,
, ,
(.. 100%
). 97,
, , , ( ). ,
,
,
, ,
,
.
,
, ,
, , , .
,
, , ,
97

1928. : ,
. ,
,
. , ,
, .
, , , ,
,
. :
, . :
, ,
. ,

(Mises, Monetary Stabilization and Cyclical Policy, in Mises,
On the Manipulation of Money and Credit, pp.135136). , 1928. Geldwertstabilisierung
und Konjunkturpolitik.

298


( ). 8
. ,

, , ,
, 98.
, , 8,
,
,

99.
,
, . , ,
, , 100% , ,
98

,

, 58 1993.
. ,
, , ,
,
. , 8,
, , , ,
, , . .

(Introduccion Critica a la Edicion Espanola, in Vera Smith, Fundamentos de la
banca central y de la libertad bancaria, (Madrid: Unin Editorial/Ediciones Aosta, 1993),
p.38, note16.
99 , , , ,
. , ,
, , , . Murray N. Rothbard, Wall Street, Banks, and American
Foreign Policy (Burlingame, Calif.: Center for Libertarian Studies, 1995), p.1. .
,
, :
Douglas W. Diamond and Philip H. Dybvig, Bank Runs, Deposit Insurance and liquidity, Journal of Political Economy, vol.91(3) (1983), pp.401419; Itay Goldstein and Ady
Pauzner, DemandDeposit Contracts and the Probability of Bank Runs, Journal of
Finance, vol.60, no.3, June 2005, pp.12931327.

299

, ,
,
100.

100


. , , ,
,
, ,
, .
, , , ,
, . ,
, ,
, ,
,
. .

, , ,
,
.
,
.

1
,


,
, , . , ,
,
,
.
. ,
,
.
, , . , , ,
, ,
.

301

2. :
,
,
,
. , . ,

. ,
, ,
, , , . ,
. , 5, : ,
,
, , , , . ,
, ,
, , , . ,
, , .
,
( ), ,
.
, , , ,
, .
,
, , .
, ,
. ,

: .
.

Moss and Vaughn, Hayeks Ricardo Effect: A Second Look, p.555. . .91
.291.

302


2
:

, , , ,
, .
,
,
.
, 5
.
, , ,
: , ,
.

.


, 1970 ,
: , ,
, ,
. , .. , , . , , .
. 19601970
, , ,
, 1970 1980 . .: Hayek on Hayek: An Autobiographical
Dialogue, Stephen Kresge and Leif Wenar, eds. (London: Routledge, 1994), p.145.
: ?
? , , , , , . ,
, .
. ,
, , ,
: ,
, (Rothbard,
Man, Economy, and State, pp.861862).

303

2. :
1934., : ... , []
.
, , ,
. , ,
, , ,
,
.
, , ,
, ,
.
,
, , , . ,

, . , , (,
).
,
, ,
.
A. ,
,
. ,
, ,
.
B.
, . ,
, . 

. . .183.

304



. : , , , ,
.
1970 , 1990.
.
,
. ,

,

, .
, ,
,
, , ,
.


, , , ( ),
.

1970 , 1990 . ,
,
,

, ,
, , . (.: Skousen, The Structure
of Production, p.313315.)
:
, , , , .
, , ,
, , , .
, . ,

305

3.
C. , , , , ,,
. , , , ,

, ,
.
, , ,
.
,
, ,
( . // .
. .: ; , 2000. .229). 1969.
Three Elucidations of the Ricardo Effect, ,

, , . ,
; ,
, , ,
. :
, , ,
[], , .
, , . , ,
. ,
, . , . ,
, ,
. ,

, (Hayek, New Studies
in Philosophy, Politics, Economics and the History of Ideas, pp.171173).

.: Garrison, Time and Money,
chaps.14.
 ,
19201923. :
? , ,

306


3

, ( )
,
, , ,
.
:
, , ( ), , . ,
.
, . ,
,
.


, . ,
,

? ,
. , ,
. , ,
. ,
, (Mises, Monetary Stabilization and Cyclical
Policy, p.129).

, , :
, . , , , . ,
.
, . (.
. .518). : BrescianiTurrony, The Economics of Infla
tion: A Study of Currency Depreciation in PostWar Germany. .: Richard M.
Ebeling, The Great Austrian Inflation, Freeman, April 2006, pp.23.

307

3.

.
, , , ,
, , (
,
).

, :
,
, ,
,
,
, , .
, ,

. ,

. ,
.
,
.
: , , .
,
, , , .
, 5, (
),
.


, :
, , ,
.

308


, (,
,
)
( ).

, ,
( ),
,
, ,
,
,
, , , ,
, , , , (Machlup, The Stock Market, Credit and Capital Forma
tion, pp.192193).

(.6871 . .)
, ,

.
 1970 , ,
,
. Inflation, the Misdirection of Labor, and Unemployment 1975. (
New Studies in Philosophy, Politics, Economics and the History of Ideas, p.197209),
:
( ) ( ) .
(. 200). ,
,
,
, ,
, .
: ,
,
.

(Hayek, Hayek on Hayek: An
Autobiographical Dialogue, p.146).

309

4. ,
4
,
:


, ( ), .

, ,
. ,
, ,

.
,
,

. ,
, , , ,
. ( )
, ,
,
10.
10 ,

,
, ,
,
. , , (

),
,
. ,
De mon
etae mutatione, 1609. : , , , ,
, , ,
, ,
,
, , , ,
, (Juan de Mariana, Tratado y discurso

310

:
, ,
,
,
, . , ,
( , ),
, , ,
. , , , ,
.
, : ,
,
.
,

11.
sobre la moneda de vellon que al presente se labra en Castilla y de algunos desordenes
y abusos [ ,
, ], [Madrid: Instituto de Estudios Fiscales, Ministerio de Economia y Hacienda, 1987], p.40; ( . . .).
. (Juan de
Mariana, S. J., A Treatise on the Alteration of Money, translation by Patrick T. Brannan,
S.J. Introduction by Alejandro . Chafuen, Journal of Markets and Morality 5, no.2.)
11 The Theory of Economic Development, 1911.
[ . // . . , . .: , 2007. .31360]
( Erzwungenes Sparen Zwangssparen) ( . .
.181 .14). , 1912. ,
, , , .
, ,

. .: Mises, On the Manipulation of Money and Credit,
p.120, 122 126127, : . . .512513, 518
521. .386 The Theory of Money and
Credit. , , 1804. (. A Note on the Development of
the Doctrine of Forced Saving, 7 Profits,
Interest and Investment, pp.183197). ,
(
) ( ) , , ,
, ,
. .: Garrison, Austrian Microeconomics: A Diagrammatical Exposition, p.196.

311

5. ,

() () , ,
. ,
,
(,
, ,
).
, ,
, , ,
,
.
,
,
. ,
,
, ,
, ,
,

[ ],
. ,
,
.
, . ,
, , ,
( , ,
),
,
.
,
.
(
, , 12).
,
12 .: Hayek, A Note on the Development of the Doctrine of Forced Saving, p.197. .-

8, .466469.

312


( ex post ), ,
,
,
, 13.

5
,

, , ,
. ,
, ,
. , (, ,
),
, , .
,
, .
,
, , , ,
. ,
,
. ,
, , .
. .
,
.
. ,
, , ..
, , ,
, . , , ,
13

34
Forced or Induced Saving: An Exploration into its Synonyms and Homonyms,
The Review of Economics and Statistics 25, no.1 (February 1943); reprinted in Fritz Machlup, Economic Semantics (London: Transaction Publishers, 1991), pp.213240.

313

5. ,
, , , 14. ,
,
. ,

15. ,
, , , ,
. ,
: , ,

.
,
.
,
,
. , , ,
, . , ,

14

,
, [ ]. ,
, : ,
, ,
(. .210212).
15 ,
, ,
(., : , , 2008. .127132).
, ,
, , , , ,
. , , . (Lachmann,
Capital and its Structure, p.66 117118.)

314


16, ( ,
, ,
) . ,
, , , ,
, ,
. ,
, , ,
,

17.
16

: ,
, .
,
. ,
, , ,
, , . ,
, ,
, ,
,
. , ,
. , ,
,
, ,
(. . .112113.)
17 , ?
, .. ,
.
,
. , , ,
.
, , .
, .. , ,
.

315

6.
6


. , ,
, ( , ,
;
, ..), . ,
, ,
,
( ,
, , )
. ,
, , ,
. ,
.
, , , ,
,
.
, .
,
, , ,
, .
, ,
,
. ,
, 18.
, ,
, ,
. (Rothbard, Man, Economy, and State, p.863.)
18 ( ) , (.. , ,

316


, ,
, .

()

. , , ,
, ,
19. :
, , ,
,
. , 20 ,
), ,
.
19 ., .231235 . 55 .257. ,
, . ,
12%, (, , )

(), , , . ,
19901992. 1015% (Mark Skousen, I Like Hayek: How I Use His Model as a Forecasting Tool, , (), 2530 1994.,
.
20
.
, , , .
.
60 70% ,
,

317

8.
( )
, (
, , ),
, , .
()
.
, 5, ..
, , , , ,
.

, 21.

. , , ,

.
, , , ,
,
, , . .: Skousen, The Structure of Production, p.306.
1986. The
Interindustry Structure of the United State, , , 43,8% (3297977 .). (
56,2% , .. 4235116 .) (.: Arthur Middleton Hughes, The Recession
of 1990: An Austrian Explanation, Review of Austrian Economics 10, no.1 (1997): 108,
note4. . 1982. . 38 5.
21 1942. (.
. .210239) ,
( , )
,
.
, ,
, , . ,
, , , ,
, ,
. , 2530 1994. , ,
15 , ,
30% 10% ; +14% 1% ,
+10% 2%, .
. : V.A.Ramey, Inventories as Factors of Production and Economic
Fluctuations, American Economic Review (June 1989): 338354.

318


8

,
22, ,
, , ,
,
.
,
,

. ,
, (
), , ,
. ,
,
, .


, ,
, , ,
,
( ). ,
, ,
,
,
. , (..
, , ),
.
, ,

22 .:

. ,
. .: , , 2008. .23.

319

9.
, , , , ? ,
,
, . ,
, . ,
, , , ,
. , , , ,
, ,
, . (,
, , 2.)
, , , ,
. ,
, , ,
.
, , , , , ,
23.
. ,
23

: , , .
,
, .
, .
(. . .748). , , ,
1949., , ,
,
, , , ,
. . 7 ,
(.403408).

320


, . ,
, . ,

,
. , , ,
,
, , , . , ,
, , ,
, ,
, .

, , ,
: ,
,
, ( ),
? ,
,
, 24. ,
24 ,


1990 , , , . 1920 , , ,
,
,
(.. ). , .. 1997.,

, ,

321

9.

, () () . , ,
,
.
, , , . ,
,
.
, ,
,
, ,

. 1920
,
. ,
(..
)25.
. [ 1998. ,
. . .]
25 ., ,
(Murray N. Rothbard, Americas Great Depression, 5th
ed. (Auburn, Ala.: Ludwig von Mises Institute, 2000). ,

, . ,
. , , , ,
, . : ,
, . , .
19261929. (. . .523).
, , :
,

322


, ,
, , ,

.

, ,
, , .
1929.
( , ) (
). , ,
(, , ) .
.
, ( ),
,
, ,

.
,
1920 , . ,
.
,
,
(The System of Intertemporal Price Equilibrium and Movements in the Value of Money),
1928.26 ,
.
. .
,
, (.
. .391).
26 Das intertemporale Gleichgewichtssystem der Preise und die Bewegungen des Geldwertes
Weltwirtschaftliches Archiv 2 (1928): 3676.
1984., Money, Capital
and Fluctuations: Early Essays, p.71118. ,
, 1994. (The
System of Intertemporal Price Equilibrium and Movements in the Value of Money );
27 Classics in Austrian Economics: A Sampling in the History of aTradition,

323

9.

, . ,
, (
)
,
.. . , ,
, , . , .. ,
.
1928. 1930 , , ,
,
: ... ,
. ,
, , , , 27.
, 1920 (, ,
) . ,

, ,
, Israel M. Kirzner, ed., vol.3: The Age of Mises and Hayek (London: William Pickering,
1994), p.161198. Die
Whrungspolitik der Vereinigten Staaten seit der berwindung der Krise von 1920,
Zeitschrift fr Volkswirtschaft und Sozialpolitik 5 (1925): Bd. 13, s. 2563, Bd. 46, s.
254317. The Monetary Policy of the United States after the Recovery from the 1920Crisis,
Money, Capital and Fluctuations: Early Essays, p.532.
.
27 F. A. Hayek, Intertemporal Price Equilibrium and Movements in the Value of Money,
p.97; . :
,
,
(. 106).

324


1929.28 ,

,
,
.
,
, 29.
28 .: . 1929.? // : -

. : , 2005. .172215.

. ,
1929. Monatsberichte des sterreichischen Instituts fr Konjunkturfor
schung. , 1975., ,
(Gold & Silver Newsletter [Newport Beach, Calif.: Monex International, June 1975]):
, , . 1929., , , . ,
,
, ,
, , , . ,
,
.
, ,
. , 1927.
,
, . 1929.
, . ,
,
, .
, ,
, . . ,
( ), , , .
1920 : 93,4
(100 1926.) 1921. 104,5 1925. 95,2
1929. 45,3 73,2 ., ..
61%. .: Rothbard, Americas Great Depression, p.88, 154.
: ,
. , ,
. (. 158). ,
, , ,
, (1997.). ,
( ).
29 Machlup, The Stock Market, Credit and Capital Formation, p.177.

325

10. :
, , ,
, ,
,

, . ,
.
( 1929.), 30.

30

, ,
, , . . : Gottfried
Haberler, Der Sinn der Indexzahlen: Eine Untersuchung ber den Begriff des Preisniveaus
und die Methoden seiner Messung (Tbingen: Verlag von J.C.B. Mohr [Paul Siebeck], 1927),
p.112ff. .: Gottfried Haberler, Monetary Equilibrium and the Price Level in a
Progressive Economy, Economica (February 1935): 7581 ( : Gottfried Haberler, The Liberal Economic Order, vol.2: Money and Cycles and
Related Things, Anthony Y.C. Koo, ed. [Aldershot: Edward Elgar, 1993], . 118125).
. , , , . ,
, ,
,
(.: .
. : , 2005. .60). , , ,
,
( ..), , .

, ,
, (. . 7,
.397399). (L. Albert Hahn, Com
mon Sense Economics [New York: AbelardSchumann, 1956, p.128]) , .
, ,
, . , , , , ,

,
. ,
, ,
, (.: Rothbard, Man, Economy, and State,
pp.862863).

326


10
:

, , .. ,
, ,
. , , .
, , , ..
.
,
.

, ,
,
tantundem , , . ,
,
. , (
)
.
, ,
,
,
. . , ,
, ,

, . , ,
, , . 31.
31

: , , , , ,

327

10. :
, , , ,
, , ,
, . ,
, .
.
,
,
.
,
.
,
. ,

,
, . .
, , , ,
32.
, , ,
,
. , ,
,

.
(Rothbard, Man, Economy, and State, p.860). ,
.61 (. , .380381)
, ,
.
32 .2882 Profits, Interest and Investment. .: Skousen, The
Structure of Production, p.315317, ,
,
, .. , ,
,
[] (Skousen, The Structure of Production, p.315).
Economist, .: Hayek, The Keynes Centenary: The
Austrian Critic, The Economist, no.7293, p.46.

328


? ,
, :
,
,
, , .
,
,
, , , . , ,
.
,
. ,
. ,

,

, ,
33.
, , ,
34. 33 . : ,

, , ,
(Lachmann, Capital and its Structure, p.123, 125).
34 , , , , , ,
. ,
.
, ,
, .
.
, , . :
:
, ,
, .
(taxpending) /
, , ,

329

10. :
,

. , .
A.
, ,
. ,
. , ,
,
. .
B. ,
,
. ,

, ,

(Americas Great Depression, p.22).


,
,
. :
1. . ,
..
2. . , , .
, , , .
, .
3. .

4. . ,
,
.
5.
,


6. . ,
(Rothbard, Americas Great Depression, p.19).

330


, 35. , ,
,
, ,
,
.
, , ,
, , ,
. , ,
.
C. , .
, , , ,
,
, , . ,
, ,
, .
, , , , , ,
, .
, 36. ,

( ,
), ,
.
D. , , .. . ,
35 Hayek, Profits, Interest and Investment, p.60. , -

. ,
2530% , , , , , 510%. . . 2
.5960.
36 Lachmann, Capital and its Structure, p.123.

331

11.

, ,
, .

. ,
, , , ,

:
,
, , ,
, , , , . , ,
,
, , 37.
E. , ,
, . , ,
, ,

. ,
,
, , ,
,
,
, ,
. ,


,
, ,
. , ,
,
37 Hayek,

332

Profits, Interest and Investment, p.70.

:


38.

11
:

,
,
, . . ,
. ,
, , .. 1928.,
39. , ,
. ,
, ,
,
. ,
,

. , ,
,
40.
38 .: . . .748751 ( -

). .
The Hidden Drawbacks of Public Works Projects The Structure of Production.
39
. ,
, . ,
,
, .
, , ,
,
. ; ,
, (Lachmann, Capital and its Structure, p.113114).
40 1928. : -

333

12. :
, , ,
,
,
. , , , , .
, , ,
, . ,
, ,
.
, ( )
, ,
.
,
,
. ,
, ,
.

: ,
,
. ,
, ,
.
,
, , ,
, .
. ,

(Mises, On the Manipulation of Money and Credit, p.125). , .49 Geldwertstabilisierung und Konjunkturpolitik,
1928. Profits, Interest and Investment
.373 ,
. , , 1928. ,
, (.
.1 .42 ).

334



, , .
, ,
, .
, , ,
.
, .. , , .
, ,
, ,
, . , , 41.

12
:

, 42. ,
41

, ,
, , ,
, .
, ,
. .
(. . .541). ,
: , , ,
, . ,
, . ,
, , ,
, , ,
, ( . . .116).
The Structure of Production, p.289290.
42 , , , .

335

12. :

(.. ).
( ), ,
. , ,
, ,
. :
,
. ,

,
,

.
, 43,
. , , , .
(
),
. 44:
43 .:

. . .392., XVII,
.
44
. 1933. , : ,
, ,

.
,

. , ,

. , , ,
, (Ludwig
von Mises, Die Stellung und der nchste Zukunft der Konjunkturforschung, in Fest
schrift in honor of Arthur Spiethoff (Munich: Duncker and Humblot, 1933), pp.175180,
The Current Status of Business Cycle
Research and its Prospects for the Immediate Future, in On the Manipulation of Money
and Credit, pp.207213 ( .212213).

336


A. , ,
.
45 , . ,
.
, , ,
,
,
. , , ,
.
. ,
,
,
.
, ,
, ,
. ,
, ,
.
,
. , ,
46.
45

, 13 1925. , , , .. , 1717.,
1 = 4,86 .
46 , , :
, , ,
1925., ,
, . ,
, :
, (
, 17 1821, The Works of David Ricardo, Piero
Sraffa, ed. (Cambridge: Cambridge University Press, 1952), vol.9, p.73).

337

12. :
B. , , , , ..

(.. )47.
, ,
.
, , ,
. , 5 . ,
, , ,
, . , , . :
.
, . 20 XIX. ,
. 100
,
(. . .529). . . ,
, , , ,
1920 1921. :
1925.,

. , ,
, ,
1931. , ,
(F. A. Hayek, 1980s Unemployment and the Unions: The
Distortion of Relative Prices by Monopoly in the Labour Markets, 2nd ed. [London: Institute of Economic Affairs, 1984], p.15. . . 43 8).
47 , ( ), .
( ) . , , 5,
, .

338


, ,
,
,
. ,

, : ,

,

. ,
, , . , ,
.

, , 5, .
, ( ) ,
,
48.
C. , , . 4 5,
: , , (
) ,
, . ,
48

, ,
, . ,
.
, , , .
, , .. ,
. ,
.
,

(. . .487488).

339

12. :
, . ,
.
() ,
,
. , , , [ ], , (); , ,
. , , .

, , , . , , ,
,
(, , , ,
) ,
.
, , , ,
, (, )
,
. , , (.. ,
) ,
. ,
( , ). 49.
49

( ) Rothbard, Man,
Economy, and State, pp.863871. . . .
.528532. , , ,
, , , ,

,

340



.
, ,
, . ,
,
,
. ,
,
. ,
, [ ].
,
,
,
, ..
.
, ,
,
.
, . , , ..
,
, ,
, 1930 50.
,

, . ,
, ,
, ,
. : , ,
, ..
. .
, , (. . .529.)
50 Wilhelm Rpke, Crises and Cycles (London: William Hodge, 1936), p.120.

341

12. :
,

,
, .
prima facie*, ,
. ,
, .
,
.
,
, 51.
, , , ,
, ?
,
. , ,
,
, ,
,
, .
,
,
, . 1939. : ...
,
, , ,

. , * (.). . . .
51 , , , ,
.
,
. .: Rpke, Crises and Cycles,
pp.128129.

342


, ,
1932., .
,
, ,
52.
, , ,
, . , , .
? ,
, , , ,
, , ,
. , . ,

( ) 53.
52 Hayek,

Profits, Interest and Investment, p.6364, note 1. , , 1930 , , ,


. ,
: , ,
. , , . , , ,
, . : , ,
, ; , (F. A. Hayek, The Campaign Against
Keynesian Inflation, chapter 13of New Studies in Philosophy, Politics, Economics and the
History of Ideas, p.211).
, . , , ,
1933.
53 ,

343

13. :
13
:


, ,
, ,
54. ,
, , , ,
.
, , ,
,
. , ,
, 55. (, ), ,
, ,
(Hayek, The Campaign against Keynesian Inflation,
p.212). , ,
. , ,
.
,
,
.
54 , ,
, , .
, , (, , ..) (, ) . .
55 , . , , , , , .
,

. , (.
. .536537). ,

344



, ,
.
, , .
, , .
, .
,
,
, , , . ,
,
.
,
.
, , .
,
56.
, 57, ,
, , ,
,
. ,
, , . : ,
, . ,
. . 14 .
56 , , . . ,
, ,
.
57 William D. Nordhaus, The Political Business Cycle, Review of Economic Studies 42,
no.130 (April 1975): 169190. .: Edward R. Tufte, Political Control of the Econ
omy (Princeton, N. J.: Princeton University Press, 1978); C. Duncan MacRae, A Political
Model of the Business Cycle, Journal of Political Economy 85 (1977): 239263. . . 56 9.

345

14.

, ,
, , . , , ,
, .
, ,
. ,
,
,

.
,
,
. ,
, . ,
,
. :
, . , 58.

14

.
, .
. ,
, ,
: ,
( , ) ,
. :
, ..
58 .

346

. .539.


,
, , , , . ,
,
59. ,
,
:
,
60.
, , ,
:
.

61.
59

, , :
,
, ,
,
, , (Lachmann, Capital and its Structure, p.71; . . .)
60 ,
. , , . ,
, , , . , , , ,
(
, , ).
, , ,
.
, . :

, , ,

, ,
.
61 ,
,
, . , . ,

347

14.
,
, .

, .
,
. , , .

. , . , , . ,
, , . , , 62.
( ,
), . , ,
, , , .
, , , , ,

, ,
63.
,
,
, ,
. ,
, . 1990
20002001.
62 Machlup, The Stock Market, Credit and Capital Formation, p.92.
.
63 ,
,
,
, , ,
(F. A. Hayek, The Maintenance of Capital, Eco
nomica 2 [August 1934]. .: Profits, Interest and Investment, chap. 3, p.83134, .133).

348


, . , , ,
64. , , , , ,
. .
,
, , , ,
, .
, , 65. , ,
, ,
66. .
64

,
, ,
,
. , ,

, ,
(Machlup, The Stock Market, Credit and Capital Formation, p.90).
65 ,

. , , ,
,

, ,
. , , ,
, , .
66 , 17 1929., 24,
: , , , ,
(. Commercial & Financial Chronicle,
26 1929., .2618 2619. . : Benjamin M. Anderson, Economics and the
Public Welfare: A Financial and Economic History of the United States, 19141946 (Indianapolis, Ind.: Liberty Press, 1979), p.210). , ,
, . . . .: . 1929? // : . :
, 2005. .172215 (. . 100 ).

349

15.
, . , , , , ,
,
. ,
, ,
,
.

, , , ,
, ,
, 67. ,
, ,
, ,
68.
, .

.
,
, .
,
67

,
. , , . ,
, ,
, (Lachmann,
Capital and Its Structure, pp.124125).
, . , ,
,
. .
, ,
, , ..,
.
68 (2001.) .

350


,
. , 69.
,
: , .

.

, [ ]
,
.
,
70.

15

,
. ,
,
. ,
69

, , ,
,
, ,
. ,
. ,
, . , , ,
. :
(Machlup,
The Stock Market, Credit and Capital Formation, p.7071).
70 ,
.
(Ibid., p.99, 290).

351

16. , ,
4 ,

, , ,
. , ,
.
5 , ,
, ,
,
( ).
, ,
, .
,
,
.

,

.
, , ,
,

,
, , .
, ,
, ,
.

16
, ,

, , . ,
, ,
, , , -

352


. ,
,
, . , , ,
,
(18651919), ,

, , , 71.
, , : , , , ,
, .
, , .,
(
), 72.
, . ,
,
73. , ,
, ,
,

, . , ,
71

. . . . . .: , , 1997. .312330.
. 7, . 87.
72 . .325 ( . . .).
73
. . , ,
, . , , ,
, , [ ,
] , (.
. .122123). .: Hayek, The Pure Theory of Capital, p.426.
. : Alec Nove, The New Palgrave: A Dictionary of Econom
ics, John Eatwell, Murray Milgate, and Peter Newman, eds. (London: Macmillan, 1987),
vol.4, pp. 705706. ,
,
( ) , , , . .: .
. .543544.

353

16. , ,
.
,
. , , ,
,
.
,
, ,
, ,
(, , ) ,
74.
74 Hayek,

Monetary Theory and the Trade Cycle, p.189190. 1929.


, , ,
,
. ,
,
,
(Ibid., p.191). , , , ,
Monetary Nationalism and International Stability
,
100% . 1996.
(Walter Block, Kenneth M. Garschina Hayek, Business Cycles and
Fractional Reserve Banking: Continuing the DeHomogenization Process, The Review of
Austrian Economics 9, no.1 (1996): 7794) ,
1929. , , ,
, . 1925. (Bank Charter Act) 1844. 100%
. ,
, 1929. Mon
etary Theory and the Trade Cycle, , Verein fr
Sozialpolitik , 1928., .
( 1929.)
, , .
100% .12
The Monetary Policy of the United States after the Recovery from the
1920 Crisis .29 (. . 95).

,
[. .: . . , . .: , 2007.
.30360]. Capital and Interest, vol.2: Positive Theory of Capital (Teora positiva del capital
[Madrid: Ediciones Aosta/Unin Editorial, 1998]) .1922
.

354


, ,
, ,
, . .
, , , ,
,
, , , , , ,
. ,
, .
, ,
,
, ,
, .

. ,
,
,
. , ,
75
, , , . ,
,
,
, ,
.
: , .
75


,
, , ,
. .
, ,
, ,
.

355

17.
, ,

,
, , .
, ,
,
, . ,
, ,

.
,
,
76.
, ,
, 77. , ,

, ,
,
, ,
, . , ,
, ,
. , ,
,
, .
, ,
, .. 76

, [., : , , 2008] , ,
,
, .
77 , , , .
,
. , . , ,
, . ,
,
. , , , , (. . .527).

356


, ,


78.
, , .
, , , ,
, .

17

.
: ,
. ,
, .
:
, ;
,
, ,

.
,
,
, , 79.

. ,
78

: Tomasz StankiewiczInvestment under Socialism, Com


munist Economies 1, no.2 (1989): 123130. . : Jan Winiecki,
The Distorted World of SovietType Economies (London: Routledge, 1988and 1991).
79 1980
, , .
, , , , .

357

18.
, , ,
.
,
. ,

,
, . , ,
, , ,
.
, , , . ,
() ,

.
, ,
, .

. , .

18

, . , ,
,
. ,
, ,
.
.
, ,
. ,
, -

358


, ,
, , , . , ,
80, , , .. ,
.
. .
, ( ),
, , ,
, , .
, , , ,
80

, : Jess Huerta de
Soto, Mtodo y crisis en la ciencia econmica, Hacienda pblica espaola 74 (1982):
3348, in Jess Huerta de Soto, Estudios de economa poltica (Madrid: Unin Editorial,
1994), chap. 3, p.5982. The Ongoing Methodenstreit of the
Austrian School, p.75113. ,

,
. , (,
), ,
, , ,
.
, ,
,
, ,
, .
, , . , , . ,
, .
.33 , Mtodo y crisis en
la ciencia econmica, (:
, 2007), .: . (.7288); (.: , 2003).
: Bruce Caldwell,
Beyond Positivism: Economic Methodology in the Twentieth Century (London: George
Allen and Unwin, 1982; 2nd ed., London: Routledge, 1994), p.117138.

359

18.
. ,

,
.
.
,
().
,
, , , .
.
. , , , ,
. :
, ,
. ,
, . ,
.
, , . ,
, , , ,
.
,
,
, 81.
, ,
,
81

, ,
11 1974. .: Hayek F. A. The Pretence
of Knowledge, The American Economic Review (December 1989): 3.
: , , ,
(. 5).

360


. , ,

.


A.
, .
, , ( ) , .
,
, 2, XIV XVI.82 , , ,
. 83, ,
XIV84.
, . ,
,
, ,
( mancamento della credenza). ,
,
, ,
. , (1349 1379.). ,
,
.
,
. , , . ,
82 Carlo

M. Cipolla, The Monetary Policy of FourteenthCentury Florence (Berkeley:


University of California Press, 1982); Ibid., Money in Sixteenth Century Florence
(Berkeley: University of California Press, 1989).
83 R. C. Mueller, The Role of Bank Money in Venice: 13001500, p.4796,
The Venetian Money Market: Bank, Panics, and the Public Debt,
12001500.
84 , , (Cipolla, The Monetary Policy
of FourteenthCentury Florence, p.13).

361

18.
: , . , , 85.
2 , ,
.
B. , , . XVII. , ,
. 86.
, 1560
. 1570
, . ,
, .
1570 ,
( ) . :
, ,
,
, . ,
, , , (..
), ,
87.
,
. .
C. 2 ,
. ,
,
1492. ,
V. , XVIII, ,
85 Ibid.,

p.48.
Money in SixteenthCentury Florence, p.106.
87 Ibid., p.111.
86 Cipolla,

362


,
88.


,
, , .
XIX.
1.

1819.

.
,
, .
. , 1819.,

. , ,
, , 89.
2. 1825. .
,
, .. ,
.
88 .:

Hayek F. A. First Paper Money in Eighteenth Century France, in The Collected


Works of F.A. Hayek, Vol.3: The Trend of Economic Thinking, chap. 10, p.155176.
.: Kindleberger, A Financial History of Western Europe, p.98ff.
89 .: Rothbard, The Panic of 1819: Reactions and Policies.
: , . , ,

, . , . , , :
, , , ,
, ( 100% ) (.151).

363

18.
. 1825. , , 1832.
3. 1836. , ,
. ,
,
. 1836.
. , , , ,
. 1836. , .
, 1840.
4. 1847. 1840. .
,
, . ,
1846., . , 19 1846.
, , 100%.
,
, , 1846. ,
.
, , , .
.
, ( )
1848.
5. 1857. . ,
. , , .
, .. , . , .

(.. , ),
-

364


. , , . , .
22 1857. ,
.
6. 1866. 1861. , Credit Foncier.
, , , 1866., ,
Overend Gurney.
, 1847 1857,
. Crdit Mobiliaire.
, , ,
,

. 1859 1864. , , . 1864.
, 1866.

[.. ]. ,
, 90.
7. 1873. . . , .
, ,
.
1873., ,
Jay Cook & Co,
. , ,
,
.
90 , , , 1866.


(.: Gabriel TortellaCasares, Banking, Railroads, and Industry in Spain
18291874 (New York: Arno Press, 1977), p.585. : Juan Sard, La poltica mon
etaria y las fluctuaciones de la economa espaola en el siglo XIX (Barcelona: Ariel, 1970;
1. edicin., Madrid: C.S.I.C., 1948), esp. p. 131151.

365

18.
8.

1882. 1878.
.
.

.
1882. Union Gnrale. Crdit Lyonnais ( ).
400 ( 3271);
, .
9. 18901892.
,
. . 1890., 1896.
, , ,
.
10. 1907. 1896. ,
1907.
( ex nihilo) , , . ,
, . ,

. 1907. , .
1907. , 1913.
, .
, 91.

1929.
, , , .
,
, (1913.)
.
91

., .: Maurice Niveau,
Historia de los hechos econmicos contemporneos (Barcelona: Editorial Ariel, 1971),
pp.143160.

366


, .
, 1920

,
.
.
,
,
, . , , 33 . 47 .
, 1922. 1928. , ,

92.
, 37
. 1921 . 55 . 1929 .93
,
39 . 1921 . 57 .
1929.94
92 Anderson,

Economics and the Public Welfare, pp.145157.


.146.
93 Rothbard, Americas Great Depression, p. 88, column 4.
, , ,
, ,
,
, , , (. 113). . : George A. Selgin, The
Relative Inflation of the 1920s, in Less Than Zero, pp. 5559.
94 Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 18671960
(Princeton, N.J.: Princeton University Press, 1963), pp. 710712 ( A1, 8).
, 1920 , ,
, ,
. , ,
(. 240).
, ,
,
1929 . ,
, 1920 , .
, , .

367

18.
.
, 1920 . 1923 1924. in situ*
.

1920 95, :
,
96.
,
() . . () , . ,
, ,

, , . .
1920
. , ,
, , . , [,
] , 60%,
, ,
160%97.
* (.). . . .
95 F. A. Hayek, The Monetary Policy of the United States after the Recovery from the
1920Crisis, in Money, Capital and Fluctuations, chap. 1, pp.532. , 1925. Zeitschrift
fr Volkswirtschaft und Sozialpolitik (no.5, 1925, Bd. 13, ss. 2563, Bd. 46, ss. 254
317). , . 4 ( .2728) ,
, . , . 12
, 100% . : , 100%
, (. 29).
96 Hayek, Money, Capital and Fluctuations, p.17.
97 , , , (Rothbard, Americas Great Depression, p.154). The Federal Reserve
as a Cartelization Device: The Early Years: 19131930 (in Money in Crisis, ed. Barry N.
Siegel, chap. 4, pp.89136)
1913 1930., -

368


,
, . 1920 , .
12%
,
5%.
. ,
22%,
25%.
,
,
, .
, 19221928. ,
, , .
XIX98.
, , ,
. , , , ,
, , ,
99.
, ,
, . .
, . [.: .
:
. : , 2005. . . .]
98 Ralph G. Hawtrey, The Art of Central Banking (London: Longman, 1932), p. 300.
1920 (Rothbard, Americas
Great Depression, p.159.) , , , ,

, . . ,

, , . , , (.
. .391.)
99 , , , ,
, , (Phillips, McManus, and Nelson, Banking and
the Business Cycle, p.176).

369

18.
(, .),
, , , ,
.
,
. , , , . ,
( ), . 1929. 100.
.
1926 1929. ,
100 216. 24 1929.,
13 ,
. , 12 25. , , 28 ,
. 9 ,
49. 29,
33 , 49.
. 1929 1932. 24000 5000
101. ,
15 . 1929.
1 . 1932. , 1933.
27% .
,
, ,
[] ( 1928.), .
, 100

17 1929. : ,
(Anderson, Economics and the Public Welfare, p.210.) , ,
,
, . : Robert Loring Allen,
Irving Fisher: A Biography (Oxford: Blackwell, 1993). , . .: Robert W. Dimand, Irving Fisher and Modern Macroeconomics,
American Economic Review 87, no.2 (May 1997): 444.
101 Elmus Wicker, The Banking Panics of the Great Depression (Cambridge: Cambridge
University Press, [1996] 2000).

370


. ,
.
1931.
. 16,4%
21,5%, 2 .
, : 1,55% 48%,
, . 12 14%,
, 33,3%.
, ,
,
, ,
.
. , 1932.,

102.

1970 1990

,
,
. 1960
,
.

102


: ,
. ,
laissez faire, , 1920
.
: , , . , ,
(Rothbard, Americas Great Depression, p.295).
, The Great Depression (1934).
(Aurel Schubert, The CreditAnstalt Crisis of 1931 [Cambridge: Cambridge University
Press, 1991]) (
).

371

18.
1970 , . , 1970 ,
1974.
.
, , . , , ,
, , ,
.
: ,
103.
1970
, . ,
. ,

,
. , , ,
,
1970 , 1980
103

, 1691 1987.,
, , ,
, (
) (.: Milton Friedman, The Plucking Model of Business Fluctuations Revisited, Economic Inquiry 31 (April 1993): 171177 (
.172). : )
, , ,
, ; )
, ,
,
(), ; )
(19611987), ,
, ,
( 1970 1990 ), . . .
.: Garrison, Time and Money, pp.222235.

372


, , , .
,
19 1987. (
22,6%),
.
1990 104 .. , 1983 1987. ,
, 14,5% , .. 25 . 1985.
40 . . , , ,
.
,
. ,

105. . ,
, ( , ).

106. , , , 107.
104

William N. Butos, The Recession and Austrian Business Cycle Theory: An Empirical
Perspective, in Critical Review 7, nos. 23 (Spring and Summer, 1993). , 1980
1990 . ,
Roger W. Garrison, The Roaring
Twenties and the Bullish Eighties: The Role of Government in Boom and Bust, Critical
Review 7, nos. 23 (Spring and Summer, 1993): 259276.
1980 , 30
60 1986 1992.,
(Banco de Espaa, Boletn estadstico [August 1994]: 17).
105 ,
,

. .: Thatcher, The Downing Street Years.
106 Hughes, The Recession of 1990: An Austrian Explanation, pp.107123.
107 , Lawrence H. White, What has been Breaking U.S. Banks? pp.321334;
Catherine England, The Savings and Loan Debacle, in Critical Review 7, nos. 23
(Spring and Summer, 1993): 307320. :

373

18.
, , 108. ,

.
, , .
, 1987 1991. , , , , .
0 3% , ,
, , , , .
,
. 1991., . ,
,
, , (2001)109.
Antonio Torrero Maas, La crisis del sistema bancario: lecciones de la experiencia de
Estados Unidos (Madrid: Editorial Cvitas, 1993).
108 : ,
. , 1990.,
. , ,
, , ,
1990. (Hall, Macrotheory and the Recession of 19901991, American Economic Review (May 1993): 275279;
. .278279). , 1990 ,
. , .
109 ( Hok
kaido Takushoku, Sanyo and Yamaichi Securities .) Nikkei 225
30000 1990. 12000
2001. ,
.
( Peregrine Bank,
Bank of Commerce, Bank Korea First), 1997.
. . ,
1994. , .
. (Hiroyuki Okon) Austrian
Economics Newsletter (Winter, 1997): 67 [.: / . .
: , 2008].

374


,
, , 1992.
.
,
, , , , . ,
.
,
. , .

, . ,
, 110. ,
1997.
(
),
. ( 2001.) , (
, ) 111.



.
,
,
,
.
110


( )
(, , , , , ..),

. 1995.,
, 16 21, , , . ,
.
111 , ,
(20022003.), , ( ) .

375

18.
, , ,
, , .
112.
,
, 113. .
,
.
1959. 1981. , , ,
.
, . .
, , , , , ,
, . , , :
; ;
, , ,
. ,
,
,
. , 114.
112 Wainhouse, Empirical Evidence for Hayeks Theory of Economic Fluctuations, pp.37

71. . : Hayeks Theory of the Trade Cycle: The Evidence from the
Time Series (Ph. D. dissertation, New York University, 1982).
113 :
,
, , ,
(Wainhouse, Empirical Evidence for Hayeks Theory
of Economic Fluctuations, p.55). : Clive W. J. Granger, Investigating Causal Relations by Econometric Models and CrossSpectral Methods, Econo
metrica 37, no.3 (1969): pp.428ff; Idem., Testing for Causality: A Personal Viewpoint,
Journal of Economic Dynamics and Control 2, no.4 (November 1980): p. 330ff.
114 Prices in Recession and Recovery (New York: National Bureau of Economic
Research, 1936) ,

376


,
,
115. ,
, , , .
,
, .
.
,
. , . 21,
1976 1992. ,
, +30% 10%; +14% 1%, +10% 2%116. , ,
1990 ,
, .. , , 1015%, (12%),
,
117.
, 1929. ,
, ,
1929.,
. , ,
, ,
. ,
, [ ] ,
. 19341936. ,
,
(. 2526. . pp.9697,
151, 157158, 222). The Structure of Production .5860
.
115 Valerie A. Ramey, Inventories as Factors of Production and Economic Fluctuations,
American Economic Review (July 1989): 338354.
116 Mark Skousen, I Like Hayek: How I Use His Model as a Forecasting Tool, 2530 1994.
().
117
, , . ., .: Peter
E. Kretzmer, The CrossIndustry Effects of Unanticipated Money in an Equilibrium

377

18.
, . ,

,
, , . .61 ,
.
,
, , ,
.

, XXI . ,
, , , . ,
,
. , ,
, ,
, . , , ,
,
.
, , , , () . 1, ,
,
Business Cycle Model, Journal of Monetary Economics 23, no.2 (March 1989): 275396;
illem Thorbecke, The Distributional Effects of Disinflationary Monetary Policy,
W
Jerome Levy Economics Institute Working Paper No. 144 (Fairfax, Va.: George Mason
University, 1995). , :
.

, ,
,
(Tyler Cowen, Risk and Business Cycles: New
and Old Austrian Perspectives [London: Routledge, 1997], chap. 5, p.134).

378


, , , , .
,
, ,
,
, .
, , ,
. , ,

,
,
. , :
.
, .
,
. , .

. , , , , ,
,
, ,
, ,
,
. , ,
118.

118

. . .543543 ( ).

379

18.

4.
.
5.
,
( ).

.

380

1. .
1.
.
.

2. .
2. .
2. .
2. .

3.
.
3.
.

2

(
)

3.
.
3. .
3.
. .

1. .

.
2. .
2.
(

).
2. : .
2. ( ).

.
2.
(
,
).

61

4.
(

).
4. :
. .
4.
( ).
4. ,
.
4.
. :
.

5.
.
(
. .)
5.
.
5. :
.
5. :


. .
5. , .
5. . .
5. .
5.
,
).
5.

.

6.
(. 1),
(.2).

. 61
1. ,
, .. . , ,
, , .
2. ,
, . , , .. , , ,
. , . , , ,

, , , .

381

18.
3. , , ,
.
4. , ,
, . ,
(/ ), , .

7


,
. ,
,
. ,
. , ,
, , ,
. ,
, , . (

), .
.
, . , .


, , 1871., .

. ,
,
. ,
.


, , ,

. ,
. ,
. , ,

383

2.
, , , (
). , , ,
. ,
: ,
,
,
( ).
( , , , , .. ).

,
, .
, .
, . , , , ,
,
. ,
, ,
, 1871.
, , , .
,
,
: ,
. ,
. , , (
),
, , .
.: . , . .47. .177446.

384



.
, , 1871.
,
. . . . ,
. , , ( )
.

2


, . 

(Principles of Economics, James Dingwall and Bert F. Hoselitz,


trans., New York: The Free Press, 1950, p.27).
, ,
, , , : .
. ,
, , . ,
,
(Hicks, Capital and Time, p.12). . (.: Hicks, The Theory of Wages [London: Macmillan,
1932]) , , ,
. 9 11 , , , (., ., .190, 201, 215, 217 231).

.
, .
, .
1978. , , ,
: , ,
. .: John Hicks, Is Interest the Price of a Factor of Production? in Time, Uncertainty, and Disequilibrium: Exploration of Austrian Themes, Mario
J. Rizzo, ed. (Lexington, Mass.: Lexington Books, 1979), p.63.

385

2.
,

.
,
, .
,
, , . (18481938),
.
.


, , , , . ,
.
, 1871.,
. , , , , , ,
.
, ( , , ,
), , .,
( . . .: , 2007. .113). ,
, ,
, . , , , . ,
,
, , .. .
, (.: Rothbard,
Man, Economy, and State, pp.301308). ( , ,
) ,
, . , ,
, ,
(., .,
8 1931., The Collected Writings of John Maynard Keynes:
The General Theory and After, PartI, Preparation, Donald Moggridge, ed. [London: Macmillan, 1973], vol.13, p.267268; .
: . . . 3. .:
, 2001. . 3. .13041314).
: The Genesis of Capital,
pp.302315; The Origin of Interest, Quarterly Journal of Economics 9 (April 1895):

386


,
. ,
,
.
, . , , .
.
. .
. ,
. ,
( ),
, ,
, .
, , ,
, ,

.
,
,
, . , , , ,
257278; The Distribution of Wealth (New York: Macmillan, 1899, reprinted by Augustus M. Kelley, New York 1965); Concerning the Nature of Capital: A Reply .
 , ( )
, (. Hans Mayer, Der Erkenntniswert der funktionellen Preistheorien, in Die Wirtschaftstheorie der Gegenwart (Vienna: Verlag von Julius Springer, 1932), vol.2, pp.147239b).
: Hans Mayer, The Cognitive Value of
Functional Theories of Price: Critical and Positive Investigations Concerning the Price
Problem, in Classics in Austrian Economics: A Sampling in the History of a Traditi
on, vol.2: The InterWar Period (London: William Pickering, 1994), chap. 16, pp.55168.
: ,
, : ,
, ,
.
, .
, ,
, ,

387

2.
, , .
, ,
(
, ..). ,
. , ,
. ,
,
.
, , ,
, .
.

(Mayer,p.92 , ).
,
.: Hans Mayer, Il concetto di equilibrio nella teoria economica, in Economa Pura,
Gustavo del Vechio, ed., Nuova Collana di Economisti Stranieri e Italiani (Turin: Unione
TipograficoEditrice Torinese, 1937), pp.645799.
., , . . . (.: , , 1997. .443).
( )
, : Mark Skousen, Vienna and Chicago: Friends and Foes
(Washington, D. C.: Capital Press, 2005), p.65.
, .. , ,
, ,
, ,
. , , ,
, , , ,
,
. ,
, , ,
,
, . , . , ,
, ,
, .
, , ,
, . ,
,

388


. . , ,
, , ,
,
.
. , ,
.
, (18851962),
. , , , .
10.
.
, , ,
, . ,
, : 1) ,
; 2) ,
, 3) , . ,
,
.
, , ,
,
,
( , ).
. : Eugen von BhmBawerk, Capital and Interest, vol.I, pp.73122 (
: . .
., 1909. .82142). . . : Israel M. Kirzner, The
Pure TimePreference Theory of Interest: An Attempt at Clarification, in The Meaning
of Ludwig von Mises: Contributions in Economics, Sociology, Epistemology, and Politi
cal Philosophy, M. Heberner, ed. (Dodrecht, Holland: Kluwer Academic Publishers, 1993),
chap. 4, pp.166192; : Israel M. Kirzner, Essays on Capital and Interest,
pp.134153. .: Fetter, Capital, Interest and Rent, pp.172316.
 Irwing Fisher, The Nature of Capital and Income (New York: Macmillan, 1906). .: Irwing Fisher, What Is Capital? Economic Journal (December 1896): 509534.
10 , , , . , 1938., ,
,
, .
, , []
. , ,
() [.: Stigler, Production

389

2.


. , ,
,
, , ,
,
. ,
, . , ,
, 11.
and Distribution Theories (London, Transaction Publishers, 1994), pp.138, 157].
, , , , (p. 314).
,
,
, . , ,
, , . ,
.
11 Eugen von BhmBawerk, Professor Clarks Views on the Genesis of Capital, Quar
terly Journal of Economics, IX (1895): 113131, : Classics in Austrian
Economics, Kirzner, I., ed., vol.I, pp.131143. ,
, , .
,
:
, , , .
, . , , , .
, ,
, , ,
, [BhmBawerk,
Classics in Austrian Economics, Kirzner, I., ed., vol.I, p.137].
, : , . , [] (. . .796.
[ : Frank Knight, Professor Mises and The Theory of Capital, Economica, 1941, VIII, pp.409427. . .]).
: BhmBawerk, Capital and

390


, , . ,
,
. , ,
, .
12.
( ,
,
, , , ),
, :
, , , , ,
. ,
, 13.
, . , , Interest Once More, Quarterly Journal of Economics (November 1906 and February
1907), esp. p.269277, 280282; The Nature of Capital: A Rejoinder, Quarterly Jour
nal of Economics (November 1907) Capital and Interest.
, , , , , , ,
, ,
. , ,

, ,
, .
: , , , ,
. . ,
, , (F. Hayek, The
Mythology of Capital, Quarterly Journal of Economics [February 1936]: 206).
12 Machlup, Fritz, Professor Knight and the Period of Production, p.580,
: Classics in Austrian Economics, Istael M. Kirzner, ed., vol.2, chap. 20, pp.275315.
13 F. A. Hayek, The Mythology of Capital, Quarterly Journal of Economics (February 1936):
203. : ,
,
(Hayek,
The Pure Theory of Capital, p.94).

391

2.
, ,
. , ,
. ,
. ,
, . , ,
14.
,
, 15. 16, , , , , ,

, ,
,
. ,
,
. , ,
, , .
, , ,
, 17.
, , , .
14

, , 1928.,
: ,
, , (F. A. Hayek
Intertemporal Price Equilibrium and Movements in the Value of Money, 1928., .: Money, Capital and Fluctuations, p.72).
15 . . .796. [ , : Frank Knight, Professor Mises and The
Theory of Capital, Economica, 1941, vol.VIII, pp.409427. . .]
16 . . 11.
17 . . .460. [ :
, . Capital, Time and the Interest Rate,
Economica, N. s. I, 257286. . .].

392


An Essay on Capital ,

. , , ,
. , ,
. ,
. , ,
, , ,
,
, , ,
18.



,
. , ,

, .

MV = PT,
:
M ,
V ( ,
),
P
T ,
19.
18 Kirzner,

An Essay on Capital, p.63.


.
(.: . . .: , 2001. .64),
, MV M'V', M' V' :

MV + M'V' = PT.
.
T (,
), , , , (., .: ,

19

393

2.
,
, , ,
, , , M
. ,

, , .
, ,
, , ,
. ,
, . ,
, .
, , , . , XX . ,
1931.,
. , ,
; , ,
20. , . . .22). ,
, , M. ,
T,
, , MV. , , , :

M = kPT,
:
M ( ),
PT .

.: Milton Friedman, Quantity Theory of Money, in The New Palgrave: A Dictionary


of Economics, vol.4, pp.47.
20 , ,
, . .: R. G. Hawtry, Review of Hayeks Prices and
Production, Economica 12 (1932): 119125. , 1930
. . . , ,
, : . , ,
,

394


, ,

, ,
.
, , . , , ,
, 21.
, ,
. , , ,
,
, ,
, 22.
, ,
, ,

. , , , ,
(Allan Meltzer, Comments on Centi and ODriscoll, ,
, , , 2530 1994., .1).
21 R. G. Hawtry, Capital and Employment (London: Longman Green, 1937), p.250.
Great Depression and the Way
Out, Economica 12 (1932): 126127.
Das Schiksal der Goldwrung (Deutsche Volkswirt20 [Februar 1932]:
642645; 21, pp.677681). The Fate
of Gold Standard 5 Money, Capital and Fluctua
tions, pp.118135. , , ,

. , ,
,

. ,
,
[Hayek, Money, Capital and Fluctuations, p.120].
22 .: Milton Friedman, The Optimum Quantity of Money and Other Essays (Chicago:
Aldine, 1979), p.222; Milton Friedman, and Anna J. Schwartz, Monetary Trends in the
United States and United Kingdom: Their Relation to Income, Prices and Interest Rates,
18671975 (Chicago: University of Chicago Press, 1982), esp. pp.2627; 3031. , .

395

2.
.
, , .
, , , , , ,

, . , ,
,
23.
, , ,
,
,
, ,
24.
, , ,
. [ ]

, ,
,
. , , ,
, 25.
23 Hayek,

New Studies in Philosophy, Politics, Economics and the History of Ideas, p.215.
: , , ,
(.: Joseph T. Salerno and Richard Ebeling, An Interview with Professor
Fritz Machlup, Austrian Economics Newsletter 3, no.1 [Summer 1980]: 12).
24 , , , .
.
, . , , ,
, . [. . .386].
25 . (). ,
, ,
. ,

396


,
. ,
. ,
, ,
, .

.
,
, 26.
,
, 27,
. , , , ( ) ,
.
, , ,
,
,
. . ,
, , . [ ], , ,

, .
:
,
, (Anderson, Economics and the Public Welfare, pp.7071).
26 : . ,
[ ] , ,
, , (Schwartz, Pedro.
Macro y Micro, Cinco Das [April 12, 1993], p.3). ,

,
, , , ,
, ,
.. , .
27 ., .: Leland Yeager, The Fluttering Veil: Essays on Monetary Disequilibrium,
George Seglin, ed. (Indinapolis, Ind.: Liberty Fund, 1997).

397

2.
28.
1941. ,
, , , , , , ,
.
, , ( )
. ,
, ,
, , .
, , , ,
,
, , ,

. , , ,
, ,
, , , 29.

28

[ ] .
,
, , , , , , . , (Laidler, David.
Hayek on Neutral Money and the Cycle, in Money and Business Cycles: The Economics
of F.A.Hayek, M. Colonna and H. Hagmann, eds., vol.1, p.19).
29 ,
, . 56,
,
. ,
. .394 The Pure Theory of Capital. ,
,


, .
, ,
, ,
, , , (Lachmann, On Crisis and Adjustment, Review of Economics and Statistics
[May 1939]: 67).

398


, ,
, . ,
,

30.
(
,
) , MV = PT,
, 31.
30 D.

Laidler, The Golden Age of Quantity Theory (New York: Philip Allan, 1991).
: , ,
, , . ,
, .
, ,
. :

(p.198). .
31 .: . ( .44 .). , ,
, . ,

, :
, , . ,
, , ,
, , . , .

, , ,
, , ,

.
, , [], , .
, .
,
,
. , , , , ,

399

2.
,
, ,
. , , , , , ,
(MV = pt). , ,
PT, T
, , .
32.
,
, ,
(). ,
,
33.
, ,
, ,
,
. .:
Ludwig von Mises, Die Stellung des Geldes im Kreise der wirtschaftlichen Gter, in Die
Wirtschaftstheorie der Gegenwart, Hans Mayer, ed. (Vienna: Julius Springer, 1932), vol.2
(. .: The Position of Money Among Economic Goods, in Money, Method, and the
Market Process: Essays by Ludwig von Mises, Richard M. Ebeling, ed. (Dodrecht, Holland:
Kluwer Academic Publishers, 1990), pp.55ff.).
32 , (P)
, ,
, (
). , , . : Murray N. Rothbard, Man, Econ
omy and State, p.727737.
33 (
, ) (Mises, The Theory of
Money and Credit, p.154).
,
, .
, ,
, . ,
, .
,
( ), .

400


, ,
, ,
, ..34
,
,
(.. ).
,
,
, .
,
. 1912. ,
.
,
,
( , ). ,
.
, .
,

, ,
, .

() , , .
,
,
35.
34 The

Shorter Oxford Dictionary, 3rd ed. (Oxford: Oxford University Press, 1973), vol.1,
p.1016.
35 Mises, The Theory of Money and Credit, p.62ff. :
,
, .
.
, . .,
, ( . . . .: . . , 1896. .2035).

401

2.
,
?
, , , . ,
, ,
.
,
, ,
, 36. ,

, .
: , , ,
, , 37.


, , ,
.
, [ ]
. ,
, , ,
38.

, : Cantillion, Essai sur le nature du Commerce eu gnral, part2, chap.7,


pp.232239.
36 Hans F. Sennholz, Money and Freedom (Spring Mills, Penn.: Libertarian Press, 1985),
pp.3839. , ,
,
, .
37 F. A. Hayek, A Rejoinder to Mr. Keynes, Economica 11, no.34 (November 1931): 398
404. 5 : Friedrich A. Hayek: Criti
cal Assessments, John Cunningham Wood and Ronald N. Woods, eds., (London and New
York: Routhledge, 1991), vol.1, pp.8283. .: Contra Keynes and Cambridge,
pp.159164.
38 ., .321326, 9 6, ,
.

402



, ,
, *. , ,
, . , ,

. , ,
,
39.
.
, ,

( ),
, ( ). ,
,
.
, , , , ,
40.
,
, .
,
* (new classical economy, new classical school) , 1980 ,

. , ,
, . . . .
39 . : Garrison, Time and
Money, chap. 2, pp.1530.
40 , ,
,
(Axel Leijonhufvud, What Would Keynes
Have Thought of Rational Expectations? UCLA Department of Economics Discussion
Paper No. 299 [Los Angeles: University of California, Los Angeles, 1983], p.5).

403

2.
, 41.
, ,
(
),
, .
.

, ,

. ,
,
, .
, ,
,
,
, .. ,
42.
41

, , .
() ()
. , ,
, .
, , ( )
, ,
,
(.. ),
( ). .: . , . .6163, 101125.
42
:
, , ,
. , , . ,
, . ,
. (Mises, Elastic Expectations in
the Austrian Theory of the Trade Cycle, Economica [August 1943] pp.251252. [
: . . .748. . .]. , , ,
, .

404


,
,
,
, ,

.
: , . , ,

. .
, , .
, .
. ,
, .

, 43.
, , ,
, .
:
, ,
, , . , .
, .
.
.
, . ,
,
(. . .816817; . .).
43 .: Gerald P. ODriscoll and Mario J. Rizzo, The Economics of Time and Ignorance,
p.222. . : Gerald P. ODriscoll,
Rational Expectations, Politics and Stagflation, in Time, Uncertainty and Disequilib
rium: Exploration of Austrian Themes, Mario J. Rizzo, ed. (Lexigton, Mass.: Lexington Books, 1979), chap. 7, pp.153176.
: , ,
, ,
. , ,
,

405

2.
,
, , . , ,

,
. , ,
() ,
, ,
, . ,
,
.
, ,
.
, . ,
6. ,

.
, , ( ,
,
[] ). , ,
, ,
( , , 1920 ,
). , ,

. ,
(Roger W. Garrison, What About Expectations?: A Challenge to Austrian Theory, an article presented at the 2nd Austrian Scholars Conference [Mises Institute, Auburn, Alabama,
April 45, 1997, manuscript pending publication], p.21; . : Roger W. Garrison,
Time and Money, pp.1530).
, , ,
. , ,
, , ,
, ,
. . : Peter Temin
and HansJoachim Voth, Riding the South Sea Bubble, American Economic Review,
vol.94, no.5, December 2004, pp.16541668.

406


, ,
,
. ,
. ,
44. , , ,

, ,
. ,

45.
, , , , , ,
46. , , ,
: , .
44 Roger

W. Garrison, What About Expectations? P. 1.


: . , , ,
, , ,

. , (ODriscoll, Rational Expectations, Politics and Stagflation, in Time, Uncer
tainty and Disequilibrium, p.166).
46 .
: Robert E. Lukas, Nobel Lecture: Monetary Neutrality, Journal
of Political Economy 104, no.4 (August 1996): 661682.
, . . ,

, ,
, /
, ,
, . .: Richard Arena, Hayek
and Modern Business Cycle Theory, in Money and Business Cycles: The Economics of
F. A. Hayek, M. Colonna and H. Hagemann, eds., vol.1, chap. 10, pp.203217; . :
Carlos Usabiaga Ibez and Jos Mara OKean Alonso, La nueva macroeconoma clsica
(Madrid: Ediciones Pirmide, 1994), pp.140144. , , : Huerta de Soto, The
Ongoing Methodenstreit of the Austrian School; . : Garrison, Time and Money,
esp. chap. 1012.
45

407

3.
;
47.
, ,
,
, , ,
,
48 , 49.

3

, , .
. , , ,
, ..,
. , ,
,
. , ,
, .. , .
, ,

, . ,
,
,
47 .

. .391. ,

,
, ,
, .
48 .: Finn E. Kydland and Edward C. Prescott, Time to Build and Aggregate Fluctuations, Econometrica 50 (November 1982): 13451370, Business Cycles: Real Facts and
Monetary Myth, Federal Reserve Bank of Minneapolis Quarterly Review 14 (1990): 318.
,
, , , . . ,
(.541547).
49 , ,
[] ? , , .

408


50. .
, ,
.
.,
, ,
( , , ). ,
.

. . ,
. ,
, , ,
51.
50

. . , // . . , . . .: , 2007. 21. .272286


( . ). , ,
, .
: , ..
,
, (. . .275;
. .. ).
(.: Roger Garrison, Time and Money, chaps. 79), ,
, , , . , ,
(Collected Writings [London: Macmillan, 1973],
vol.7, p.xxvi). ,
( 7 1936.). : Trotzdem kann die Theorie der Produktion als Ganzes, die den Zweck des
folgenden Buches bildet, viel leichter den Verhltnissen eines totalen Staates angepasst
werden als die Theorie der Erzeugung und Verteilung einer gegebenen, unter Bedingungen des freien Wettbewerbes und eines grossen Masses von Laissezfaire erstellten Produktion [ ,
,
, , , laissez fair] (John Maynard Keynes, Allgemeine Theorie der Beschftigung, des Zinses und des Geldes [Berlin: Dunker and Humblot, 1936and
1994], p.ix). . , 76 .
51 F. A. Hayek, A Tiger by the Tail: A 40Years Running Commentary on Keynesianism by
Hayek, compiled and edited by Sudha R. Shenoy (London: Institute of Economic Affairs,
1972), p.101.

409

3.
, , . ,
, ,
, . :
, !
, 52.


,
.
, , ( ) ,
,
, . , [
] 53.
,
, .
,
, .
, ,
, , ,
, , ,
, , 54.
52 John

Maynard Keynes, A Treatise on Money, vol.1: The Pure Theory of Money, in The
Collected Writings of John Maynard Keynes (London: Macmillan, 1971), vol.5, p.178, n. 2.
, ,
Theorie des Geldes und der Umlaufsmittel. The Economic Journal (September 1914) :
John Maynard Keynes, Collected Writings, vol.11, pp.400403. .Gottfried Haberler,
Reviewing a Book Without Reading It, Austrian Economics Newsletter 8 (Winter, 1995),
.: Journal of Economic Perspectives 10, no.3 (Summer, 1996): 188.
53 . , !
, , ,
, , ,
(Skousen, The Structure of Production, p.325).
54 , 2 1936. .: The Collected Writings of

410


,
, .
, . ,
, ,
,
. , , :
; ,
.
, . , ,
, 55.
, , , ,
. , ,
56. ,
. ,
, (..
, ),
,
, ,
, .


,
. , ,
,
John Maynard Keynes: The General Theory and After: A Supplement (London: Macmillan,
1979), vol.29, p.207.
55 . . .57.
56 .: John Maynard Keynes, The General Theory and After, part 2: Defence and Devel
opment, : The Collected Writings of John Maynard Keynes, vol.14 (London: Macmillan,
1973), pp.24, 486. ,
, , (. 486).

411

3.
: , . , .
. ,
. .
, ,
. , : , ,
(
). , , ,
, , 57.
, , . , ,
,
. , . ,
,
(, ,
, ). ,
, , ( ex nihilo) , . ,
58.
, , ,
, . ,
, ,
,
, , , . , ,
,
, , ,
, , . : []
, ,
57 .

. .102; . . .
Economics and the Public Welfare, p.391.

58 Anderson,

412


, . ,
, , ,
,
59.
ex post facto* ,
, 60.
,

ex nihilo.
, 61.
, ,
, ,
. ,
( ). , ,
, .
, ,
59 . . C. 108.
* (.). . . .
60 , ,
, , , ,
: ,
, , [] ,
, , , . ,
, ! (Anderson, Economics and the Public
Welfare, pp.391392).
61 ( ).
. ,
, ,
, ,
, .
, , , , , , . .:GeorgeA.Selgin,
The Theory of Free Banking: Money Supply under Competitive Note Issue (Totowa, N. J.:
Rowman and Littlefield, 1988), esp. pp.5455.

413

3.
,
62. , ,
,
, . ,
, , , ,

, , ( ), (
). . , , :
(
, ),
63.
( )
, .. ,
,
62 , ex post facto (S=I),

, , , , . , ,
. , ,
, , ,
,
(. , .284291).
63 ,
( ) .
(,
) , (). ,
. ( , , ,
, ),

,
. ,
. ,

,
. .: Jacques Rueff, The Fallacies of Lord Keynes General Theory, in The
Critics of Keynesian Economics, Henry Hazlitt, ed. (New York: Arlington House, 1977),
pp.239263, esp. p.244.

414


.
, .

, ( )
. ,
,
, , , . , ,
, , ,
, .
, , , ,

. , ,

,
; ,
, , , ,
. (
, ) , . , ; ,
,
,
, 64
,
.
,
, .. , , ,
,
. , ,
, ,
:
, ,
.
, ,
, . ,
64 .

. .108; . . .

415

3.
,
,
. , , . 56,
,
(
, ..
, ). , ,
( ) , ,
. , ,
, ,
.
: , ,
, (.. ,
),
[]
. , ,
,
,
65.


, , , 1928. ,
, , , , ,
66.
,
, ,

67. , , 65 Hayek,

The Pure Theory of Capital, pp.378 394. .395 : , , ,


.
, .
66 Mises, On the Manipulation of Money and Credit, p.125 (Mises, Geldwertstabilisierung
und Konjunkturpolitik, s. 49).
67 , , ( ) . .: Garrison, Time and Money, p.250.

416


.
,
. , ,
,
, (
), ,
, . ,
, .. , , 68.
68

, :
, , , ,
, ,
(. . .52).
,
,
.
:
, , ,
. .
: .
, . ,
, ,
. , ,
.
, ,
. , ,
, , , ,
, .
, , ,
, . ,
,

417

3.

, ,
, , ,
,
,
, 69.
,
, ,
, ,
,
. , ,
, ,
.
, . , ,
. ,
, ,
70.
, ,
, , , , . , ,
, , .
,
, , . . : HansHermann
Hoppe, Theory of Employment, Money, Interest and the Capitalist Process: The Misesian
Case Against Keynes, in The Economics of Ethics and Private Property (London: Kluwer
Academic Publishers, 1993), chap. 5, p. 111138, esp. pp.124126.
:
, ,
, (Jrg Guido Hlsmann, Has FractionalReserve Banking
Really Passed the Market Test? p.416).
69 . . .147148.
70 ,
,
, , .
Hayek, The Pure Theory of Capital, p.375, note 3).

418


, , , , ,
.
,
, ,
.
, , , ,
, , , () . ,
,

, (..
, ) (
. . .). , 71.
, , 5. , , ,
, ,

[] ,
. ,

[ ],
, ,
(..
, ).


,
.192 193 The General Theory (. .
.260262. . .), .
71 , -

, , , ,
, ,

, , , (Hayek,
The Pure Theory of Capital, p.383).

419

3.
, . , ,
(
, ). , , ( ) . ()
(
) ,
. , ,
, , (
) .
,
, .
, . ,
,
, 72.
72

, .
, : , [.
.260262 . . . .] ,
. , (
, ),
(Denis H. Robertson to John M. Keynes, February
3, 1935, The Collected Writings of John Maynard Keynes, vol.13, p.496ff.).
(20 1935.) ,
, , :
, . ,
, (Ibid., p.519).

, 1936. . (
, . [. . .261]) : , ,
,
, , , .
(Ludwig Lachmann, John Maynard Keynes: A View from
an Austrian Window, South African Journal of Economics 51, no.3 (1983): 368379,
esp. 370371.

420



, ,
, , . , ,
.
, , , , , , : 73
, ,
,
. , ,
,
. , .
, , , (
). ,
, ,
. , ,
,
. ,
, ,
. ,
, , , ,
,

,
. ,
, .. ,
, , .
, , , ,
73 Keynes,

The General Theory, p.329; . . .402. , , , .

421

3.
,

, , ,
,
, 74.

(1930) , ,
, 75. ,
, (
, , ). , ,
,
.
,
,
, ,
. , ( , )
, , , 576.
74 Gottfried

Haberler, Mr. Keynes Theory of the Multiplier: A Methodological Criticism,


Zeitschrift fr Nationalkonomie 7 (1936): 299305,
23: Anthony Y. Koo, ed., Selected Essays of
Gottfried Haberler (Cambridge, Mass.: The MIT Press, 1985), pp.553560,
pp.558559. , . . : Robert B. Dimand, Hawtry
and the Multiplier, History of Political Economy 29, no.3 (Autumn, 1997): 549556.
75 , ,
: Reflections on The Pure Theory of Money of Mr. J. M.
Keynes (1), Economica 11, no.33 (August 1933): 270295; A Rejoinder to Mr. Keynes,
pp.398403; Reflections on The Pure Theory of Money of Mr. J. M. Keynes Continued
(2), Economica 12, no.35 (February 1932): 2244.
: Friedrich A. Hayek: Critical Assessments, John Cunningham Wood and Ronald N. Woods, eds. (London: Routledge, 1991), pp.186, 9 : The Collected Works of F.A. Hayek, vol.9: Contra Keynes and
Cambridge: Essays, Correspondence (London: Routledge, 1995).
( Wood and Woods, p.7) ,
, ,
, , .
76 , , . -

422


, , ,
, (.. ,
), . ,
, ,
. , , , ,
. , ,

, . . ,
, ,
.


.

,

, ,
.

, ,

. , (
) .
, .
, ,

. , , ,
. , , , , (John
Maynard Keynes, The Pure Theory of Money: A Reply to Dr. Hayek, Economica 11,
no.34 [November 1931]: 394; p.56in Wood and Woods, ed.).

423

3.
, , .. , ,
.

. ,

, , 1970 77.
,

, ,
,

78.
77


, , , .
, , , , , ,
. ( ,
, . , , ( ),
, , , .)
, , , ,
, , ,
, . ,
: , .
, , ,
, [ ] : () , ; () , ; () .
, () , ()
, () . , ( ) .
,
, , , , . .: Rothbard, Man, Economy and
State, p.690. ,
, ,
. : Mark Skousen, ed. Dissent on Keynes: A Critical Appraisal of Keynesian
Economics (New York and London: Praeger, 1992). . 79 . (R. Garrison, Time and Money).
78 Hayek, The Pure Theory of Capital, pp.409410. :
, ,
:
.
, -

424


, ,
, . , ,

, 79.
,
, ,
, ,
. ,
, ? , ,
, , ,
(p. 410).
79 ( ,
) , , , , , ,
, . , (
), ,
. ,
.
,
, , , , , . , , , , ( ,
) ( , ,
F. A. Hayek, The Campaign against Keynesian inflation, New Studies,
p.221). , ,
. , , ,
, , : ,
1930 ;
, , , , (Hayek, Personal Recollections of Keynes and Keynesian
Revolution, p.287). , , . ,
, ,
, , ad hoc
1930 . ,
(, , , ..)
, .
,

. ,
, ,
, . . (. 94).

425

3.


, 5. . ,
,
. ,
, .
,
. ,
, .
, . ,

, ,
80.
,
.
, , ,
, . ,
, .. , , 80

: , 2 ,
. 30 . ,
60 . , , ,
20 , ,
. , , .
3 . ,
... , , 50% 30 45 .
50% 20 30.
11 10, , . , 50%.
? 1 11, 1000%!
(Samuelson, Economics, 11th ed., [New York: McGrawHill, 1980], pp.246247). 15
, 1992.

426


.
,
. , . ,
,

! ,
, . ,
( )
. , , ,
81.
, ,
, ,
. ,
.
,
, ,

. ,
. ,
, , , .
,
,
.
.

.
, . , [
], , .
, , , ,
81


, , . . , . . .P. N. Junankar, Acceleration Principle in: The New Palgrave: A Dictionary of Economics, Eatwell,
Milgate and Newman, eds., vol.1, pp.1011.

427

3.
. (
)
, ,
. ,
,
. , ,
. ,
, , ,
. . , , ,
, ..
.

.
,
, ,
.
( ),
, , :
,
, ? ,
, ,
.
, , . ,
.
, , , ,
, , .
, , , . ,

428


,
,
, ,
82.
, ,
. , , , , ,
.
, , ,
[ ]
. , , .
, ,
,
,
. .
, , .
; . ,
,
.
, ,

( )83.
, , 84. ,
82

, , ,
, .
, .
,
(. . .547).
83 ., .: Jeffrey Herbener, The Myth of the Multiplier and the Accelerator, in Dis
sent on Keynes, chap. 4, pp.6388, esp. pp.8485.
84 William Hutt, The Keynesian Episode: A Reassessment (Indianapolis, Ind.: Libert Press,
1979), pp.404408.

429

4.

?
,
, ,
. , , ,

. ,
[ ]. , , , ,
. , ,
,
, ,
.
, ,
, . , ,
, , ,
85.

4

.

,
, , , .
.
, , ,
85 Rothbard,

430

Man, Economy and State, pp.759764.

.
.
: ,
, , ,
,
, , , .
;
, ,
86.
. . ,
. , , . ,
(
), , 87.
,
, , ,

. ,
. ,

.

88.
( ), , (
).
,
,
86

. // ., . . 2 . . 25. .I. .13.


. .
(.122), The Pure Theory of Capital, p.426. . . .,
6, . 71.
88 .: Howard A. Sherman, Introduction to the Economics of Growth, Unemployment and
Inflation (New York: Appleton, 1964), esp. p.95.
87

431

4.
. , ,
, ,

. , , , ,
, ,
, , 89.
,

,
. , , , ,
, . ,
.
, ,

, , ,

90.

, , , ,
91.
89 ,

, ,
7 5%,
5 3%, , , ,
, 5%, , 3%, . ,
,
, (Hayek, The Pure Theory of Capital, pp.388389, 7677, 140ff., 191ff.
200). ,
, . Hayek on Hayek: An Autobiographi
cal Dialogue (Graziani, book review in: The European Journal of the History of Economic
Thought 2, no.1 (Spring, 1995): 232.
90 ODriscoll and Rizzo, The Economics of Time and Ignorance, p.183.
91 ,
( . .

432

.
, ,
, , ,
,
92. ,
( ),
(,
) ,
.
, ,
,
, 93.
.: , 1994. .483). , , ,
( ), , ,

, . .:
Ludwig M. Lachmann, On Austrian Capital Theory, in The Foundations of Modern Aus
trian Economics, Edwin E. Dolan, ed. (Kansas City: Sheed and Ward, 1976), p.150. .: Israel M. Kirzner, Subjectivism, Reswitching Paradoxes and All That, in Essays
on Capital and Interest, pp.710. , ,
,
, , (p. 10).
92 , ,
,
, ,
, ,
, .
(, , )
( ) ( ). ,
. ,
, . ,
,
,
.
93 ,
, , ( , )
, , 1871.

433

5.
5

,
, . , :
. 94. , , ,
(.: Piero Sraffa, Doctor
Hayek on Money and Capital, Economic Journal 42 [1932]: 4253). : Ludwig M. Lachmann, Austrian Economics
under Fire: The HayekSraffa Duel in Retrospect, in Austrian Economics: History and
Philosophical Background, Wolfgang Grassl and B. Smith, eds., (London and Sydney:
Croom Helm, 1986), pp.225242). , 1953. (.: Joan Robinson, Collected Economic Papers [London: Blackwell,
1960], vol.2, pp.114131). 12 .
(.: , 1999. .122129).
.
. ,
.
1966. : (Samuelson, Paradoxes in Capital Theory: A Summing Up, Quarterly
Journal of Economics 80 [1966]: 568583). : Geoffrey C. Harcourt, Some Cam
bridge Controversies in the Theory of Capital (Cambridge: Cambridge University Press,
1972). , . : Ludwig M. Lachmann, Macroeconomic Thinking and Market
Economy (London: Institute of Economic Affairs, 1973).
94 Milton Friedman, Dollars and Deficits (Englewood Cliffs, N.J.: Prentice Hall, 1968), p.15.
, ,
, . ,
(efficiencywage hypothesis),
, . ., .: Robert Gordon, What
is NewKeynesian Economics? Journal of Economic Literature 28 (September 1990);
Lawrence Summers, Understanding Unemployment (Cambridge, Mass.: The MIT
Press, 1990). (
, , .: Roger Garrison, Time and
Money, p.232) , ,
, , ( , ,
,
, ), , .
:
, ,
[] , , , ,
. ,
, .
, -

434

5.

: , , ,
.
. . ,
,
, 95.
, ,
96.

(Peter Boettke, Where Did Economics Go Wrong?
Modern Economics as a Flight From Reality, Critical Review 1 [Winter, 1997]: 4243).

. : Oliver J. Blanchard and Stanley Fischer, Lectures in Macroeconomics (Cambridge,
Mass.: The MIT Press, 1990). .: David Romer, Advanced Macroeconomics (New
York: McGrawHill, 1996).
95 Peter F. Drucker, Toward the Next Economics, in The Crisis in Economic Theory, Daniel Bell and Irving Kristol, eds., New York: Basic Books, 1981), p.9. , , ,
1930 , , ,
, ,
. ., : Ralph G. Hawrtey, Capital and Employ
ment, pp.270286; Mark Skousen, Capital and Its Structure, p.263.
, .
, ,
,
, , . ,
, ,
, , ,
. .
, , , , . .: Milton Fredman, A Theory of Consumption Function (Princeton,
N.J.: Princeton University Press, 1957).
96 1930 , ,

435

5.

. 71.
, 97.
,
, . ,
. ,
98

(J. Ronnie Davies, Chicago Economics, Deficit Budgets and the Early 1930s,
American Economic Review 58 [June 1968]: 476). :
,
, , , (.: Milton
Friedmans Monetary Framework [Chicago: Chicago University Press, 1974], p.163).
, : ,
, , , .
[] .
, .
, . ,
, ,
(Mark Skousen,
The Free Market Response to Keynesian Economics, Dissent on Keynes, p.26;
. . .). . : Roger Garrison,
Is Milton Friedman a Keynesian? in Dissents on Keynes, chap. 8, pp.131147.
, 1930 .
.: Robert Skidelsky, John Maynard Keynes: The Economist as Saviour, 19201937
(London: Macmillan, 1992), p.579. ., , , : George S. Tavlas, Chicago, Harvard and the Doctrinal
Foundations of Monetary Economics, Journal of Political Economy 105, no.1, (February 1997): 153177.
97
. . : Hayek, Contra Keynes and Cambridge (Contra Keynes y Cambridge,
p.xii). (.: Hayek, The Pure Theory of Capital, pp.4749, ) (Skousen, The Structure of Production, p.370).
, , ,
Huerta de Soto, The Ongoing Methodenstreit of the Austrian School, p.96,
.
98 , ,
. , , ,
, .

, (Roger W. Garrison,
The Limits of Macroeconomics, Cato Journal: An Interdisciplinary Journal of Public
Policy Analysis12, no.1 [1993]: 166).

436

5.
71



( )
1. .

1. .

2. - 2.
, .
.
3. 3.

( ).
.
4. - 4. . .
.
5. 5.
(
).
.
6. 6. . (
/
,
).
( :

).
7. 7. .
( ).
8. [ ] 8. [ .
] .


( ),
.

.
9. 9.

.
. ,

.
10. , 10.

.
.
11. - 11. , .
( ) .
12. , 12.

, . ,


(

),
(
).
.
,

.

437

5.
99,

,
.
,
,
.

.
( )
. ,
, ,
( ).
,
,
, , . ,
, 100, , , ,
, , 101.
99

: .
, , ,
, . , . , , ,
, , , ,
,
. .: Luis ngel Rojo, Keynes: su
tempo y nuestro (Madrid: Alianza Editoral, 1984), pp.365ff.
(. .324325).
, . : Ramn Febrero, El mundo de la macroeconomia: perspectiva general y concepciones originarias, Qu es la economa, Ramon Febrero,
ed. (Madrid: Ediciones Pirmide, 1997), chap. 13, pp.383424. ,
, .
100 Hayek, The Pure Theory of Capital, p.408.
101
, .
, (
) .

.

438

5.
,
, , , . ,
, , , ,
,
.
, .
, ( ):
1.

, (.. ,
). , . ,
, 100%
.
2. , , , , . ,
,
, ,
. , . ,
, ,
, ,

, , . ,
,
(Roger W. Garrison, Time and Money: The Universals of Macroeconomic Theorizing, Journal of Macroeconomics 6, no.1 [Spring 1984]: 203).
,
: ,
, ,
. , (Garrison, What About Expectations? p.22).

439

6. .
,
, , .
, .
3. ,
. ,
( ),
, .
102.

6
.

, ,
, . , , ,
102

. (Hayerk, On Neutral Money, in Money,


Capital and Fluctuations, chap. 7, pp.159162, esp. p.161;
, :
Hayek, ber Neutrales Geld, Zeitschrift fr Nationalkonomie 4 [1933]: 659661.
,
,
, : ,
,
. ,
, . , , , ,
,
,
. :
. ,
. ,
, (Don C. Lavoie, Economic Calculation and Monetary Stability, Cato Journal, 3, no.1 [Spring 1983]: 163170, esp. 169). 9 .
,
.

440



, . , ,
, .
, .
, ,
( ), .. ,
,

, .
, , .
. , , .
, 103.
,
, , .
,
, . , ,
, . [
] ,
( ,
. . .).
, .
, , ,
, ,
. ,
103

,
,
. ,
( ) , . .: Luis ngel Rojo, Teora econmica III,
1970/71 (Madrid, 1970), pp.13ff., 9096.

441

6. .
. [] ,
,
, , .

, ,
, , , .
100%
, .. . ,

, .. ,
,
,
, ,
.




. , , . ,
,
, , (.. ,
), ,
.
,
, , , , ,
.
,
,

442


.
, , ,
.
, ,
, ,

( )104. , , ,
. :
(76)


(
)



, , ,
, . :
(77)

(,
..)

,
,
104

, . ,
, . ,

,
. .: Richard von Strigl, Curso medio de
economa, pp.201202. , , , . (.: Hayek, Savings, in Encyclopedia
of the Social Sciences, 1933, : Hayek, Profits, Interest, and Investments,
chap. 5, esp. pp.169170).

443

6. .
.
, (
, , ),
,
, .
, ,
, *.
:
(78)

(79)



()


(
)

:
(80)


( )

, ,
, ,
, , ( ,
,
). , , * , ,
,
. . . .

444


,
,
. , .
, ,
,
,
.

:
(81)


( )





()

, ( )
( ).
,
:
(
), ( , , )
( , ).
,

,
.
, ,
( ) , , , .

. , , ,

445

6. .

, , ,
. , , ,
,
.
(

).

: (.. . . .),
,
.

.
,
,
. ,
,
,
. ,
, ,
, . , . , ,

.

105.

105

, , , , .
(, ,
). , ,
, ,
, , . .Huerta de Soto, Inters, ciclos econmicos y
planes de pensiones, Anales del Congreso International de Fondos de Pensiones, Madrid,
April 1984, pp.458468. ,
, : Jess Huerta Pea, La estabilidad financiera empresas de seguros
(Madird, 1954).

446



, , ,
. , (
, ), ,
( ),
.
,
, , . ,
, [] . ,
. 106:
, . ,
, , , ,
. ,
, (,
, ..
).
106 , -

,
. , , .
, , , , ,
, .
. , ,
, , ,
.
,
,
, ,
. (.: Percy L. Greaves, Introduction, in Mises, On the Manipulation of
Money and Credit, pp.xlvixlvii; . . .).

447

6. .
, ,
.. . ,
, ,
,
.
.
, , , , ,

.
,
, . , , , ..
, , ,
. ,
, ,

107.

107

, ,
, ,
,
,


.
.
, . , ,
,
, ,
( ,
..). ,
, ,
. ,
, : Jess Huerta Ballester,
A Brief Comparison Between the Ordinary Life Contracts of Ten Insurance Companies
(Madrid, 1954).

448



, ,
.
, ,
,
,
, 108.
108

, , ,

,
.
,
National Mutual Life Assurance Society of London. ., , 3, . 47.
,
(ad hoc investment policy), ,
. , , []
, ( ).
, , [ ].

.
, ,
. ,
.
,
. .
: Nicholas Davenport, Keynes in the City, Essays on John Maynard
Keynes, Milo Keynes, ed. (Cambridge: Cambridge University Press, 1975), pp.224225;
Skidelsky, John Maynard Keynes: The Economist as Saviour, 19201937, esp. pp.2526
524; D.E.Moggridge, Maynard Keynes: An Economists Bioghraphy (London, Routledge,
1992), esp. pp.410, 411. ,
.
,
, ,
. .: Ludwig von Mises, Pensions, the Purchasing Power of the Dollar, and the
New Economics, in Planning For Freedom and Twelve Other Addresses (South Halland,
Ill., Libertarian Press, 1974): pp.8693. .
National Mutual Life Assurance Society of London , (19221938).
, ,

449

6. .
, 3, .
, , , , .. , . ,
,
. ,
,

,
. , , , 109.
, ,
, .
, ,
, , . .: The Collected Writings of John Maynard Keynes, vol.12 (London,
Macmillan, 1983), pp.114254. ,
, . , ,
, , .
. . , (Hayek, The Trend of Economic
Thinking, vol.3, p.356).
109 , ,

(, , ) . ,
: Murrey N. Rothbard, Austrian Definitions of the Supply of Money, in New Directions in Austrian Economics, pp.143156, esp. 151152. , ,
,
,

,
, .
, ,
, , ,
, .

.: Thierry Delvaux and Martin E. Magnee, Les nouveaux produits
dassurancevie (Brussels: Editions de LUniversit de Bruxelles, 1991).

450


, , ,
.
,
, ,
. ,
,
. ,
,
, ,
.

:

, , , ,
..
, ,
.
[ . . .] (, , ), , , , ,
100% ,
. , ,
,

( ) .
,
( ), , ,
, ..
. ,
3 ,
, ,
,
, .. ,

451

6. .
, 110.
,
, , ,
. ,
,
, . ,

.

,
,
, . , ( 75
95%), () (, ,
.. ). ,
, ,
.
. ,
, . ,
, , , ,
110 , ,

(
, ), , 100% . ,
, , ,
, ,
(100% ). ,
, .
, ,
.

452


, ,

,
. , ,
, . , , ( ,
) . , ,
. .
,
, .
,
. , ,
,
.
, , , ,
.
,
, . , , , .

, , , ,

. : ,
; , ,
,
111.
111 Francisco

Cabrillo, Quiebra y liquidacin de empresas (Madrid: Union Editral, 1989).

453

6.

, ,
, , ,
.., . , , , ,
.
, ,
, ,

, .
,
, 112.

112

, ,
,
, , ,

. , ,
. , ,

. , ,

, .

8



, ,
.
. , , .. , ,
(, , ). , ,
, .

. ,
, ,
,
,
, , .
, , , , ,
. , ,
,
. .


, , , . ,
,
, ( )
, .
, ,
( ),
( ). .: Anna Schwartz, Banking School,
Currency School, and Free Banking School, in The New Palgrave: Dictionary of Money
and Finance (London: Macmillan,1992):148151.

455

1.
. ,
, .
, ,
.

1

, .
, , ..
XIX.
, , ,
, XVIXVII.


,
.
, , , 1550.
(Veterum collatio numismatum).
. . ,
. 1556., 

. ,
. . : GriceHutchison, Marjorie. The School of Salaman
ca: Reading in Spanish Monetary Theory,15441605. . : Rothbard, New Light on
the Prehistory of the Austrian School, pp.5274; Alejandro A. Chaufen, Christians for
Freedom: LateScholastic Economics (SanFrancisco: Ignatus Press,1986).
.
. , [Fabin Estap] (Schumpeter, J. Historia del anlisis econmico. Barcelona, Editorial Ariel,1994, pp. xvixvii).
 Omnia opera, 1604.
: Veterum collatio numisma
tum, cum his, quae modo expenduntur, publica et regia authoritate perpensa, pp.669710.
.

456


: , ,
,
.
: ,
, , , . ,
, , , , , ,
. ,
,
, ,
. , ,
, , , .

,
 ,
.
,
.
2 , ---
. ,
, ,
.
,

(Della moneta, p.26). : . // . . .:
,2005. .263. (.: Carl Menger, Principles of Economics (New YorkLondon, New York
University Press,1981), Appendix J (History of Theories of the Origin of Money), p.317).
 . . . .: Azpilcueta. Comentario resolutorio de cambios, pp.7475.
30 , ( )
De monetae cudendae ratio (1526). . : Rothbard, Economic Thought Before
Adam Smith. p.165.
 ., , , [Francisco Gmez
Camacho] (Luis Molina de, La teoria del
justo precio (Madrid: Editora Nacional,1981), pp.3334). .
[Sierra Bravo] El pensamiento social y economico de la esco
lastica desde sus origenes al comienzo del catolicismo social, vol.1, pp.214237;
[Francisco Belda], ,
: Huerto de Soto, New Light on the Prehistory of the Theory of Banking and the School of Salamanca.

457

1.
.
, ,
.
, ,
, .
2, , ,
. , , ,
( ), mutuum,
(). . ,
,
depositum confessatum.
,
.
. , ,

, .

, ,
, , ,
, ,
, ,
. , , XIX. ,

, , ().
409
. :
: , , . ,
, , , ,
, .


.: Molina, Tratado sobre los cambios, p.145.

458


, chirographis pecunarium ( ),
. : , , ,
, . ,
,
: ,
, .
, (1797)
(1826) .
,
, ,
, . ,
ex nihilo ( ),
. : , , ,
,
,
, ,
. ,
, ,
, , ,
, . : ,
,
, ,
,
, .
, , ,
mutuum,
, 10.


Molina, Tratado sobre los cambios., .146.


Ibid., .147( . . .).
 Ibid., .149.
10 Quare magis videntur pecuniam precario mutuo accipere, reddituri quotiscumque
exegitur a deponente. Communiter tamen, pecunia illa interim negotiantur, et lucrantur, sine ad cambium dando, sine aliud negitiationis genus exercendo.
.406, 5, .60, De Cambiis [Lugo
Hispalensis] Disputationum de iustitia et iure.


459

1.

, , , ,
( ) ( ).
, .
,
, , ,

,
. ,
, . , , .
, , ,
,

11. ,
,
, , , 12.
? ,
, , . ,
,
, , ,
, .
.
, ,
, .. .
, , [] .
11

(. .102 2), , .
12 , , , , .
. .:
Izrael Kirzner, Economics and Error, in Perception, Opportunity and Profit (Chicago:
University of Chicago Press,1979), ch.8, pp.120136.

460


, ,
,
.
,
,
, . , ,
, . , ,
[ ] .
,
, .
, .
, , (tica de la creacin de crditos segn la doctrina de
Molina, Lesio y Lugo)13. ,
,
.
, . , . ,
, , . ,
, , , ,

14. ,
,
. ,
.
, , ,
. ,
, .
,
13 Francisco

Belda, tica de la creacin de crditos segn la doctrina de Molina, Lesio


yLugo, Pensamiento,73, no.19(JanuaryMarch1963):5389. Pensamiento , .
14 Belda, p.63,69.

461

1.
, 15.
, , ,

. , , ,
,
, ,
, .
,
, ,
, . ,
, ,
, .
, .
, (Interest and Usury)16,
.
, ,
17.
,
,
(---, ).
, (
, ). *
, ,
. 15 Ibid.,

.87. Disputationum de iustitia et iure,


tomo2, disposicin26, sectin5.a, nn.6062.
16 Bernard W. Dempsey, Interest and Usury. , , . , ,
.
17 .

, , , . ,
.
* , (, ). . . .

462



, ,
.
, ,
, , .
,
. , , , , ,
, , ,
.. . : , , ,
18. [] ,
[],
, ,
. :
, XVII.,
,
100% . ,
,
19.
,
.
, . :
,

18


, . , . ,
...
, ,
,
, ,
,
C,
(Dempsey, Interest and Usury, .225,227228( . . .). ,
,
Tratado y discurso sobre la moneda de velln.
19 Dempsey, Interest and Usury, .210.

463

1.
, ,

.
,
, .



20,

, XIX.
.

21 , La moneta 1683.22
, ,
, .

, (16231687)23,
(16321704)24 ., ,
, 20 .

,
, : F. A. Hayek, English Monetary Policy and the Bullion Debate, in F. A. Hayek,
Collected Works, vol.3. . : D. P. OBrien, The Classical Economists. Oxford Univer
sity Press,1975; Rothbard, Classical Economics, ch.56.
21 A Discourse upon Coins
1696. J. D. and J. Churchill.
22 La zecca in consulta di stato 1803.
La moneta : Scrittori classici italiani di economa poltica (Milan: G. Destefanis,1804), vol.3.
23 .: Sir William Petty. Quantulumcumque Concerning Money,1682, in: The Economic
Writings of Sir William Petty (New York: Augustus M. Kelly,1964), vol.1, pp.437448.
24 : John Locke, Some Considerations of
the Consequences of the Lowering of Interest, and Raising the Value of Money (London:
Awnsham and John Churchill,1692); Idem, Further Considerations Concerning Raising the
Value of Money (London: Awnsham and John Churchill,1695). : The Works of John Locke,12th ed. (London: C. and
J. Rivington,1824), vol.4, : Several Papers Relating to Money, Interests and Trade,
etcetera (New York: Augustus M. Kelley, 1968). ,
(.: Hayek, First Paper Money in Eighteenthcentury
France, in Hayek, Collected Works, vol.3: The Trend of Economic Thinking, ch.10, p.158).

464


,
.
(16711729): 2
, . (,
25),
,
.
( ) ,
,
. , ,
: , , .
:
, ,
26. , , .
XIX.,
. ,
. ,
.
1705., , 27.

.
25

, , , ,
.
26 .: John Law, Money and Trade Considered: With a Proposal for Supplying the Nation
with Money (Edinburgh: A. Anderson,1705; New York: Augustus M. Kelley,1966) [.
. .: . .: ,2008]. :
,
,
. . : Hayek, First Paper Money in Eighteenthcentury
France, in Collected Works, vol.3: The Trend of Economic Thinking, ch.10, p.158.
27 .: John Law, Essay on a Land Bank. Antoin E. Murphy, ed. (Dublin: Aeon Publishing,
1994).

465

1.
, .
,
XVIII., , .
,
(.16801734), . , , , ,
. , ,
, ,
. ,
, ,
, . ,
,
( ), , . 63( )
(Essai sur la nature du commerce en gnral) . ,
,
10% . :
,
.
, ,
, ,

. , ,
, , ,
, .
28.
,
, , 29.
28 Cantillion,

Essai sur la nature du commerce en gnral, pp.399400[. . .:


. .: ,2008].
, ,
. , , .
29 , . , Della moneta, , .

466


(17111776)
, :
, 30.
,
. ,
,
. :
, , , , ,
31. , , ,
,

, .
( ,
,
,
30

(Liberty Fund),
(Liberty Classics). .: Hume, Essays: Moral,
Political and Literary, pp.281327. [. .: . . .
. ,1896. . . , , .V.
: ). : ; ; ; ; ;
; . ). :
; ; . :
. , .,1896. . .]
31 .: . // . . .,1896. .20.
. : , ,
,
, . , , , ,
, . ,
, , ,
(Luis ngel Rojo, Renta, precios y balanza de pagos (Madrid: Alianza Universidad,1976), pp.421422). ,
,
, . ,
.

467

1.
). (
), . : ,
32.
, ,
, ,
, .
,
,
.
,
33. , 2,
100% .
:
; , ,

, ,
. ,
,
,
[ ], ,
34.
, ( ) ,
. : , ,
;
, . ,
35

( , ). , ,
32 .

//. . .,1896. C.25.


. .22( . . .).
34 . .23. ( . .
.)
35 . //. . .,1896. .41.
33

468


. , , ,
,
.
,
, ,
, , , , , , . ,
,
,
, , ,
, 36.
, .
, ,
,
, , , 37.
[ ] , , .

, . , : ,
,
, ,
, ,
,
, 38.
,
, ,
36

. .50.
, ,
XVIIIXIX. , ,
,
. .: F. A. Hayek, The Campaign
against Keynesian Inflation, in Hayek, New Studies in Philosophy, Politics, Economics
and the History of Ideas, p.231.
38 . . .: ,1993.
.436( . . .). .:
James A. Gheriry, The Evolution of Adam Smiths Theory of Banking, History of Politi
cal Economy26, no.3(Autumn,1994):423441.
37

469

1.
, ,

, . (
),
, ,
.
,
( , )39.

. 1802.
, ,
: (An Inquiry into the Nature and Effects of the Paper
Credit of Great Britain)40. , . , ,

, ,
. ,
,
, 41.
, .

. , 39

, , , ,

,
, . .: Edwin G. West, Adam Smith
and Modern Economics: From Market Behaviour to Pubic Choice (Aldershot, UK: Edward
Elgar,1990), pp.6769. ,
,
. ,
, : , ,
. .:
Schwartz, El monopolio del banco central en la historia del pensamiento econmico: un
siglo de miopa en Inglaterra, in Homenaje a Lucas Beltrn (Madrid: Editorial Moneda y
Crdito,1982), p.696.
40 . . : Henry
Thornton, An Inquiry into the Nature and Effects of the Paper Credit of Great Britain
(New York,1978).
41 .: F. A. Hayek, Collected Works, vol.3: The Trend of Economic Thinking, pp.194195.

470


, ,
, ,
.

,
, , , ,
, ,
42.
, ,
43.

42 .:

P. Schwartz, El monopolio del banco central en la historia del pensamiento econmico: un siglo de miopa en Inglaterra, p.712.
43
Proposals for an Economical and Secure Currency (1816),
: The Work and Correspondence of David Ricardo, Pierro Sraffa, ed. (Cambridge: Cambridge University Press,19511973), vol.4, pp.34106. [ ,
, : . . 4 . .3. .: ,1955. .179254.]
101815. (.:
Works, vol.4, p.177). ,
,
18 1821 . (.: Works, vol. 9, pp. 7174). 1975 .:
, ,
, , 1925. [
,
, ., . . .],

(Hayek, New Studies in Philosophy, Politics and
the History of Ideas, p.199). ,
, ,
, , ( ) :
, 30% . , , ,
, , ( , , ,
. . .),
(
, .: David Ricardo, The Works and Correspondence of
David Ricardo, Sraffa, ed., vol.9, p.73, . , 6, .46).

471

1.

XIX. ,
, 44.

(, , , , .),

, : () ;
() ,
, , , ; ()
, ,
.
,
, (.17801849). 1844.
(On regulation of Currencies)45, .
(
). ,
, , , , . , ,
, , ,
44

, ,
XVIII. .: Rothbard, The Early Bullionist Controversy in Rothbard, Classical Eco
nomics (Aldershot, UK: Edward Elgar,1995), pp.159274; F. A. Hayek, Collected Works,
vol.3, The Trend of Economic Thinking, ch.914.
45 John Fullarton, On regulation of Currencies, being an examination of the principles on
which it is proposed to restrict, within certain fixed limits, the future issues on credit of the
Bank of England and of the other banking establishments throughout the country (London:
John Murray,1844;2nd rev. ed.,1845).
.64 . .
, , . ,
, , ,
. : The New Palgrave: A Dictionary of Economics, vol.2, pp.433434.

472


. , ,
. ,
,
. , ,
.
,
.

.
. , ,
, . , , ex nihilo, ,
,
, :
, ,
. , , 46.

. ,
, .
, .
, ,
47.
, .
,
. ,
,
. ,
,
, , ( ),
,
46 Mises,

Theory of Money and Credit, pp.340341.

47 Ibid., p.342. .: Mises,

On Manipulation of Money and Credit, pp.118119; . .


.409415.

473

1.
, .
, ( , .), , XIX. .
. , ,
, , 171797.
(Committee on the Restriction of Payments in Cash by the Bank),
: , 48. , 1826. :
,
,
, ,
, ,
,
49 ( . . .).
1831. , ,
, :
. ,
, ,
, 50.
, , ,
48 : Records from Committees of the House of Commons, Miscellaneous Sub

jects,1782,1799,1805, pp.119131.
131826.
On Private Banking Establishments on the Metropolis, : ,
(Thomas Tooke, A Letter to Lord Grenville; On the Effects Ascribed to the Resumption of
Cash Payments on the Value of the Currency (London: John Murray,1826).
: Tooke, The History of Prices and of the State of the Circulation from17931837, vol.2, pp.369,374. ,
(1820.) ,
, ,
.
100% . .: Rothbard, The Panic of1819,
p.149,231232, n.52; Rothbard, The Mystery of Banking, .3.
50 Gallatin, A. Considerations on the Currency and Banking System of the United States.
(Philadelphia: Carey and Lea,1831), p.31.

49

474


, , ,
, .
,
.
51.
, , ,
(--, ),
, , .
XIX. , . .
( ), . . 52. , 18301840 , : ,
, ,
. ,
, ,
. ,
,
51


, .
. , deux ex machine, ,
(. . .411).
52 , ,

. .: F. A. Hayek, The Collected Works, vol.3. The Trend of Economic Think
ing, ch.12. , : Samuel Jones Lloyd
(Lord Overstone), Reflections Suggested by a Perusal of Mr. J. Horseley Palmers Pam
phlet on the Causes and Consequences of the Pressure on the Money Market (London: P.
Richardson,1837); . . : Tracts and other Publications on Metallic and Paper Currency, by Right Hon. Lord
Overstone (London: Harrison and Sons,1857); .: George Ward Norman, Remarks
upon some Prevalent Errors with respect to Currency and Banking, and Suggestions to
the Legislature and the Public as to the Improvement in the Monetary System (London:
P. Richardson1838); (,
): Robert Torrens, A Letter to the Right Hon. Lord
Viscount Melbourne, on the Causes of the Recent Derangement in the Money Market, and
on Bank Reform (London, Longman Rees, Orme, Brown and Green,1837).

475

2.
, . , . , ,
, , . ,

. , ,
, ,
,
.
,
(, ).
1912., . , .
,
,
53. ,

.
: , (Bank Charter Act) , 191844.,
, (, ),
. , , , (100% ),
, .
,


, .
, 53

. .: JosAntonio de Aguirre, El poder de emitir dinero: de


J. Law a J. M. Keynes (Madrid: Unin Editorial,1985), pp.5262, n.16.

476


, , ,

, ,
, 54.
, ,
. , , ,

100% .
,
. , , , ,
, ,
, ,

.
, , ,
,
. ,
, (.. 100% ), .
,
.

XIX.
, ,
, , ,
54

, ( ) ,
( ). .: P. Schwartz, El monopolio
del banco central en la historia del pensamiento economico: un siglo de miopia en Inglaterra, pp.685729, esp. p.729.

477

2.
55.

, ,
. ,
,
,
,
, .



,
, ,
.
. ,
, .
, . , ,
55 .: . . .:

,1996. (Vera Smith, The Rationale of Central Banking and the Free Banking Alternative. Liberty Fund,1990, P.S. King
& Son, Ltd., Westminster, England,1936).
, , . . .
,

(Prices and Production [. .: : ,2008])
. ,
. :
, XVIII, .
,
, (), . . ,
9,10,1112
. . (F. A. Hayek, The Collected Works, vol.3, The Trend
of Economic Thinking). .112113 [.
.129. .] ,

, , ,
. . : Rothbard, Classical Economics, ch.7.

478


,
, , , , .

.
,
, . ,
, 1827. ,
.
, ,
. ,
, . , ,
, ,
56.
:
,
.
, , ( ,
)57.


: . . . . . ,
, ,
, ,
, 58.
56 Henry

Parnell, Observations on Paper Money, Banking and Other Things, including


those parts of the evidence taken before the Committee of the House of Commons which
explained the Scotch system of banking (London: James Ridgway,1827), esp. p.8688.
57 ., .: . . XVII, 12
. .406418;
. .415.
58 J. R. MCulloh, Historical Sketch of the Bank of England with an Examination of the
Question as to the Prolongation of the Exchequer Privileges of that Establishment (London:

479

2.
. , ( ) , ,
59.
,
,
,
. ,
[
], .
, , :
. ,
. ,

,
, .
, ,
,
. , , prima
facie , ,
, . ,
, , ,
,
.
,
[ ]
100%
, . ,
Longman, Rees, Orme, Brown and Green,1831); Idem, A Treatise on Metallic and Paper
Money and Banks (Edinburgh: A. and C. Black,1858).
59
, Dublin University Magazine 1840. :

. ( . . .138). . , .664771.

480


, ,
.
,

60.


.

.
, , .
,
,
, .
. , ,
. , ,


. , ,
, ,
. , ,
.

. , , ,
.
60


(, ,
.) ,
(, ). ( ) , ,
( ). .: . . .8,9.

481

2.
, , . , ,
, [
]
100% .

,
,
. , , , ,
, .
,
,
100% .
, , , , , ,
. ,
, . ,
,
,
, , ,
.
,
, , . , , ,
. , , , ,
.
, , ,
.
, , , .
, -

482


, ,
,
,
. , , ,
, .
, , , ,
,
,
. ,
, ,

,
. , , ,

. ,
, , , .
.
,
( 100% ),
.
.

, . , ,

. ,
. ,

, .
, ,
. ,

483

2.
,

. ,

.
100% ,
( , [
] ).
.

, ,
,
(.. ).
,
,
. , ,

,
.
, , ,
. ,
, ,
.
100%
, , , ,
.
, . ,
.

. , , .
.
,
.

484





, , . ,
,
,
,
, ,
( ). ,
,
. ,
, .
, ,
. ,


(.. , ). ,
, ,
, , . 61.
61


, ,
, .
,
, 100% ( ,
). . : Jesper N. Katz, An Austrian
Perspective on the History and Future of Money and Banking. Erasmus Programme in
Law and Economics, Summer1997. . : The Future of Money in the Information
Age, James A. Dorn, ed. (Washington, D.C.: Cato Institute,1997).
, , , .. ,
, , ,
,
.
, .

485

2.
100%
( , ), ,

.
62.
, 241865.: ,
, ,
.
, 63.
. ,
, . , ,
, , , .
100% , , ,
,
. 1819.
, .
. , ,
, , ,
, , .,
. 64
62 Victor

Modeste, Le billet des banques demission et la fausse monnaie, Le Journal des


conomistes n.s.3(August15,1866).
63 Je crois que ce quon appelle libertbancaire aurait pour rsultat la disparition complte
des billets de banque en France. Je souhaite donner tout le monde le droit dmmetre des
billets, de sorte que plus personne dsormais nen accepterait (Henri Cernuschi, Contre
le billet de banque (Paris: Guillamin,1866), p.55). . : Cernuschi, Mcanique de lchange (Paris: A. Lacroix,1865).
: ,
(. . .417). , , .
, : CourcelleSeneuil, J.G. La banque libre: exposdes functions du commerce de banque et de son
application lagriculture suivi de divers crits de controverse sur la libertdes banques
(Paris : Guillaumin,1867). (
) .: Oskari Juurikkala, The1866False Money Debate.
Journal des Economistes: Djvu for Austrians? Quarterly Journal of Austrian Econom
ics5, no.4(Winter2002):4355.
64 100%
, ,

486



100%
65. , ,
. , .
. (). ,
,
66.
(.: Skousen, The Economics of a Pure Gold Stan
dard, p.32). ,
, ,
.
65 XIX.
, .: James E. Philbin, An Austrian Perspective
on Some Leading Jacksonian Monetary Theorists, The Journal of Libertarian Studies:
An Interdisciplinary Review, vol.10, no.1(Autumn1991):8395.
,
XIX., .: Harry Miller, Banking Theory in the
United States Before1860(1927; New York: Augustus M. Kelley,1972).
66 Johann Ludwig Tellkampf, Essays on Law Reform, Commercial Policies, Banks, Peni
tentiaries, etc. in Great Britain and the United States of America (London: Williams and
Norgate,1859). . : Tellkampf, Die Prinzipien des Geld und Bankwesens (Berlin: Puttkammer und Mhlbrecht,1867). 1912. ( ) :
, , (Mises, The Theory of Money and Credit, p.359).
, 100%
.

( ) (
). 7, (Hayek, The Monetary Theory and The Trade Cycle (1929) Hayek, Prices
and Production (1931)).
,
, . , , , ,
100% ,
, .. ,
. , , , ,
, ,
. , . ,

, , .

487

2.
. ,
, . ,
,
, ,
, , . , , ,
.
, 100%. ,
, 67.
1867. (
, ),
.
, .
(knstliches Kapital),
,
, .
,
68. , , , ,

100% 69.
67 .:

Otto Hbner, Die Banken 1853 1854.


Geyer, Theorie und Praxis des Zettelbankwesens nebst einer Charakteristik der
Englischen, Franzsischen und Preussischen Bank (Mnchen: Fleischmanns Buchanladung,1867).
100% . , . , , 100% , ,
,

.
, , . ,
, , .
69 Otto Michaelis, Volkswirtschaftliche Schriften (Berlin: Herbig,1873), bd.III.
68 Philip

488


, , , 1912. .
,
.
, . ,
, ,
( ) ,
,
, ,
(.. 100% ). , , ,

,
. , ,
,
. , 1844. ,
, ,
.
, , ,
, , , , ,
.

(Theorie des Geldes und Umlaufsmittel),
1912.70 , 1920.,
70 Ludwig

von Mises, Theorie des Geldes und Umlaufsmittel.


, 1934.
(Theory
of Money and Credit). , ,
.
, . , .144145( . . .213).
, , , ,
, ,100%

489

2.
, , . ,
, 1920.
.
, :

( ) 71.
. ,
,
,
. , , , ,
22. , ,
:
8I



( )


XIX.,
XX.: , ,


XX.


(100% )

, , ,
,
(19251937), ,
,
, .. ,


1930 ;

(
, , 100% 100% ) , ,
( ), , . .: Anna J.Schwartz, Banking School, Currency School, Free Banking School,
pp.148152.
71
.: Luis Coronel de Palma, La evolu
cin de un banco central (Madrid: Real Academia de Jurisprudencia y Legislacn,1976)
, . . -

490


3


2 ,
, ,
.
. ,
, . , ,
,
ex nihilo, . , ( , ),
, ,
, (100%
). , ,
, , ,
.
, ,
,
,
, ,
, .
, , , ,
,
.
,
: Rafael Anes, El Banco de Espaa,18741914: un banco national; Pedro
Tedde de Lorca, La banca privada espaola durante la Restauracin,18741914.
La banca Espanola en la Restauracin, vol.1(Madrid: Servicio de Estudios del Banco de Espaa,1974).
,
. , ( ),
(.: Luis Maria Pastor, Libertad de Bancos y Cola del de Espaa (Madrid:
B.Carranza,1865).

491

3.
, . , .
.
;
,
. ,
,
, ,
, , ,
.
, ,
. ,
, ( ,
, ).
,
72.
. , , .

. 72


. , .
, , ,
. ( . . .246). . (. .73),
. :
. , (100% ).
. ,
, ,
( ).
, . 100%
, , .
,
100% .
, .

492


, ,
. , ,
, . ,
,
. ,
, , 73.

,


,

74.
(
) , (,
..). , ,
, . , ,
( ),
,
75. ,
73


: Goodhat, Charles. The Evolution of Central Banks,2nd ed. (Cambridge, Mass.:
MIT Press,1990), esp. p.85103.
.: Tedde de Luca, El Banco de San Carlos,17821822,
pp.99ff. ,
, XIX. ,
( ), , . .: Ramn
Santillana, Memoria histrica sobre las bancos Nacional de San Carlos, Espaol de San
Fernando, IsabellII, Nuevo de San Fernando, y de Espaa (reedicin del Banco de Espaa
(Madrid,1982), esp. .1,3,132,236,237).
74 .: Jess Heurta de Soto, Socialismo, clculo econmico y funcin empresarial, .87. .
: Jess Huerta de Soto, Economic Analysis of Socialism, in Meijer, Gerrit, ed. New
Perspectives on Austrian Economics (London and New York: Routledge,1995), ch.14.
75 Jess Huerta de Soto, Socialismo, clculo econmico y funcin empresarial, .95.

493

3.
. ,
, . , , ,
.
, ,
,
,
. , ,
, .
, 1920. .
, , ,
(wel
fare state).
,
, , .
,
.
,
. , , ,
76.

()
,
. , . ,
,
,

.

76

. : . , (.25176).

494





,

(
, )
. ,

( ),
.
, ,
.
, , .

, [ ]
, , 77.
,
78.
,
,

77 .,

, 15 13/1994 13.07:
,
,
, ,

(Boletin Official del Estado de2de Julio de1994, p.15404 ( . . .)).
12002. .
78 ., ., , 7 .

495

3.
, 79. ,
, ,
. ,

. ,
, .
/
. ,
: ()
; () 100% , , () (
79 .

: Elena Souzmatzian Ventura,


Puede la intervencin gubernamental evitar las crisis bancarias? Revista de la Super
intendencia de bancos y otras instituciones financieras1 (AprilJune1994): 6687.
, ,
, ,
, , : () ; () ,
, ; ()
,
; () ,
, ,
, , , ,
; () ,
, , ,
..; ()
[ ],
,
[ . . .];
() ,
,
[ , , .: . , . .: ,2006. .113163. . .]; ()
[] .
ad hoc .

496


), , , ,
.

()
,

,

,
, 80. , ( ),
.
,
. , ,
,
,
.
,
, . , , ,
,

.
,
, . , . [ ]
.
, ,
. , ,
,
, .

. , , .

80 ,

(, ..), .

497

3.
(

) . ,
, , , .
(..
, )
. , .
,
, ,

. ,
,
81.
, , . . ,
, ,
, ,
.

. ,
,
,
82.
81

,
. ,

, , , ex
nihilo. , , ,
.
82 ,
. .
, . ,
, . , .

.
(Hayek, The Constitution of Liberty, p.336).

498


, , , . ,
,
83.
, *, , ,
. , , .
, . , , ,
, . ,
: ,
, .

, .

. , , ,
83 -

. , ,
.
,
, . ,
,
. ,
. , , ,
1990 , ,
, . .: White, Lawrence H., ed.
The Crisis in American Banking (New York: New York University Press,1993). ,
94.19CE
301994. .
, . , , ,
. , , ()
(24. ),
,
.
*
, 1991.
. . .

499

3.
, , .
, ,
. , . ,
. , ,

, ,

, , ,
.
, , ,
. ,
, ,
,
, ,
. .
.
1970 , , 1990
. , , ,
, , .
84.
,
,
84

1920 ,
. ,
1929. 30%
, ( ). ,
,
, , .
, , : Stephen Horwitz, Keynes Special Theory,
Critical Review: A Journal of Books and Ideas3, nos.34 (SummerAutumn,1989):
411434, esp. p.425.

500


.
. .
, , .
, , , ,
, , ,
, . ,
, (
) ( ,
), . , , ,
. , ,
.
, .
, , , . :
, .
() , .
, ,
,
. ,
. , ,
.
. , ,
85.
85

, . .: Charles Goodhart, What Should Central Banks Do? What


Should be their Macroeconomic Objectives and Operation? Economic Journal104
(November1994): 14241436. . .14261427.
: Goodhart, The Business
ofBanking18911914(London: Weidenfeld and Nicholson,1972), Idem, The Evolution

501

3.
, ,
( ),
,
, ,
86. , , () .
,

( ), . ,
, , 87.
, ,
.
, 19601970 ,
.

,

. , , ,
. ,
: , , ,
, ,
of Central Banks. , , , , .: Mayer, Thomas. Monetarism and
Macroeconomic Policy (Aldershot, U.K. Edward Elgar,1990), pp.108109.
86
. : Antonio Erias Rey, JosManuel Sanchez Santos. Independencia de
los bancos centrales y poltica monetaria; una sntesis. Hacienda Pblica Espaola132
(1995):6379.
87 . Geoffrey A. Wood, et al. Central Bank Independence: What is it and What it Does
for Us? (London: Institute for Economic Affairs,1993). . :
Otmar Issing, Central Bank Independence and Monetary Stability (London: Institute for
Economic Affairs,1993).

502


.
, .
, , :
, . , . ,
. , ,
,
,
, . ,
, .
. , ;
, 88.

()
100% ,


,

. ,
, (.. ,
, ),
. , , .
( )

.

(intratemporal, .. , .. .

88 Jnos

Kornai, The Hungarian Reform Process, Journal of Economic Literature24,


no.4(December1986):17261727.

503

3.
..), (intertemporal) 89. , , , , , .
, .
, , 90.
, ,
100%
,
, . , , ,

,
, 100% . ,

. , ,
,
,

.
89


. 100% , ,

, ,
.
90 . () , .

.

, .
,
, 100% .
, , ( ) ,
(
).
,
, .
, , .

504


, , , , , .
,
,
, , ( ..). ,

, . ,
, ,
. , 100%
, , , , ,
, , ,

, , . 100%,
, , ,
91.

()


,
,
(.. ,
).
, ,
, , ,
. (. 47) ,
91

100% , , 1930 . , .
.

505

3.

,
, , .
, , , , ,
, , .
, ,
.
, ,
, , .
,
,
.
,
. , ,
. , (
), , . , , ,
, ,
, , .
.
,
92.
, ,
,
. 2, (
)
, ,
, .
.
,

.
92

1826. .
, .: . . .XVII, 12 , .
.406418.

506


, ,
XIV. , , , . ,
, .. ,
,
93.

, .

94. :
, ,
, , ,
95.
,
(, , ) ,
. . , ,
93

, . . : O. B. W. Sprague, History of
Crises and the National Banking System (1910; New Jersey: Augustus M. Kelly,1977).
.: Charles A. Goodhart, What Should Central Banks Do? What Should be their Macroeconomic Objectives and Operations? p.1435. . : Charles Goodhart, The Free
Banking Challenge to Central Banks, Critical Review8, no.3(Summer1994):411425.
: Goodhart, The
Central Bank and the Financial System (Cambridge, Mass.: MIT Press,1995).
94 ,
, , .: . . .533534. ,
, , , (
,
..), (.: . . .701702).
95 [tragedy of commons] 1968. (Garret Hardin,
The Tragedy of Commons, Science,1968). : Garret Hardin and John Baden, eds. Managing the Commons (San Francisco: Freeman,1970). 28 .
.: Mises, Nationalkonomie: Theorie des Handelns und Wirtschafttens (Geneva: Editions Union,1940; Munich: Philosophia Verlag,1980), pp.599605. Die Grenzen des Sondereigentums und das Problem der external Costs und external
Economies (.: . . .XXIII , 6 . .614622. . .).

507

3.
,
96.

, , , . ,
( )
. .82 , ,
.
82


( )

96

.
,
(.. , ), ,
. .: George A. Selgin and Lawrence H.White, InDefence
of Fiduciary Media, Or We are Not Devo(lutionists), We Are Misesians! Review of Aus
trian Economics9, no.2 (1996): 9293, n.12. ,

. , , , . , ,
:
, ,
, , .
, ,
, ,
, .
,
(HansHermann Hoppe, Jrg Guido Hlsmann and Walter Block, Against Fiduciary Media, Quarterly Journal of Austrian
Economics1, no.1 (1998):23, n.6). , ,
, . , ,
. .: . . .617 .

508


, . :
. (,
), .
,
,
, . , ,
, . , .
, , ,
,
, ,
, ,

97.
,
,
. , -

97 ,

, ,
. , ( )
, ,
, .
, ,
,
.
.
5
81993. ,
, ,
. .: Anna Schwatz, The Theory of Free Banking, ,
, ,58 ,1993 , .5. , , , , ,
, ,
. , ,

.

509

3.
, , ,
, . ,
.
, . ,
,
, .

,
(,
).
, : (1) ,

; (2)
, ; (3)

,
, , , , 98.

98

,
, ,
[ ] (.: Pascal Salin, In Defence of Fractional Monetary Reserves).
,
, , . .,
.: George Selgin, Free Banking and Monetary Control, Economic Journal104,
no.427 (November1994):14491459, esp. .1455. ,
, , ,
, , , .
,
,
,
.

510


,
, , .. , . ,
,
(, ). , ,
.
.
, ,

,
,
, ,
, .

.

, . ,
. . , .
,
. , , ,
. ,
. ,

.
, [legislation],
, (ad hoc).

,

511

3.
99. ( )

, ,
. ,
.

, .
, , , , ,
.
.

.
. , , .
. ,
. ius privilegium
, . , ,
.
.
,
, . ,
, , , ( ),
, .
,
.
99 .:

Hayek, The Constitution of Liberty; . , . .: ,2006. . : . ,


. . 3.

512


,

, , , , , , .
.
,
100.
, ,
. , .

(100% )
, . , , ,
, ,
, 101.
,

,
100%
. , , .
, 100%
100

.: Elena Sousmatzian Ventura, Puede la intervencin gubernamental evitar las


crisis bancarias? p.2.
, : . , , ,
. ,
.
, , , , , ,
(TomsRamn Fernndez, Commentarios a la ley de disciplina de intervencin de las
entindades de crdito [Madrid: Serie de Estudios de la Fundacin Fondo para la Investigacin Econmica y Social,1989], p.9). : ,
, ;
, . ,
, .
, , .
101 .: . . .413414.

513

4.
,
, . , ,
,
, ,
, , 102. ,
,
, . ,

,
, .. 100% .
, , .

20
. ,

,
. ,
, , 102

:
, , , ,

[swindling]. . (Thomas
Tooke, A History of Prices,3vols. [London: Longman,1840], vol.3, p.206).
, ,
, . , ,
,
. , (.417).

514


, .
103,
. ( 104, 105, 106),
,
,
.

103

, (.: Hayek, F. Denationalization of Money: The


Argument Refined,2nd ed. (London: Institute of Economic Affairs,1978) [. .:
. . .: ,1995]. [
, 1974. . .]
(.: Klein, Benjamin, The Competitive
Supply of Money, Journal of Money, Credit and Banking,6(November1974): 423453).
, , New Palgrave (.: David Laidler, Free Banking Theory, in The New Palgrave:
ADictionary of Money and Finance (London and New York: Macmillan Press,1992),
vol.2, pp.196197). ( 100% ) ,
, ,
(.: Oskari Yuurikkula, The1866False Money Debate
in the Journal des Economistes: DjVu for Austrians?).
104 .: Lawrence H. White, Free Banking in Britain: Theory, Experience and Debate,1800
1845(London and New York: Cambridge University Press,1984); Idem, Competition
on Currency: Essays on Free Banking and Money (New York: New York University
Press,1989); . , : Lawrence H. White and George Selgin, How Would the Invisible Hand Handle
Money? Journal of Economic Literature32, no.4(December1994):17181749, : L. White and G. Selgin, In Defence of Fiduciary Media or,
We are Not Devo(lutionists), We Are Misesians! Review of Austrian Economics9, no.2
(1996):83107.
: Free Banking, vol.1: 19th Century Thought; vol.2: History; vol.3:
Modern Theory and Policy (Aldershot, U.K.: Edward Elgar,1993).
105 .: George Selgin, The Stability and Efficiency of Money Supply under Free Banking,
Journal of Institutional and Theoretical Economics143 (1987): 435456, : Free Banking, vol.3: Modern Theory and Policy, Lawrence H. White, ed., pp.45
66; G. Selgin, The Theory of Free Banking: Money Supply under Competitive Note Issue
(Totowa, N.J.: Rowman and Littlefiled,1988). , .
, , Free Banking and
Monetary Control, pp.14491459. ,
.
106 .: Stephen Horwitz, Keynes Special Theory, pp.411434; Idem, Misreading the
Myth: Rothbard on the Theory of Free Banking, in The Market Process: Essays in Con
temporary Austrian Economics, Boettke, Peter J. and David L. Prychitko, eds. (Aldershot, U.K.: Edward Elgar,1994), ch.16, pp.16676. . : Stephen
Horwitz, Monetary Evolution, Free Banking and Economic Order; Idem, Microfounda
tions and Macroeconomics (London: Routledge,2000).

515

4.
( 107) , ,
108, 109 110. 111,
, , ,

.
.
112. ,
( ) . ,

,
.
, ,
,
.
, , ,
107

Kevin Dowd, The State and the Monetary System (New York: Saint Martins Press, 1989);
Idem, The Experience of Free Banking (London: Routledge, 1992); Idem, LaissezFaire
Banking (London and New York, Routledge,1993).
108 David Glasner, Free Banking and Monetary Reform (Cambridge: Cambridge University
Press,1989); Idem, The RealBills Doctrine in the Light of the Law of Reflux, History
of Political Economy24, no.4 (Winter,1992):867894.
109 Leland B. Yeager and Robert Greenfield, A LaissezFaire Approach to Monetary Stability, Journal of Money, Credit and Banking15, no.3 (August1983): 302315, : Free Banking, Lawrence H. White, ed., vol.3, ch.11, pp.180195. . :
Leland B. Yeager and Robert Greenfield, Competitive Payments Systems: Comment,
American Economic Review76, no.4 (September1986); Leland B. Yeager, The Fluttering
Veil: Essays on Monetary Disequilibrium.
110 Richard Timberlake, The Central Banking Role of Clearinghouse Associations, Jour
nal of Money, Credit and Banking16 (February1984): 115; Idem, Private Production
of ScripMoney in the Isolated Community, Journal of Money, Credit and Banking19,
no.4 (October1987): 437447; Idem, The Governments License to Create Money, The
Cato Journal: An Interdisciplinary Journal of Public Policy Analysis9, no.2 (Fall1989):
302321.
111 Milton Friedman and Anna J. Schwartz, Has Government Any Role in Money? Jour
nal of Monetary Economics17 (1986): 3772, : The Essence of Milton
Friedman, Kurt R. Loebe, ed. (Stanford University, Calif.: Hoover Institution Press,
1986), ch.26, pp.499525.
112 : ,

(G.Selgin, The Theory of Free Banking, p.56, also p.59).

516


. , ,
, , .
,
.
:
,
. ,
, , .
,
113.
, ,
, ,
,
.
, .
,
,
.

114, .
, , ,
.
113

.: George Selgin, The Theory of Free Banking, ch.4,


5, 6, esp. p.34, 6469.
114 ,
.
.
,
. , ,
, ,
(Horwitz, Misreading the Mith, p.169). ,
.123
124 Free Banking in Britain. ,
:
. . , (Amasa
Walker, The Science of Wealth: A Manual of Political Economy,5th ed. (Boston: Little
Brown and Company,1869), p.156).

517

4.
:

, . ,
115.
,
.
, . ,
, 116. , ,
, , , . ,
117,
115

, (Selgin and White,


In Defence of Fiduciary Media or, We are Not Devo(lutionists), We Are Misesians!
pp.101102).
116 , , ,
, . (.. ), (), ,
,
.
, .

. .: Joseph
T.Salerno, Mises and Hayek Dehomogenized, Review of Austrian Economics6, no.2
(1993): 11346, esp. .144ff. . : . . .378
486487. ,
, . , ,

100% (. .137ff.).
. , .119.
117 , , ,
: ,
,

518


,
. , , ,
,

100%
118. ,

, ,
, , ( )
.
,
.
, .
.
, , .
,
.
, , ,
, ,
,
.
,
119. ,
, (.: F. Hayek,
Prices and Production (London,1931), . xiii).
118 , ,
100% , , ,
. ,
:
,
. :
, ( )
15% . ,
100%
(Skousen, The Structure of Production, p.359).
119 ,
,

519

4.
, , ,
,
,
, .
. : . ,
,
,
120.
,
. ,
, ,
( ) ,
100% . ,
, ,
(.: Selgin, Theory of Free Banking, .62, 164).
, .
.: Lawrence H.White, Mises on Free Banking and Fractional Reserves, in A Man of
Principle: Essays in Honor of Hans F. Sennholz, John W. Robbins and Mark Spangler,
eds. (Grove City, Penn.: Grove City College Press,1992), pp.517533. , , : ,
, ,
,
[Currency principle] (Salerno, Mises and
Hayek Dehomogonized, p.137ff., p.145). [ , ,
, , , . .
1844 1845.,
. .
. .]
120 . . .412, .17 ( . . .).
: , [ ] ( . .414). , ,
,
: , ,
(Mises, Theory of Money
and Credit, p.436 (.408 )).

520


, , . ,
, ,
,
,
, 121.
,
, .
,
. , ( ) .
,
,

, ,
, , ,
.
. :
. .
, ,
, , . , .

122.

121

. ,
, . ,
,
, , ,
,
(. . .410411). ,
, ( [ ]) ,
.
122 . . .399400( . . .).

521

4.
.

( ) .
, , , ,
.
,
. , , .
.
, , , .
, 123.




,
, .
, , ,
,
,
, , .
123

, , ,
. ,
, , .
, ,
,
.
100%
.

522


( ), , ( ). ,
, ,
. , , , , ,
. , , ,
,
.
,
,
, .
,
, ,
, .
, , ,
. ,

, . , .
, .
, . , , , , ,
, ( )
.

. ,
! , ,
, , ,
,
, , ,

523

4.
, 124.
,

,
.
, 125.
( ),
. ,

, , , 126. ,
, ,
,
127, , ,
. , , .

, , .
, , , () ,
,
, . , 15% 128
.

15%
( )129.
124

.: Jrg Guido Hlsmann, Free Banking and Free Bankers, Review of Austrian Eco
nomics9, no.1(1996):353, esp. .4041.
125 .664671. .: Laidler, Free Banking The
ory, p.197.
126 .: Selgin, The Theory of Free Banking, p.82.
127 ., , : A. Schwartz, The Theory of Free
Banking, p.3
128 .: Skousen, The Structure of Production, ch.8, .269,359.
129 ,
, -

524


, () 130 131 ,
.




,

, . , , , , , , ;
, , ,
,
. ,
. .: Selgin,
The Theory of Free Banking, pp.12933.
130 , (. , .120)
, (Mises, The Theory of Money and Credit, p.436),
: , ,

, ,
. ,
. ,
. , , . ,

,
, .
, , ,
,
(circula
tion credit) . : , , ,
. ,
(Mises, On the
Manipulation of Money and Credit, pp.135136).
131 ,
(Ibid., p.134).

525

4.
, ,
,
.
, ,


.
( ,
). , .
, (,
),
.

. , . , ,
.
, .
, .

, .
, ,
. ,
, , , ,
. , ( )
, . (. 7),
, . ,
(..
),
, . ,
,

526




,


132.
:


,

, , ,
. ,


. 81
[ . . .],
, , ,
133.
, ,
, , 134.
,

, , . , ,
,
,
5, , .81

.
, (
) . (
) (. .81).

132

Hayek, The Pure Theory of Capital, p.378.


Ibid., p.394. , . . .: George
Selgin and Lawrence H. White, In Defense of Fiduciary Media or, We are Not
Devo(lutionists), We are Misesians! pp.104105.
134 , , :
, ,
(George Selgin and
Lawrence H. White, In Defense of Fiduciary Media or, We are Not Devo(lutionists),
We are Misesians! pp.104.
133

527

4.

. 82

. 83

. 84


,
, (
). (..82).
,
(.. , , .81). ,
,
,
, .83.

, ,
(.. ,
, .81),
(
)
.81 82. .83 .82
(. .84), . B ,
.
,
, 135.
135

: ...
,
, ,

528


( )
, , . , .81,
,
. ,
, . , :
136, ,
,
() .


, ,
, ,
. , ,
, , ,
, : , , ,
. ,
, ,
, , 137.
.
,
. : (inside money) ,
,
(Selgin and White, In Defense of Fiduciary Media, or We are Not Devo(lusionists), We are Misesians! p.94).
136 , ,
, (Ibid.,
pp.102103).
137 . . , // . .
. .: ,1993. .289. , 7,
, .. , . .

529

4.
, , , , , , ,
. , (inside money), ,
, ,
.
138.
, ,
. ,
,
: () ;
() , , ()
. . , ,
,
(, ). , . ,

.
, , [] , ,
139, , ,
, ,

.
.
, ,
,
. , , ( ) ,
,
, .
138
139

Selgin, The Theory of Free Banking, pp.5455.


Selgin, The Stability and Efficiency of Money Supply under Free Banking, p.440.

530



, . ,
. , , 140.
!141
( ) , .


, .

,
, . ,
, ,

,
142.
140

, ,
, ,
, . ,
, , ,
,
ex nihilo: ,
, ,
! , :
, , ,
,
. ( ), , , .
.
141 , .
, , , , , , , ,
. ,
( , )
( ),
. . .: ODriscoll, Gerald P. Money: Mengers Evolutionary
Theory, History of Political Economy4, no.18(1986):601616.
142 , , ..
,

531

4.
,
(.. ), .
. , . , 143, ,
,
, .. . ,
, , .
, ,
,
.
. ,
,
, .
,
, . ,
, , .
. ( ),
( ). , . ,
, . .
. .
.
,
, .
,

, , ,
,
(HansHermann Hoppe, How is FiatMoney Possible?or, The Devolution of Money
and Credit, Review of Austrian Economics7, no.2(1994):723).
143 .20 .184 :
Selgin, The Theory of Free Banking. , .82, , , , (.60). (
) , ,
.84,
, .

532


(
7) .
.
. , , .
,
.
, ,
, (?) . , ,
, , , , , ,

. , , , , ( )

, ,
,
144.



.

144


, , , ,
( , ,
..) . , , , ,
. ,
:

. , , ,
. ,
. ,
( ), ,
100% , ?

533

4.

. ,
, . ,


( )145.
. , , .
,
146. ,
(
) , , ,
, 147.
, , ,

, ,
, 148. ,
.
. . , ,
145

60 , .
: , [] , ( ), , ( ).
, ,
. .: The Experience
of Free Banking, Kevin Dowd, ed., pp.3946. . : Kurt Schuler and Lawrence
H. White, Free Banking History, The New Palgrave Dictionary of Money and Finance,
Peter Newman, Murray Molgate and John Eatwell, eds. (London: Macmillan,1992),
vol.2, pp.198200. .108 .
146 George A. Selgin, Are Banking Crises a FreeMarket Phenomenon? , , , 5
8 1993., .2627.
147 White, Free Banking in Britain.
148 Rothbard, The Myth of Free Banking in Scotland, Review of Austrian Economics2
(1988): 229245, esp. .232.

534


, ,
,
. ,
,
,

, ,
, .

,
. ,
,
, . ,
149,

, ,
1770, 1772, 1778, 1793, 1797, 18021803, 18091810, 18101811,
18181819,18251826, 18361837, 1839 18451847. ,
,
, , , , , ,
150.
XIX.
. XIX.
100%
.
. . 1853.,
149

Sidney G. Checkland, Scottish Banking: A History, 16951973 (Glasgow: Collins,1975).


, .
150 , ( )
, , .
, , ,
XIVXVI. (. , 2, 3) , , .

535

4.

(18131892), ,
.

10 , 1860. ,
( ).
( ), .

1865,18671879. ,
, . , , 151.
, , , ,
,
, , . ,
: 1797. , 1837.

151

, , XIX. .: Albert
O. Hirschman, CourcelleSeneuil, JeanGustav, in The New Palgrave: A Dictionary of
Economics, John Eatwell, Murray Molgate and Peter Newman, eds (London: Macmillan,1992), vol.1, pp.706707. , , , ,
(
), . .: Murray N.
Rothbard, The Other Side of the Coin: Free Banking in Chile, Austrian Economics
Newsletter (Winter,1989): 14.
ShortChanged in Chile: The Truth about the FreeBanking Episode, Austrian Eco
nomics Newsletter (SpringWinter,1990): 5ff. , 1866 1874.
,
, , .
, .
, . ( )
. ,
(.: Selgin, ShortChanged
in Chile, pp.5,6 and footnote3 on .7).

536


1893. 152.
,
, 153.
, , .

, , 100% , , 154.
, .

,
. , , , , ,
, ,
, ,
.
, , 155.

152

Selgin, Are Banking Crises a FreeMarket Phenomenon? Table1(b), .27.


, , . , 163, C , 93. .: Raymond Bogaert,
Banques et banquires dans les cits grecques, p.392, n.513.
154 , , 100%
. .: George A. Selgin, Are Banking Crises a FreeMarket Phenomenon? p.2.
155 , (.: Horwitz, Misreading the Myth, p.167). , , , ,

. , , , : ,
.
. ,
. , ,
,
, (p.168).
.
153

537

4.

. ,
,
.
,
, . ,
, , , ,
.
, , . ,
, ,
, 156. , , , 2 .
,
.
, , . , 13,
.
. ,
: , . ,
, ..
, , ,
.
, ,
, . ,

,
. ,
, 156

Hoppe, How is Fiduciary Media Possible?or, The Devolution of Money and Credit,
p.67.

538


.
, ,
. 100%
, ,
, ,
(
) .
,
, ,
. ,
,
, , , ,
.
. ,
, , , (, ..).
, ( , ) , ,
, ,
157, ,
, ,
,
( ).
,
,
, .
158 , . ,
, , .. ,
,
157

., .: White, Competition and Currency (New York: New York University Press,
1989), pp.5556; Selgin, ShortChanged in Chile, p.5.
158 Hoppe, How is Fiat Money Possible?or, The Devolution of Money and Credit,
pp.7071.

539

4.
. ,
,
, , . , , ,
,
. ,
,

. , ,
,
159.
,
,
, ( ) . ,
, ,
, . ,
,
, ( ). , 160.
159


,
, ,
. : Walter Block, Fractional Reserve Banking:
An Interdisciplinary Perspective, in Man, Economy and Liberty: Essays in Honor of
Murray N. Rothbard, Walter Block and Llewellyn H. Rockwell, Jr., eds. (Auburn, Ala.:
Ludwig von Mises Institute,1988, chap.3, pp.2432. :
, 100%
. , , ,
100%
. .: Horwitz, Keynes Special Theory, p.431432, n.18.
160 , ,
: Alberto Benegas Lynch, Poder
y razn razionable (Buenos Aires and Barcelona: Libera El Ateneo Editorial,1992),
pp.31314.

540



, , , , 386389
161. , ,
, .
,
.

.
. ,
, , ,

[safeguard clause]. ,

162. ,
161


12
:1. (386 ). , ,
, .
, , , .
,
, .
162 , ,
1730 1765. , :
, , ,
,
. , ,
(Selgin, Free Banking and Monetary Control, p.1455). , , ,
, , .
( ).
, ,
, .
: , ,
, ,

541

5. .

: , .. ,
. ,
,
,
.
, . , ,
( )
,
.

.
, , ,
. , ,
. , ,
,
, .
,
163.
, ( . . .: , 2007. .334). .: Parth J. Shah, The
Option Clause in Free Banking Theory and History: A Reappraisal, , 2 (2nd Austrian Scholar
Conference, Auburn, Ala.: Ludwig fon Mises Institute, April45,1997), : Review of Austrian Economics10, no.2 (1997): 125.
163 ,
,
.
,
. , ,
,
, ,
, . ,
,
, .
,
. ( ) ,
. -

542


5
.





. , ,

, , .
,
. , , . , ,
, ,
, , , ,
.
,
. , , ,
.
, (100% )
, , ,
. ,
.
, , .
, ,
,
, ,
,
.
, (Murray N. Rothbard, The Present State of Austrian Economics, Journal des Economistes
et des Etudes Humaines6, no.1 (March 1995): 8081; : Rothbard, The
Logic of ActionI (Cheltenham, U.K.: Edward Elgar, 1997), p.165).

543

, , ,
.

. ,
, .

,
, .. 100% 164.

164

, , ( ) ,
, ,
. , ,
, . .: Yeager, The Perils of Base Money.

9
:
100%
, , 100% , XX.
.
, , (100% ). ,
, .
, 100%
. ,
.
. ,
.

1

100%
, XVIXVII.,
. XVIII.
, . XIX.
. , , , . , XX
, ( , , )
100% ,
.

545

1.

XX.,
100% .
,
1912. , , 1924., :
.
, .
,
. ,
,
. ,
, ,
.

. ,


.
. ,
.

. : , .


.
1928.


Mises, The Theory of Money and Credit, pp.446448 ( . . .). .



: Es leuchtet an, da menschlicher Einflu aus dem Umlaufsmittelwesen nicht
anders ausgeschaltet warden kann als durch die Unterdrckung der weiteren Ausgabe
von Umlaufsmitteln. Der Grundgedanke der Peelschen Akte mte wieder aufgenommen and durch Miteinbezieung der in Form von Kassenfhrungsguthaben ausgegebenen Umlaufsmittel in der gesetzlicheVerbot der Neuausgabe volkommenerer Weise
durchgefhrt werden als dies seinerzeit in England geschah... Es wre ein Irrtum, wollte
man annehmen, da der Bestand der modernen Organistion des Tauschverkehres fr
die Zukunft gesichert sei. Sie trgt in ihrem Innern bereits den Keim der Zerstrung.
Die Entwiklung des Umlaufsmittels mu notwendigerweise zu ihrem Zusammenbruch
fhren (Mises, Die Theorie des Geldes und der Umlaufsmittel, ss.418419).

546

100%
(Geldwertstabilisierung und Konjunkturpolitik). :
, ,

, .
,
. , . , ,
, , ,
, .
, ,
. ...
[ ] .
,101930.,
(The Suitability of Methods of Ascertaining in the Purchasing Power for the Guidance of International Currency
and Banking Policy).
: , ,


Mises, Geldwertstabilisierung und Konjunkturpolitik, s.81. : Mises,


On the Manipulation of Money and Credit, p.57173. .167168 , . , , , , ,
100% ( ). , , , . ,
, . .
,
. .
, 100%
, ,
.
. .: Bettina Bien Grieves, How to Return to the Gold Standard,
The Freeman: Ideas on Liberty (November 1995): 703707.

547

1.
, [ ]
. 1844. ,
,
. ,

,
.
.
, , . , , 100% , ,
,
,
.
, ,
. , ,
: [ ],
.
, , ,
.
10
100% , :
(Nationalkonomie: Theorie des Handelns und Wirtschaftens).
:
100% , , . , , , ,
( ), ,
,
,
.
,
1930 

Mises, Money, Method and Market Process, Richard M. Ebeling (ed.), p.90( .
. .). , ,
.
 Ibid., .91( . . .).

548

100%
100% , ,
, .
. 100%
, .
, , .

(.. ), (.. 100%
). 100%
,
.
,
, , .
1949 .

: (Human Action: A Treatise on Economics).
, ,


: Wenn heute, dem Grundgedanken der CurrencyLehre entsprechend, auch fr das Kassenfhrungsguthaben volle hundertprozente Deckung
verlangt wird, damit die Erwiterung der Umlaufsmittelausgabe auch in dieser Gestalt
unterbunden werde, dann ist das folgerichtiger Ausbau der Ideen, die jenem alten englischen Gesetz zugrundelagen... Auch das schrfste Verbot der Erweiterung der Umlaufsmittelausgabe versagt gegenber einer Notstandsgesetzgebung (Mises, Nationalkono
mie, 2nd ed. (Munich: Philosophia Verlag,1980), s.403).
 , .402 Nationalkonomie: Fr die Katallaktik ist der Begriff normale
Kreditausweitung sinnlos. Jede Kreditausweitung wirkt auf die Gestaltung der Preise, Lhne und Zinsstze und lst den Prozess aus, den zu beschreiben die Aufgabe der
Konjunkturtheorie ist.
.442 , Human Action:
.
, [.: ],
, . ,
, ( . . . .412, .17).
,
(, , .). ,
,
, , , . , ,
.120 8.

549

1.
,
100% , .
.
100% ,
: 100%
,
, . ,
,
.
100%
( ) 1953.
Theory of Money and Credit.
: , ,
, , .. 100%, , . ,
, :

, , ,
, , , , . 100%
, .. ,
.
. , , 1928.,
, ( ,
).


. . .413. ,
, .
. .
 Mises, The Theory of Money and Credit, .481, 491 ( . . .).

100% ,
100% ( , )
, , , . -

550

100%
100%
, , ,
100% 25
1920. (Die Whrungspolitik der Vereinigte Staaten seit der berwindung
der Krise von 1920). . , .

.
,
. ,
,
100% . : , ,
, .

.
, , ,
[] .
, , .
,
100%
, 10.
12
(Monetary Nationalism and International
Stability), 1937.,
100% .


100% . ., .: White, Mises on Free Banking and Fractional Reserves, pp.517533.
, ,
, ,
1912.
Nationalkonomie 1940 (Salerno, Mises and Hayek Dehomogenized, pp.137146).
10 Hayek, The Monetary Policy of the United States after the Recovery from the 1920 Crisis, in Hayek, Money, Capital and Fluctuations: Early Essays, ch.1, p.29 ( .
.).
, : Hayek, Die Whrungspolitik der
Vereinigte Staaten seit der berwindung der Krise von 1920, Zeitschrift fr Volkswirt
schaft und Sozialpolitik, no.5 (1925), bd. IIII, ss.2563; bd.IVVI, ss.254317.

551

1.
. ,
. , ,
100%
.
100%,
,
. :
, ,
,
, 11.
40 (Denationalization of Mon
ey).

, , ,
, , 100% . ,
. ,
100
,
. , : , , ,
(.. ), , ,
, ,
12.
11 Hayek,

Monetary Nationalism and International Stability, .8184, esp. .82.


100% ,
(.81). , : [] , ,
, ,
(.82). .
12 . . .: , 1996. .197, 198.
(deposit banking), 100% , , , . :
, ,
(. . .198). ,
, , , ..

552

100%
:
100%
1962. , 100% (The Case for
a100Percent Gold Dollar). (In Search of a Monetary Constitution13)
, ( , , .).

, 100%
, ,
, . ,
, 100% ,
.
, . ,
, , , 1930 ,
100% .
, . ,
, ,
100%

.
. , , , , , : ,
.
,
. , ,
, , , , , 1.
. , .
, , .: Murray
N. Rothbard, The Case for a Genuine Gold Standard, in The Gold Standard, Llewellyn
H. Rockwell, Jr., ed. (Lexington, Mass.: Lexington Books), 1985, pp.27.
13 In Search of a Monetary Constitution, Leland B. Yeager, ed. (Cambridge, Mass.: Harvard
University Press,1962).

553

1.
? , , . , [] , ,
[], , ,
, , . , . ,
, , 14. , .
, ,
, ,
15.

100%
100%
, 1988. .
14 Murray

N. Rothbard, The Case for a100Percent Gold Dollar (Auburn, Ala.: Ludwig von
Mises Institute, 1991), pp.4446.
15 1993. ,
, . ,
, Review
of Austrian Economics. , ,
7 1995. , , : What Has Government Done to Our
Money?, 4th ed. (Auburn, Ala.: Ludwig von Mises Institute, 1990) (. .: .
. : , 2008); The Mystery of Banking; Man, Economy
and State, pp.703709; : The Myth of Free Banking in Schotland, pp.229245;
Aurophobia: Or Free Banking on What Standard? pp.99108. , 100%
, , .. , . , . : HansHermann Hoppe, The
Economics and Ethics of Private Property (Dortrecht, Holland: Kluwer Academic Publishers, 1993), pp.6193, Idem., How is Fiat Money Possible? or, The Devolution of Money
and Credit, pp.4974; Joseph T. Salerno, Gold Standards: True and False, Cato Jour
nal: An Interdisciplinary Journal of Public Policy Analysis3, no.1 (Spring1983): 239267,
Idem., Mises and Hayek Dehomogenized, pp.13746; Walter Block, Fractional Reserve
Banking: An Interdisciplinary Perspective, pp.2432; Skousen, The Economics of a Pure
Gold Standard.
100%
, . , , ,
,
100% .
XIX. : Amasa Walker, The
Science of Wealth, pp.138168,184232.

554

100%
: , ,
, ,
, ,
, , .
, XIXXX.
,
, 16.
,

.
,
,
2% 17, ,
Allais, Les conditions montaries dune conomie de marchs: des enseignements du pass aux rformes de demain, Revue dconomie politique3 (MayJuly 1993):
326. : Le mchanisme du crdit tel
quil fonctionne actuellement et qui est fondsur la couverture fractionnaire des dpts,
sur la cration de monnaie ex nihilo, et sur le prt long terme de fonds emprunts court
terme, a pour effet une amplification considrable des dsordes constats. En fait, toutes les
grandes crises des dixneuvime et vingtime sicles ont rsult du developpement excessif
du credit, des promesses de payer et de leur montisation, et de la spculation que se dve
loppement a suscite et rendue possible ( . . .).
(Lex faux monnayeurs), Le Monde 29 1974.
, 69 Limpt sur le capital et la rfor
me montaire (Paris: Hermann diteurs,1989), pp.155257. 1994.
, , .: Huerta de
Soto, Banque centrale ou banque libre, pp.379391.
17 . .316, 317 320 Limpt sur le capital et la rfor
me montaire. .
,
, .355, 317 320.
, : ,
, (18811973), , . , .
,
- ,
. ,
, ..

,
. ,
(.: Huerta de Soto, Socialismo, clculo eco
nmico y funcin empresarial, pp.248249). ,
16 Maurice

555

1.
, , , .
100%
,
. ,
,
,
.

, 100% , .

100%

100% 16 1933., ,
, , , , ,
6
(Banking and Currency Reform)18. (The Chicago Plan of banking Reform),
1935. 19. 1935.
. ,
(laissez faire). , ., , ,
. .: Pascal Salin,
Maurice Allais: Un conomiste liberal?, , , .12.
, .
.: Pascal Salin, MacroStabilization Policies and the Market Process, Economic Policy
and the Market Process: Austrian and Mainstream Economics, K. Groenveld, J.A.H. Maks,
and J. Muysken, eds. (Amsterdam: NorthHolland, 1990), pp.201221. , .98
8, ,
.
18 .: Ronnie J. Phillips, The Chicago Plan and New Deal Banking Reform (Armonk, N.Y.:
M.E. Sharpe, 1995), pp.191198.
19 Albert G. Hart, The Chicago Plan of Banking Reform, Review of Economic Studies2
(1935): 104116. . .104. ,
: Frederick Soddy, Wealth, Virtual Wealth and
Debt (New York: E.P. Dutton,1927).
: Frank H. Knight, Review of Frederick Soddys Wealth, Virtual Wealth
and Debt, Saturday Review of Literature (April16, 1927): 732.

556

100%
,
.
100% (The100Percent Reserve Plan)20 1936.
(Rules versus Authority in Monetary Policy)21.
100% , , .
,
. :


, , 22.
100%
.
,
: , 1934.
, , , 100% ,
, . ,
.
, , ,
,


23.
20 James W. Angell, The100Percent Reserve Plan, The Quarterly Journal of Economics50,

no.1(November1935):135.
C. Simons, Rules versus Authorities in Monetary Policy, Journal of Political
Economy 44, no.1(February1936):130.
22 Simons, Rules versus Authorities in Monetary Policy, p.181. 7 Economic Policy for a Free Society (Chicago: University of Chicago
Press,1948), p.181. ,
, 100% .
23 Henry C. Simons, A Positive Program for LaissezFaire: Some Proposals for a Liberal
Economic Policy, Public Policy Pamphlet no.15, Harry D. Gideonse, ed. (Chicago: University of Chicago Press,1934), : Henry C. Simons, Economic Policy for
a Free Society, ch.2, pp.6465. . : Walter
Block, Henry Simons is Not a Supporter of Free Enterprise, Journal of Libertarian
Studies16, no.4(Fall,2002):336.
21 Henry

557

1.
24 25 , 1936.

100% 26.
,
27.
.
28.
1959. 29. ,
,
100% 30. ,

, 31.
100% 32.
24 ,

,

, .
,
, .
(
), (Simons, Economic Policy
for a Free Society, p.320, n.7).
25 Fritz Lehman, 100Percent Money, Social Research3, no.1:3756.
26 Frank D. Graham, Partial Reserve Money and the 100Percent Proposal, American Eco
nomic Review 26 (1936): 428440.
27 Irving Fisher,100Percent Money (New York: Adelphi Company,1935).
28 Lloyd W. Mints, Monetary Policy for Competitive Society (New York, 1950), pp. 186187.
29 Milton Friedman, A Program for Monetary Stability (New York: Fordham University Press,
1959). 100% 1953.
A Monetary and Fiscal Framework for Economic Stability, American Economic
Review38, no.3 (1948): 245264. . : Murray N. Rothbard, Milton Friedman Unraveled, Journal of Libertarian Studies16, no.4
(Fall,2002): 3745.
30 Friedman, A Program for Monetary Stability.
31 , 50 25 . .:
Milton Friedman, A Program for Monetary Stability, n.10. : Gary S. Becker, A Proposal for Free Banking, Free
Banking, vol.3: Modern Theory and Policy, White, ed., ch.2, pp.2025.
, ,
, 100%
(.24).
32 100% .
,

558

100%

100% , . ,
.
, ,
33.
,
... , . (Irving Fisher, 100Percent Money, p.10).
, , , , , , , ,
, . , ,
(.: . . .413413).
, ,
. , , , ,
. , 1920 ,
, ,
, . , ,
1929., . .
. , (Irving N. Fisher, My Father, Irving Fisher (New
York: A Reflection Book, 1956). . ,
: Robert Loring Allen, Irving Fisher: A Biography. ( , ,
24 1929. , .
1929.
: , : ,2005. .172215, , .175177.
2 1929. . .).
33 , ,
(.: Pascal Salin, Maurice Allais: un conomiste liberal?, p.11).
, ,
,
,
,
100% . ,
,
, .

. , .
prima facie .

559

2.
, ,

. , , , ,
, ,
,
. ,


, , ..
100% 34.

2

, , .
, , , .
, ,
.
XXI., , : (1) ;
(2)
(3) ,
, ,
. .: Symposium: Chicago
versus the Free Market, Journal of Libertarian Studies16, no.4 (Fall,2002).
34 , 1981.
, , 100% . .: James
Tobin, Financial Innovation and Deregulation in Perspective, Bank of Japan Monetary
and Economic Studies3 (1985): 1929. .
100% : Charles Goodhart, The
Evolution of Central Banks, .87ff. : Alex Hocker Pollock, Collateralized Money:
An Idea Whose Time Has Come Again? Durrel Journal of Money and Banking 5, no.1
(March1993): 3438. , , , , , .

560



. , 100% .
.




.
,
, ,
, , .
. , , , , , ,
, ,
.
. : , , ,
. ,
, . ,
, , ,
, . ,
, .
,
ex novo.

35. , 35

.: . // . .
.: , 2005. .3. .2. .396409. .: . // . .8.
.257284. Carl Menger, On the Origins of Money, Economic Journal, vol.2 (1892),
pp.239255. ,
, ,
, , ,
, ,

561

2.
,
, , ,
, 36.
, .
, ,
, , ,
. ,
.
,
. ,
,
, [ ] .
. ,
, ex novo, .. ,
, , . .: . . .382383, 398, 570. ( , , )
. , , ,
: (),
, .
: JeanPierre Centi,
Hayekian Perspectives on the Monetary Systems: Toward Fiat Private and Competitive
Money, in Austrian Economics Today I, The International Library of Austrian Economics, Kurt R. Leube, ed. (Frankfurt: FAZ Buch, 2003), pp.89104. . .104
.
36
. (. . ), 1976.
: Friedrich A. Hayek, A Commodity
Reserve Currency, Economic Journal 53, no.210 (JuneSeptember, 1943): 176184
(.: . . .: , 2000. .10.
.201209). ,
, , . ,

( ).
, ( 100% ), , ,
, . , . ,
( Mises and Hayek Dehomogenized).
(.:
Leland Yeager, The Perils of Base Money, p.262).

562


, 37. ,
, ,
.
,

, ,
, . ,

.
,
,
38.



,
,
. 1869.
,
37

,
, , ,
,
. , , XIX. ,
. .: Rothbard, Man, Economy and State, pp.724726. (
.: . . .7881; . . : ,2005. .103106, 109111
. . .)
38
, 1930 (
19191922. . .).
. : , ,
, ,
, ,
100% (Milton
Friedman, Has Gold Lost its Monetary Role? Milton Friedman in South Africa, Meyer
Felberg, Kate Jowel, and Stephen Mulholland, eds. [Johannesburg: Graduate School of
Business of the University of Cape Town, 1976]). .:
Mark Skousen, The Structure of Production, Ch.8 The Theory of Commodity Money:
Economics of Pure Gold Standard, pp.265281.

563

2.
, ,
,
39. , . :
,
100% , .
,
, ,
.
. ,

.
, ,
40. , .
39 Laureano

Figuerola, Escritos econmicos, edicin y estudio preliminar de Francisco


Cabrillo Rodrguez (Madrid: Instituto de Etudios Fiscales, 1991, p.268). , , ,
22 1869.
40 , , , . ,
180 182 .
(, , ):
180. , , (bills),
.
182. (bills), , , , ,
.
, ,
(
..). ,

.

, 180 :
,
, , ,
.
,
. , 252 -

564




, ,
100%

100%
, . , , . ,
, (..
),
, (
, , ). ,
, .
, , 100%
.
, ,
, ,
.
,
.
180 182 , , :
252. , ,
, ,
, , ,
, , , , ,
50% , ,
,
.

. , ,
. ( ,
, , , .)

565

3.
, , , .


?
, ,

.
, , . , 100%
41.
, ,
42, . 43,
41


. ,
. ,
, , , , , [].
, (Israel M. Kirzner, Discovery and the Capitalist Progress (Chicago and
London: University of Chicago Press,1985), p.168).
42 . . .205209.
43 . : Joseph T. Salerno, Gold
Standard: True and False, pp.257258. ,
, , . ,
, , .. ,
, , ,
, , ,
. , , , ,
. , [] ,
.
, ,
,

566


. .
,
. , . , ( )
. ,
, ,
, .
, ,
, , , .
,
( ).
,
, ,
. ( , )
. , ,

, , : ,
, , 44.

3

, , 100% (). ,

( ), .
,
[ ].
44 , .
, , , , . , ,
.

567

3.
1. .
, 100%
45. , [ ] .
,
. , , , ,
, tantun
dem, 100% , ,

, .
, , ,
, , .
46.
,
. ,
,
,
.

.
2. .
, ,
, . ,
.
, ,
.
45

, , 100% (Salin, Are Banking Crises a Free Market Phenomenon? p.2).


46 .: Cabrillo, Quiebra y liquidacion de empresas:anlisis econmico del depecho espaol
(Madrid: Unin Editorial, 1989).

568


,
, , , .
, (.. 100% ), .

. ,
,
, , .

,
, , 47.
( , 100% ),
( ). ,
, ,

. , , 48.
,
100% (, , ), (. , 1),
, ,
47

(100% ) ,
,
, .. ,
II ( ) . .: John Paul II, Centesimus Annus: Encyclical Letter on
the Hundredth Anniversary of Rerum Novarum, 1991, no.48 (London: Catholic Truth
Society, 1991), pp.3536. II : , , , .
.
48 , , .

569

3.

, .

,
100% .
, .
( ).
, , .
,
.
, , , ,
.
, , ,
. , , . ,
, ,
, . , ,
,
, , , .
, , , .
3.
.
100%
, .
,

. , , ,
,
, -

570


.
. , ,
:
,
.

.
,
, XXI., , .
4.
,
, , ,
.


. ,

. , , , ,
. ,

. , . ,
.

, , .
(, , ), , .
,
, , , . 100%

,
,
. 100 13% 49. ,
49 .:

Skousen, Structure of Production, Ch.8The Theory of Commodity Money: Economics of a Pure Gold Standard, pp.269271. ,
-

571

3.
100% , 3%
,
. , ,

50.
,
( 1%)

, , , , ,
.
, 3% , 1%
2%. , , .
,
.
, , ,

, . , , . ,
,
, 1900. 1 3% . ,

,
.
13% ( ), 3%, 0,25 1%
( ,
3%). .: . . .387388. , , ,
, ,
, .
50 ,

. .: Selgin, Less Than Zero: The Case for a Falling Price Level in
a Growing Economy, Hobart Paper no.132(London: Institute of Economic Affairs,1997).
. ,
8 ,
. , , .

572


, ,
.
,
( ),
, ,
, [ ]. ,
, , ,
.
51.
, ,
,
,
. , ,

,
, .
,
. ,
.
, ,
,
. , ,
51 ,

, ,
:
, ,
,
. ,
, ,
. .
,

, . ,

, . , , .
,
[] :
,
(Mises, Money, Method, and the Market Process, p.9091( . . .)).

573

3.
, , ,
, . , ,
100% ,
,
52.
5.
.
. ,
, .
, ,
, ..
, , 53. , , , ,
, ,
, , .
,
. : (takeover bids) ,
52 , 1929.

30%. , 100% . .
, , .
, 100%
. .: Skousen, Economic on Trial: Lies,
Myths and Realities (Homewood, Ill.: Business One Irwin,1991), pp.133138. , , 1492. ,
5%, ,
, 13%.
53 : , , , (Maurice Allais, Les
conditions montairs dune conomie de marchs, p.326). ,
,
la cultura del pelotazo (
). , , , .
,
.

574


. , , ,
54.
, , , ,
, , ,
.
6.
, , ,
.

, , ,

, ,
, ,
. ,
, . , . ,
,
,
, , 55.
, ,
,
.
Les conditions montairs dune conomie de marchs, p.347.
, ,
, , ., ,
, . ,
, , ,
(.: Friedman, Has Gold Lost its Monetary Role? p.36).
: Arthur B. Laffer, Marc A.
Miles, International Economics in an Integrated World (Oakland, N. J.: Scott and Foresman,1982). . : Salerno,
Gold Standards: True and False, pp.258261.

54 Allais,

55

575

3.
,
. 56. ,
, , .
,
. , , ,
.
:
,
. ... ,
, .
,
57.
, ,
100%
. , ,
58.
7. .
, .
56 .,

.: Juan Francisco Corona Ramn, Una introduccin a la teora de la decisin


pblica (Public Choice) (Alcal de Henares; Madrid: Instituto Nacional de Administracin
Pblica,1987), ch.5Ciclo PolticoEconmico, pp.116142,
. .75 6.
57 Mises, On the Manipulation of Money and Credit, p.22( . . .).
58 .: Mises, The Theory of Money and Credit, p.455. : ,
, .
, . , .
, ,

.
100% .

.

576


, , , ex nihilo,
. ,
, , . ,
,
,
. , ,
, ( ). ,
, ,
,
, . , ,
( ), ,
, .
,
. ,
, , , . , .
, 100%
. ,
. , ,
.
:
, ,
, , , , ,
,
59.
Les conditions montairs dune conomie de marchs, p.331.
, :

59 Allais,

577

3.
: , ,

. .
,
, .
8.
.

, , , ,

. , ,
, , , .
, : . , ,
, ,
,
,
, , . :
, .
,
60.
,
,
, ,
,
.
, , , ,
. .: Juan Antonio Gimeno Ullastres, Un impuesto llamado iflacin,
in Homenaje a Lucas Beltrn (Madrid: Editorial Moneda y Credito,1982), pp.803823.
60 Ludwig von Mises, Nation, State and Economy: Contributions to the Politics and History
of Our Time (New York and London: New York University Press, 1983), p.163 [.
. . .: . . . : 2008].
. : . . .413.
: Mises, Nation, Staat, und Wirtschaft (Vienna
and Leipzig: Manzsche Verlags Buchhandlung, 1919). . :

578



100% . , , ,
. ,
, , . ,
,
,
, . ,
100%

, , ,
.


, 61, , 100% .
.
1. , raison dtre
.
. , , 100% ,
ex nihilo, .. , .
Joseph T. Salerno, War and the Money Machine: Concealing the Costs of War Beneath
the Veil of Inflation, in The Costs of War: Americas Pyrrhic Victories, John V. Denson,
ed. (New Brunswick and London: Transaction Publishers, 1997), ch.17, pp.367387.
, , , . : Father Juan de Mariana,
Tratado y discurso sobre la moneda de velln, in De Monetae Mutatione, 1609, p.35(.
.: A Treatise on the Alteration of Money).
61 , , (Walter Block, Fractional Reserve Banking, p.31).
. .: Leland Yeager,
The Perils of Base Money, pp.256257.

579

4.
, ,
.

.
, . ,
,
( ). , (100% ),
[].
,
( , , ..).
, , .., ,
.
, ,
100%
, .
,
.
,
, , 100% , , .
: ,
, ,
. ,
62.
, ,
.
2.
,
.
, , ,
, . , ,
.. ,
62 Mises,

580

The Theory of Money and Credit, p.361.


,
. ceteris paribus
. , , , ,


, . , , , ,
.
, , 100% .
. ,
, . , : , .

.
,

.
, ,

.
, ex post , ex
ante ( ) , , ,
, ,
,
.
, .
100% , .

. , ,
, ,
,
, .

581

4.
, ,
, , . ,

. , . , ,
, , ,
,
, . ,
, ,
, . ,

, .
. ,
, , , ,
, , 63.
, 100%
. , ,
,
, , ,
.
3. ,
.
, ,
. , , ,
,
.
,
, (
63 , 3% , (-

) 1,5%.
, .. 1,5% .
4% (
3% 1%),
2,5% . .48 , .

582


). , ,
, , 64.
, , ,
, ,
, . , , ,
( , ), . , .
, [ ],
. ,
100% , , , , ,
, .
, .
, .. ,
.
, 100% ,

.

, .
,
.

65.
,
, ,
64

. ( ), ( ) (Selgin, Are Banking Crises a FreeMarket Phenomenon? p.3).


65 ,
, . ,
, .
, .
? ,
(Allais, Les conditions montaires dune conomie
de marchs, p.351).

583

4.
, . ,
prima facie. ,
. ,

[].
4. 100%
, .
( )
. ,
,
,
. ,
100%
( , ). ,
, .. , , ,
66. ,
(, ,
)
. ,
.
, , , 67.
66

. . , 100%
, (Rothbard, Man, Economy, and State, p.709). : , , .
, .
,
100% (Jevons, Money and the Mechanism of Exchange, pp.211
212 [.: . . . .: ,2006. .109]).
67 , ,
, , . ,

584


, ,
. , , 68,
,
, [ ], , .
, 69,
,
100% , , ( ),
. ,
, . ,
, , .. . , (

.
68 , , 100% .
,
.. , , ,
.
69 , , , .: JosToribio
Dvila Problemas ticos en los Mercados Financieros, Encuentros sobre la dimensin tica de las instituciones y mercados
financieros, Fundacin BBV 1994.
, , . ,

, , .
,
. , , (.. ),
. , 100% .

,
, ,
,
100% .

585

4.
, , ) . , , ,
(
). , 100% . 100%
, . , , . ,
,
,
. . ,
, ( )70.
5.
.

, , 100% , .
,
, ,
, . 1937. :
,

. , , , , , ?71
70 : -

, IOU [ ( Iowe you ). . . .], , .


,
. , . ,
, ( ).
,
. IOU,
(Hlsmann, Has FractionalReserve Banking Really Passed
the Market Test? pp.408409).
71 Hayek, Monetary Nationalism and International Stability, p.82. .:
Simons, Rules versus Authority in Monetary Policy, p.17.

586


1844.
. 100%
,
, 72.
, , , , , :
.
, , , ,
73.
, , ,
.
,
()
. , ,
, ,
72 , 150,

100% ! ,
, , , . ,
,
. . ,
, , , ,
. , . ,
. , ,
, , , , .
( ,
). : Gerald P. ODriscoll, Money: Mengers Evolutionary Theory, pp.601616.
73 ,
, . ,
, , , .

587

4.
,
, , . , ,
(.
.40 ). ,

, .. ,
(..).
,
,
, , ,
.

, ,
, , . , 1844.
. ,
.
, ,
.
,
,
, .
, .

,
. , , , .
, , . ,

588


, , ,
,
.. ,
, ,
, ,
. ,
, , 74.
, ,
,

.
, , , , , , . ,
,
.
, , .
75,
, ,
, . ,
, .
74

, , ,
. , , . ,
, , (
), .
: Luis Barrallat, La banca espaola en el ao2000: un sector en
transicin (Madrid: Ediciones de las Ciencias Sociales,1992), pp.172205.
,
( ), , .
75
, , , , . :
. , .
. 144152.

589

4.
6.
, .
, ,
. ,

. , , ,
.
( ), . , , , , ( )
,
, , , .
100% , , [ ].
,
.
,
76.
( ), , ,
,
,
.

76

1987.
, .
(19901991.)

. ( 23%). (2001.)
0,15%,
.
20012002. 1% . [ (monetary
authorities) , .
. (
, ,
) .
. .]

590


,
, , ,
.
, .
, , , , []
.
,

. ,
, ,
.
, , ,
(
) , 77.

, ,
, ,
( ),
.

. , : ,
.
, ,
78.
,
, , ,
77

. : C. Maling, The Austrian Business Cycle Theory and its


Implications for Economic Stability under LaissezFaire, chapter48of J.C. Wood and
R.N. Woods, Friedrich A. Hayek: Critical Assessments (London: Routledge,1991), vol.2,
p.267.
78 .: Don Patinkin, Real Balances, The New Palgrave: A Dictionary of
Economics, vol.4, pp.98101.

591

4.
, .
, () : 10,5%
.
2 0,50,25% . ,
,
: ,

,

.
, , ,
,
. ,
3%, 1% , ,
2% .
, , 34%, , 12% .
, 1/8
. , , , , []
,
79.
(
) . ,
. , , , ! , ,
[ ], 79


,
.
. ,
.
. , ,
(.: . . .447).

592


, ,
.
.
,
80.
, , 100% , , , .
, . , ,
18671879.
, , . ,
,
, 81.
7. 100%

.
,
.
80 .:

Horwitz, Keynes Special Theory, .431432, n.18. ,


, , 100% , , , .
, ,
, .. ,
.

, , . , ,
100% , ,
,
, .
81 Friedman and Schwartz, A Monetary History of the United States,18671960, p.15(
. . .). , .: Mises, Money, Method, and
the Market Process, pp.9091.
1930. .
. 18731896.,
: Selgin, Less Than Zero, pp.4953.

593

4.
. ,
: ,
, 82. , , ..
,
. ,
, .
,
, , 1% 83. , , 1%
.
, , .
. ( )
. ,
, , ,
,
. 84.

100% . : ,
, : (1),

; (2),
(..
) ; (3) ,
;
(4) , ,
, , 82 Samuelson,

Economics,8th ed. (New York: Macmillan,1970).


B. Yeager, Introduction, in The Gold Standard: An Austrian Perspective, p. x.
84 Roger W. Garrison, The Costs of a Gold Standard, in The Gold Standard: An Austrian
Perspective, ch.4, pp.6179.
83 Leland

594


. ,
, 85.


, , ( , ..).

, 86. , , ,
, , ,
, 87.
, : , 100% , ,

.
,
, .
, , , ,
.
. ,
, ,
. , , (
85 Ibid.,

.68.
, , , , .
, ,
, . .: Ibid., .70.
87 .: Friedman and Schwartz, Has Government any Role in Money? pp.3762.
, , 100%
,
. ,
. , ,
, ,
.
86

595

4.
), .
,
ex
novo ( ). , ,
. 100% ,

.
, ,
.
8. , ,
,
,
.
, ,
. ,
. ,
, (
34%, 18%
88), [ ]
( 0,5%
). , .
, , ,
,
,
, ,
, , .
, ,
, , ,
( , 20) .

, , .
88 Skousen,

596

Economics on Trial, p.142.


( ) ,
, ,
89.
9. 100%
.
, , 100% . , . ,
, , . ,
. ,
, ,
. .
, 1946.
. ,
, 11554, 12962.

,
. ,
, : , ,
,
, ,
89

: , , , ,
100% , 1020. ,
,
. ,
,
(Rothbard, The Case for a100Percent
Gold Dollar, p.68 ( . . .)).
, , , .

, .
. , , [ ].
, . , (. ) , , . .: Murray N. Rothbard, The Solution, The Freeman: Ideas on Liberty
(November1995):697702.

597

4.
, ,
.
, , ,
90.
, , . ,
.
,
. ,
,
, . ,
.
, , , ,
.

15% .

. 1949. 13571
.
, . , ,
, , ,
.
, . , , , .

,
. 9 (19461955.) 970%,
90 -

. : JosHeriberto Martnez, El sistema monetario y bancario argentino,


in Homenaje a Lucas Beltrn (Madrid: Editorial Moneda y Crdito,1982), pp.435460.
.447448.

598



137% 1946. 3,5% 1955.
,
1956. . , , .
, , 91.
: ,
.
,
.
, . , : 100%
,
(
,
). 100% . ,

.
,
.
,
. , , , , .
91 ,

, 1973. , , 241976. , , ,
, . 2001.
(currency board), .

.
, , 250 ( ). :
.

599

5.
( ) , ( ), ,
92.
10.
,
.
100% ,
,
, ,
. , ,
93. , 100%
, , 2% , . , , ,
. ,
, , ,
.
.
, ,
,
, ,
. ,
94.

92

100% , . ,
, 1929.: Ludwig von
Mises, Die Verstaatlichung des Kredits: Mutalisierung des Kredits (Bern, Munich and
Leipzig: TraversBorgstroem Foundation,1929; : The Nationalization of Credit? in Mises, A Critique of Interventionism: Inquiries into the Economic
Policy and the Economic Ideology of the Present (New York: Arlington House,1977),
pp.153164.
93 . Une objection gnrale: la construction europenne .359360 : Allais, Les conditions montaires dune conomie de marchs.
94 , , , 100% , , .

600


5


,
, , .



, ,
. , . ,
(ad hoc) ,
. ,
. ,
, , : , , ,
.
,
, ,
.

.
,
, .
. , . ,
95.
95 .

: William H. Hutt, Politically Impos


sible...? (London: Institute of Economic Affairs,1971). , .: Huerta de Soto, The Crisis and Reform of Social Security: An
Economic Analysis from the Austrian Perspective, Journal des Economistes et des Etudes

601

5.

. . , ,
, .


91 .
* :
( ) (
,
,
100% ).

. ,
.
.
, ,
. , .
,
. . ,
(
). ,

, . (
)
,
Humaines5, no.1(March1994):127155. ,
, : Jess Huerta de Soto, El economista liberal y la poltica, Manuel Fraga:
homenaje acadmico (Madrid: Fundacin Cnovas del Castillo,1997), vol.1, pp.763788.
: Huerta de Soto, A Hayekian Strategy to Implement Free Market
Reforms, in Economic Policy in an Orderly Framework: Liber Amicorum for Gerrit Mei
jer, J.G. Backhaus, W. Heijmann, A. Nentjes, and J. van Ophem, eds. (Mnster: LIT Verlag,2003), pp231254.
* , ,
, . . . .

602

5.

5.

5.

. 91

4.
(

).

4.
.

4.

3. ( )

3.
()

3.

2.

2.

2.

1. . : 2%
. 100%
.

1.
. :

4-6%

1.

;

adhoc,

2.

5. 5. .


4.
4. .
,

(
)

3. - 3.

( )

2.
100%

1. 1. (
,
).
:
( )
100% . .


( ?)




-

- ,

603

5.
. ,
, .

. . ( , ),
. ,
(.. 46% ).
( ) . ,
,
( )
.
. , .
, , 96.
, , , :
100% . ,
,
.
,
. ,
, , , ( , 2% ).
:


96

,
.

604


. ,
,
( )
() . ( , ,
, .)
, , 97. ,
, , .
, ( ,
).
,
, ,
, ,
98, ,

( , ).
,
,
( ).
, . 100%
, . ,
97 , -

, . ,
[], ,
, , .
, , ( ). ,
,
, . : , ,
. , .
.
(Mises, Money, Method
and the Market Process, p.108( . . .).
98
, , . ,
, (Hart, The Chicago Plan of Banking
Reform, pp.105106, .1 .106, , ).

605

5.
( , ),
.
, , ,
. ,
, , 100%.
, , ?
, , ,
, ex nihilo. .
,
, ( , , ,
[] , ),
, , ,
, , , , 99.

, 100%
, , .

. ,
, .
99

, , , ,
. 4, , .
, , ex nihilo, , ex nihilo, : , , ,
. . ,
, . : ...
:1) ;2)
21, , , , ,
;3) ,

( . . . III// ., . .2 . . 25. .595).

606


100, .
,
, ,
( ,
,
).

, . ,
,
( )? , ,
,
, ,
. :
, 101. ( ) , ,
,
100

100% .: Rothbard, The Mystery of Banking,


pp.249269. , ,
. . ,
. , , . , , : :
? ? , ,
(.268). , , , , , , 100%
, , , ,
. , , . , , ,
.89,
, , ,
.
101
, . ,
( , , ,
).

607

5.
. , ( )
,

,
102. , (, ),
,
, .
. 92 ,
, 100%
[] .
,
( ) ,
.
,
( , , , ..). .

( , ). 100% , . ,
.
, 103.
102

, 1997. 60 ( 60% ). ,
, 40 . , , ,
, , , , . ,
, ,
. 60
, 100% ,
40 , , , . , ,
,
, .
103 ,
( , , ), ,

608

,

(
).

( ).

,


,
100%-

.

,

. (

.)


,
. (
.)

,



(

..).

( ) ,
100%- .

. 92. (
)

609

5.
. ,
. , ,
. ,
.
100%
, .
. ,
, ,
, . , . .
, .
, par excellence: 104.
(100% ) ,
, (Allais,
Les conditions montaires dune conomie de marchs.) , . , .: Allais, LImpt sur le capital et la rforme montaire, .319320.
.
104 , .34.
, , ,

. : , [path depended , ,
,
. . .],
, . ,

. , ( )
. ,
,
, XX (Rothbard, Aurophobia: or Free Banking on What Standard?
.107, n.14). (, , ?),

610



, .
100%
[ ]. 1981., , 1696. [] . 15
. 1997., 350. , ,
, ,
105.
,
, ,
.

106.
, , ,
, ( )
. .
(Richard H. Timberlake, A Critique of Monetarist
and Austrian Doctrines on the Utility and Value of Money, Review of Austrian Eco
nomics1(1987):8196): Murray N. Rothbard, Timberlake on the Austrian Theory of
Money: A Comment, Review of Austrian Economics2(1988):179187. , ,
,
. , , ,

. , , ,
, , ( ).
.
105 Rothbard, The Case for a Genuine Gold Dollar, in The Gold Standard: An Austrian
Perspective, p.14; . Idem., The Solution, p.700.
106 , , 1937., ,
100% , : ,
, ,

. ,
,
(Hayek, Monetary Nationalism and International Stability, p.82). ,
2% .

611

5.
,
. , ,

.
.
.

.
.
,
, .





.
107.
, , , . ,
, . ,
, ,
, (100% ),
, 107

., .: Espaa y la unificacin monetaria europea: una reflexin crtica, Ramn


Febrero, ed. (Madrid: Editorial Abacus,1994). : Pascal Salin,
Lunitmontaire europene: au profit de qui? (Paris: Economica,1980); Robin Leigh
Pemberton, The Future of Monetary Arrangements in Europe (London: Institute of Economic Affairs,1989). . : Jess Huerta de Soto, A Theory of Liberal Nationalism, Il Politico LX, no.4(1995):583598.

612


,
( ). , ,

, , [] , . ,
,
108,

. ,
, , :
, 100% .

, .
, 11998. ,
( 100% ). ( )
, . , , ,
. ,
,
.
(, )
,
.
108


, .
. ,
, . : Hayek, Monetary Nationalism and International Stability.
(.: . : . .: ,2007.
.354359; . . .732753). (
) , . : JosAntonio de Aguirre, La moneda nica europea
(Madrid: Unin Editorial,1990), pp.35ff.

613

6. .
.
, .

,
. .
, , .. ,
. ,
, ,
, , , .
.
109.

6
.


,
XXI. , ,
, , , . , , , , , ,
. 109

6(.109) , , , , , . , ,
. .: Richard Layard and Andrea Richter, Who Gains
and Who Loses from Russian Credit Expansion? Communist Economies and Economic
Transformation6, no.4(1994):459472. ,
, . : The
Cato Journal12, no.3(Winter,1993). . : Stephen H. Hanke, Lars Jonung, and
Kurt Schuler, Russian Currency and Finance (London: Routledge,1993). (currency board) . , .91,
,
100% ,
.

614


, ,
, , , , . ,
.
, ,
, ,
.
,
, , ,
. . .
, ,
, .

.

( ) ,
.
,
, .
,

, , , ,
.. 100% .
, , ,
.
,
. ,
,
.
,
, , , , ,

615

6. .
. . ,
, , ,
, , .
, , , , ,

, ( ), .. 100% .
. , 1844.,
, ,
. , .

, .. ,
, .
,
. ,
,
.
,
. ,
, . ,
, ,
.
100% ,
. ,
.
, .
, ,

616



, ,
, .
, .
, () , , ( ),
100%
(), .
, ,
, ,
.


. , ,
.
. , ,
, .
, .
, , .
, , . , ,
,
. , , , , .
, ..
.
,
( !),
, .
, 57.

( ).

617

6. .
, , (
) (
). ,
. , ,
.
, , , .
, ,
,
.
.
, , . ,
,
.
. ,
, , ,
, (
) .
, ,

, ( 100%
).
, , , 1970 ,
.
, ,
, , . 8 ,
, . ,

[ ] ,
.
, , -

618


.
, ,
. , ,
, ,
.
, (.. )
, . , : , ,
, .
XXI , ,
, , .
: , (),
, . :
. , ,
: , , ,
, , , ,
,
. 100% .
, , , ,
, .
,

,
( ) . , , . , ,
, , , , ,

.


Abrams, M.A., Money in a Changing Civilisation (London: John Lain, 1934).
Aguirre, J.A. de, El poder de emitir dinero: De J. Law a J.M. Keynes (Madrid: Unin Editorial, 1985).
Aguirre, J.A. de, La moneda nica europea (Madrid: Unin Editorial, 1990).
Aguirre, J.A. de, Appendix to the Spanish edition of V.C. Smiths, The Rationale of Central
Banking and the Free Banking Alternative (Indianapolis, Ind.: Liberty Press, 1990).
Aguirre, J.A. de, Introduccin to the Spanish edition of BhmBawerks book, Capital and
Interest, vol. 2, Positive Theory of Capital (Teora positiva del capital) (Madrid: Ediciones
Aosta/Unin Editorial, 1998).
Albcar Lpez, J.L., and J. Santos Briz, Cdigo Civil: doctrina y jurisprudencia (Madrid:
Editorial Trivium, 1991), vol. 6.
Albaladejo, M., Derecho Civil, vol. 2, Derecho de las obligaciones: los contratos en particular
y las obligaciones no contractuales (Barcelona: Librera Bosch, 1975).
Albaladejo, M., ed., Comentarios al Cdigo Civil y compilaciones faroles (Madrid: Editorial
Revista del Derecho Privado EDERSA, 1982).
Alchian, A.A., and W.R. Allen, University Economics (Belmont, Calif.: Wadsworth Publishing, 1964).
Alderfer, E.B., and H.E. Michel, Economics of American Industry, 3rd ed. (New York:
McGrawHill, 1957).
Alonso Neira, M. A., Hayeks Triangle, in An Eponymous Dictionary of Economics: A
Guide to Laws and Theorems Named After Economists, Julio Segura and Carlos Braun
(eds) (Chatelham, UK: Edward Elgar, 2004).
Allais, M., Les Faux Monnayeurs, Le Monde (October 29, 1974).
Allais, M., LImpt sur le capital et la rforme montaire (Paris: Hermann diteurs, 1989).
Allais, M., Les conditions montaires dune conomie de marchs: des enseignements du
pass aux rformes de demain, Revue dconomie politique 3 (MayJuly 1993): 31967.
Allen, R.L., Irving fisher: A Biography (Oxford: Blackwell, 1993).
Anderson, B.M., Economics and the Public Welfare: A Financial and Economic History of the
United States, 19141946 (Indianapolis, Ind.: Liberty Press, 1979).
Andreu Garca, J.M., El coeficiente de caja ptimo y su posible vinculacin con el dficit
pblico, Boletn econmico de Informacin Comercial Espaola (June 29July 5,1987):
2425.
Andreu Garcia, J.M., En torno a la neutralidad del coeficiente de caja: el caso espaol,
Revista de economa 9.
Anes, R., El Banco de Espaa, 18741914: un banco nacional, in La banca espaola en la
Restauracin (Madrid: Servicio de Estudios del Banco de Espaa, 1974), vol. l.
Angell, J.W., The 100 Percent Reserve Plan, Quarterly Journal of Economics L, no. 1
(November 1935): 135.
Aranson, PH., Bruno Leoni in Retrospect, Harvard Journal of Law and Public Policy
(Summer, 1988).
Arena, R., Hayek and Modern Business Cycle Theory, in Money and Business Cycles: The
Economics of F.A. Hayek, M. Colonna and H. Hagemann, eds., vol. 1, chap. 10, pp. 20317.
Arrow, K.J., The Economics of Moral Hazard: Further Comments, American Economic
Review 58 (1968): 53753.
Arrow, K.J., Uncertainty in the Welfare Economics of Medical Care, American Economic
Review 53 (1963): 94173.
Azpilcueta, M. de, Comentario resolutorio de cambios (Madrid: Consejo Superior de Investigaciones Cientficas, 1965); original Spanish edition (Salamanca: Andrs de Portonarijs, 1556);
Portuguese ed., Comentario resolutorio de onzenas (Coimbra: loam de Barreyra, 1560).
Backhaus, J., W. Heijmann, A. Nantjes, and J. van Ophem, eds., Economic Policy in an
Orderly Framework: Liber Amicorumfor Gerrit Meijer (Mnster: LIT Verlag, 2003).

620

Philipp Bagus, La tragedia de los bienes comunales y la escuela austriaca: Hardin, Hoppe,
Huerta de Soto y Mises, Procesos de mercado: revista europea de economa poltica, no. 2,
2004, pp. 125142.
Bajo Fernndez, M., M. Prez Manzano, and C. Surez Gonzlez, Manual de derecho penal,
Special section, Delitos Patrimoniales y Econmicos (Madrid: Editorial Centro de Estudios Ramn Areces, 1993).
Banco de Espaa, Boletn estadstico (August 1994): 17.
Barnes, H.E., An Economic History of the Western World (New York: Harcourt, Brace,
1940).
Barrallat, L., La banca espaola en el ao 2000: un sector en transicin (Madrid: Ediciones de
las Ciencias Sociales, 1992).
Becker, G.S., A Proposal for Free Banking, Chapter 2 in Free Banking, Modern Theory and
Policy, L.H. White, ed., vol. 3, pp. 2025.
Belda, E, tica de la creacin de crditos segn la doctrina de Molina, Lessio y Lugo, Pen
samiento 73, no. 19 (1963): 5389.
Bell, D., and I. Kristol, eds., The Crisis in Economie Theory (New York: Basic Books, 1981).
Beltrn, L., Sobre los orgenes hispanos de la economa de mercado, in Ensayos de econo
ma poltica (Madrid: Unin Editorial, 1996), pp. 23454.
Benegas Lynch, A., Poder y razn razonable (Buenos Aires and Barcelona: Librera El
Ateneo Editorial, 1992).
Benham, E, British Monetary Policy (London: P.S. King and Shaw, 1932).
Brenger, J., A History of the Habsburg Empire, 12731700, C.A. Simpson, trans. (London
and New York: Longman, 1994).
Jack Birner, Rudy van Zijp, Hayek, Co-Ordination, and Evolution: His Legacy in Philoso
phy, Politics, Economics, and the History of Ideas (London: Routhledge, 1994).
Biblia Sacra vulgatam versionem, R. Weber, ed. (Stuttgart, 1969).
Blanchard, O.J., and S. Fischer, Lectures on Macroeconomics (Cambridge, Mass.: The MIT
Press, 1990).
* Blaug, M., Economic Theory in Retrospect (Cambridge: Cambridge University Press, 1978).
Blaug, M., Hayek Revisited, Critical Review 7, no. 1 (Winter, 1993): 5160.
Block, W, Fractional Reserve Banking: An Interdisciplinary Perspective, Chapter 3 in
Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard, W Block and L.H.
Rockwell, Jr., eds. (Auburn, Ala.: Ludwig von Mises Institute, 1988), pp. 2432.
Block, W, Henry Simons is Not a Supporter of Free Enterprise, Journal of Libertarian
Studies 6, no. 4 (Fall, 2002).
Block, W, and K.M. Garschina, Hayek, Business Cycles and Fractional Reserve Banking: Continuing the DeHomogenization Process, Review of Austrian Economics 9, no. 1
(1996): 7794.
Block, W, and L.H. Rockwell, Jr., eds., Man, Economy, and Liberty: Essays in Honor of Mur
ray N. Rothbard (Auburn, Ala.: Ludwig von Mises Institute, 1988).
Boettke, P., Where Did Economics Go Wrong? Modern Economics as a Flight from Reality,
Critical Review I (Winter, 1997): 1164.
Boettke, P., and Prychitko, D.L., eds. The Market Process: Essays in Contemporary Austrian
Economics, 2 vols. (Aldershot, England: Edward Elgar, 1998).
Bogaert, R., Banques et Banquiers dans les Cits Grecques (Leyden, Holland: A.W. Sijthoff,
1968).
BhmBawerk, E.v., Capital and Interest Once More, Quarterly Journal of Economics
(November 1906 and February 1907).
BhmBawerk, E.v., Kapital und Kapitalzins: Geschichte und Kritik der Kapital
zinstheorieen (Innsbruck: Verlag der Wagnersehen UniversittsBuchhandlung, 1884);
English translation by Hans F. Sennholz, Capital and Interest: History and Critique of
Interest Theories (South Holland, Ill.: Libertarian Press, 1959).

* , .

621

BhmBawerk, E.v., Kapital und Kapitalzins: Positive Theorie des Kapitales (Innsbruck:
Verlag der Wagnerschen UniversittsBuchhandlung, 1889); English translation by Hans
F. Sennholz, Capital and Interest: Positive Theory of Capital (South Holland, Ill.: Libertarian Press, 1959).
BhmBawerk, E.v., The Nature of Capital: A Rejoinder, Quarterly Journal of Economics
(November 1907).
BhmBawerk, E.v., Professor Clarks Views on the Genesis of Capital, Quarterly Journal
of Economics 9 (1895): 11331; reprinted in Classics in Austrian Economics, IM. Kirzner,
ed., vol. 1, pp. 13143.
Boorman, J.D., and T.M. Havrilesky, Money Supply, Money Demand and Macroeconomic
Models (Boston, Mass.: Allyn and Bacon, 1972).
Borch, K.H., Economics of Insurance (Amsterdam and New York: NorthHolland, 1990).
BrescianiTurroni, C., Curso de economa poltica, vol. 2, Problemas de economa poltica
(Mexico: Fondo de Cultura Econmica, 1961).
BrescianiTurroni, C., Le vicende del marco tedesco (Milan: Universit Bocconi Editrice,
1931); English translation by Millicent E. Savers, The Economics of Inflation: A Study of
Currency Depreciation in PostWar Germany (London: Routledge, 1937 and London and
New York: Augustus M. Kelley, 1968).
Butos, W.N., The Recession and Austrian Business Cycle Theory: An Empirical Perspective, Critical Review 7, nos. 23 (Spring and Summer, 1993).
Cabrillo, F., ed., Lecturas de economa poltica (Madrid: Minerva Ediciones, 1991).
Cabrillo, F., ed., Quiebra y liquidacin de empresas: un anlisis econmico del derecho espaol
(Madrid: Unin Editorial, 1989).
Cagan, P., Determinance and Effects of Changes in the Stock of Money, 18751960 (New
York: Columbia University Press, 1965).
Caldwell, B., Beyond Positivism: Economic Methodology in the Twentieth Century (London:
George Allen and Unwin, 1982; 2nd ed., London: Routledge, 1994).
Cantillon, R., Essai sur la nature du commerce en general (Holborn, London: Fletcher Gyles,
1755).
Garande, R., Carlos Vy sus banqueros, 3 vols. (Barcelona and Madrid: Editorial Crtica,
1987).
Casas Pardo, J., Curso de economa, 5th ed. (Madrid, 1985).
Castaeda Chornet, J., Lecciones de teora econmica (Madrid: Editorial Aguilar, 1972).
Centi, J.P., Hayekian Perspectives on the Monetary System: Toward Fiat Private and
Competitive Moneys, Austrian Economics Today I, The International Library of Austrian Economics, K.R. Leube, ed. (Frankfurt: FAZ Buch, 2003), vol. 7, pp. 89104.
Cernuschi, H., Contre le billet de banque (Paris: Guillaumin, 1866).
Cernuschi, H., Mcanique de lchange (Paris: A. Lacroix, 1865).
Chafuen, A.A., Christians for Freedom: LateScholastic Economics (San Francisco, Calif.:
Ignatius Press, 1986).
Checkland, S.G., Scottish Banking: A History, 16951973 (Glasgow: Collins, 1975).
Churruca, J. de, La quiebra de la banca del cristiano Calisto (c.a. 18590), Seminarios
Complutenses de Derecho Romano (FebruaryMay 1991; Madrid, 1992), pp. 6186.
Cicero, M.T., De re publica (Cambridge, Mass.: The Loeb Classical Library, 1961).
Cipolla, C.M., The Monetary Policy of FourteenthCentury Florence (Berkeley: University
of California Press, 1982).
Cipolla, C.M., Money in SixteenthCentury Florence (Berkeley.: University of California
Press, 1989).
Clark, J.B., Concerning the Nature of Capital: A Reply, Quarterly Journal of Economics
(May 1907).
Clark, J.B., The Distribution of Wealth (New York: Macmillan, 1899; New York: Augustus
M. Kelley, 1965).
Clark, J.B., The Genesis of Capital, Yale Review (November 1893): 30215.
Clark, J.B., The Origin of Interest, Quarterly Journal of Economics 9 (April 1895):
257278.

622

Clough, S.B., The Economic Development of Western Civilization (New York: McGrawHill,
1959).
Cohen, E.E., Athenian Economy and Society: A Banking Perspective (Princeton, N.J.: Princeton University Press, 1992).
Colmeiro, M., Historia de la economa poltica espaola (1863; Madrid: Fundacin Banco
Exterior, 1988), vol. 2.
Colonna, M., and H. Hagemann, eds., Money and Business Cycles: The Economics of
F.A.Hayek, 2 vols. (Aldershot, England: Edward Elgar, 1994).
Colunga, A. and L. Turrado, eds., Biblia Sacra luxta Vulgatam Clementinam (Madrid: Biblioteca de Autores Cristianos, 1994).
CoppaZuccari, P., Il deposito irregolare, Biblioteca dell Archivio Giuridico Filippo Serafini
(Modena, 1901), voi. 6.
CoppaZuccari, P., La natura giuridica del deposito bancario, Archivio Giuridico Filippo
Serafini, n.s. 9 (Modena, 1902): 44172.
Corona Ramn, J.F., Una introduccin a la teora de la decisin pblica (Public Choice)
(Alcal de Henares and Madrid: Instituto Nacional de Administracin Pblica, 1987).
Coronel de Palma, L., La evolucin de un banco central (Madrid: Real Academia de
Jurisprudencia y Legislacin, 1976).
Corpus Juris Civilis, Dionysius Gottfried edition (Geneva 1583).
Costouros, G.J., Development of Banking and Related BookKeeping Techniques in
Ancient Greece, International Journal of Accounting 7, no. 2 (1973): 7581.
CourcelleSeneuil, J.G., La banque libre: expos des fonctions du commerce de banque et de
son application lagriculture suivi de divers crits de controverse sur la libert des banques
(Paris: Guillaumin, 1867).
Covarrubias y Leyva, D., Veterum collatio numismatum, in Omnia opra (Salamanca, 1577).
Partial Spanish translation by Atilano Rico Seco in Textos jurdicopolticos, compiled by
Manuel Fraga Iribarne (Madrid: Instituto de Estudios Polticos, 1957).
Cowen, T., Risk and Business Cycles: New and Old Austrian Perspectives (London: Routledge, 1998).
Crick, W.F., The Genesis of Bank Deposits, Economica (June 1927).
Cuello Caln, E., Derecho penal, 13th ed. (Barcelona: Editorial Bosch, 1972), tome 2, special
section, vol. 2.
Cuenta corriente de efectos o valores de un sector de la banca catalana: su repercusin en
el crdito y en la economa, su calificacin jurdica en el mbito del derecho penal, civil
y mercantil positivos espaoles segn los dictmenes emitidos por los letrados seores
Rodrguez Sastre, Garrigues, Snchez Romn, Goicoechea, Miana y Clemente de Diego,
seguidos de un estudio sobre la cuenta de efectos y el Mercado Libre de Valores de Barcelo
na por D. Agustn Pelez, Sndico Presidente de la Bolsa de Madrid, La (Madrid: Delgado
Sez, 1936).
Dabin, J., La teora de la causa: estudio histrico y jurisprudencial, F. de Pelsmaeker, trans,
and adapted by F. Bonet Ramn, 2nd ed. (Madrid: Editorial Revista de Derecho Privado,
1955).
Davanzati, B., A Discourse upon Coins (London: J.D. and J. Churchill, 1696).
Davenport, H.J., The Economics of Enterprise, 1913 (New York: Augustus M. Kelley,
Reprints of Economic Classics, 1968).
Davenport, N., Keynes in the City, in Essays on John Maynard Keynes, Milo Keynes, ed.
(Cambridge: Cambridge University Press, 1975).
Davies, J.R., Chicago Economists, Deficit Budgets and the Early 1930s, American Eco
nomic Review (June 1968).
De Roover, R., The Rise and Decline of the Medici Bank, 13971494 (Cambridge, Mass.:
Harvard University Press, 1963).
Delvaux, T., and M.E. Magne, Les nouveaux produits dassurancevie (Brussels, Belgium:
Editions de LUniversit de Bruxelles, 1991).
Demosthenes, Discursos privados I (Madrid: Editorial Credos, Biblioteca Clsica Credos,
1983).

623

Demosthenes, Discursos privados II (Madrid: Editorial Credos, Biblioteca Clsica Credos,


1983).
Dempsey, B.W., Interest and Usury, Introduction by Joseph A. Schumpeter (Washington,
D.C.: American Council of Public Affairs, 1943).
DezPicazo, L., and A. Gulln, Sistema de derecho civil, 6th ed. (Madrid: Editorial Tecnos,
1989).
Dimand, R.W., Irving Fisher and Modern Macroeconomics, American Economic Review
87, no. 2 (May 1997): 44244.
Dimand, R.W., Hawtrey and the Multiplier, History of Political Economy 29, no. 3 (Fall,
1997): 54956.
Dolan, E.G., ed., The foundations of Modern Austrian Economics (Kansas City Mo.: Sheed
and Ward, 1976).
Dorn, J.A., ed., The future of Money in the Information Age (Washington, D.C.: Cato Institute, 1997).
Douglas W. Diamond, Philip H. Dybvig, Bank Runs, Deposit Insurance, and Liquidity,
Journal of Political Economy, 91, no. 3 (June 1983): 401419.
Dowd, K., The State and the Monetary System (New York: Saint Martins Press, 1989).
Dowd, K., The Experience of free Banking (London and New York: Routledge, 1992).
Dowd, K., Laissezfaire Banking (London and New York: Routledge, 1993).
Drucker, P.F., Toward the Next Economics, in The Crisis in Economic Theory, D.Bell and
I. Kristol, eds. (New York: Basic Books, 1981).
Durbin, E.F.M., The Problem of Credit Policy (London: Chapman and Hall, 1935).
Durbin, E.F.M., Purchasing Power and Trade Depression: A Critique of UnderConsumption
Theories (London and Toronto: Jonathan Cape, 1933).
Eatwell, J., M. Milgate, and P. Newman, The Neu> Palgrave: A Dictionary of Economics,
4vols. (London: Macmillan, 1987).
Ebeling, R. M., The Great Austrian Inflation, Freeman: Ideas on Liberty, April 2006,
pp.23.
Enciclopedia prctica de la banca (Barcelona: Editorial Planeta, 1989), vol. 6.
Enciclopedia universal ilustrada europeoamericana (Madrid: Editorial EspasaCalpe,
1979).
Erias Rey, A., and J.M. Snchez Santos, Independencia de los bancos centrales y poltica
monetaria: una sntesis, Hacienda pblica espaola 132 (1995): 6379.
Escarra, J., E. Escarra, and J. Rault, Prncipes de droit commercial (Paris: Recueil Sirey,
1947).
Estey, J.A., Business Cycles: Their Nature, Cause, and Control, 3rd ed. (Englewood Cliffs,
N.J.: Prentice Hall, 1956); Spanish edition Tratado sobre los ciclos econmicos (Mexico:
Fondo de Cultura Econmica, 1948).
Estap, E, Introduction to the third Spanish edition of Joseph A. Schumpeters book, The
History of Economic Analysis [Historia del anlisis econmico] (Barcelona: Editorial Ariel,
1994).
Febrero, R., ed., Espaa y la unificacin monetaria europea: una reflexin crtica (Madrid:
Editorial Abacus, 1994).
Febrero, R., ed., Qu es la economa (Madrid: Ediciones Pirmide, 1997).
Feldberg, M., K. Jowel, and S. Mulholland, eds., Milton Friedman in South Africa (Johannesburg, South Africa: Graduate School of Business of the University of Capetown, 1976).
Fernndez, T.R., Comentarios a la ley de disciplina e intervencin de las entidades de crdito, Serie de Estudios de la Fundacin Fondo para la Investigacin Econmica y Social
(Madrid, 1989).
Ferrer Sama, A., El delito de apropiacin indebida. Publicaciones del Seminario de Derecho
Penal de la Universidad de Murcia (Murcia: Editorial Sucesores de Nogus, 1945).
Fetter, F.A., Capital, Interest, and Rent (Kansas City, Mo.: Sheed Andrews and McMeel,
1977).
Fetter, F.A., Interest Theory and Price Movements, American Economic Review 17, no. 1
(1926): 72.

624

Figueroa, E., Teora de los ciclos econmicos (Madrid: CSIC, 1947).


Figuerola, L., Escritos econmicos, edited with a preliminary study by Francisco Cabrillo
Rodriguez (Madrid: Instituto de Estudios Fiscales, 1991).
Fisher, I., The Nature of Capital and Income (New York: Macmillan, 1906).
Fisher, I., 100 Percent Money (New York: Adelphi Company, 1935).
Fisher, I., The Purchasing Power of Money: Its Determination and Relation to Credit Interest
and Crises (New York: Macmillan, [1911] 1925; New York: Augustus M. Kelley, 1963).
Fisher, I., What is Capital? Economic Journal 6 (December 1896): 50934.
Fisher, I.N., My Father Irving Fisher (New York: A Reflection Book, 1956).
Fraser, H.F., Great Britain and the Gold Standard (London: Macmillan, 1933).
Friedman, M., Comment on the Critics, in Milton Friedman, Monetary Framework, Robert
J. Gordon, ed. (Chicago, Ill.: Chicago University Press, 1974).
Friedman, M., Dollars and Deficits (Englewood Cliffs, N.J.: Prentice Hall, 1968).
Friedman, M., Has Gold Lost its Monetary Role? in Milton Friedman in South Africa,
M. Feldberg, K. Jowel, and S. Mulholland, eds. (Johannesburg, South Africa: Graduate
School of Business of the University of Capetown, 1976).
Friedman, M., The Optimum Quantity of Money and Other Essays (Chicago, Ill.: Aldine, 1979).
Friedman, M., The Plucking Model of Business Fluctuations Revisited, Economic Inqui
ry 30 (April 1993): 17177.
Friedman, M., A Program for Monetary Stability (New York: Fordham University Press,
1959).
Friedman, M., Quantity Theory of Money, in The New Palgrave: A Dictionary of Eco
nomics, J. Eatwell, M. Milgate, and P. Newman, eds. (London: Macmillan, 1987), vol. 4,
pp.320.
Friedman, M., A Theory of the Consumption Function (Princeton, N.J.: Princeton University
Press, 1957).
Friedman, M., and A.J. Schwartz, Has Government Any Role in Money? Journal of Mon
etary Economics 17 (1986): 3772; reprinted as Chapter 26 in The Essence of Friedman,
Kurt R. Leube, ed. (Palo Alto, Calif.: Hoover Institution Press, Stanford University, 1986)
pp. 499525.
Friedman, M., A Monetary History of the United States, 18671960 (Princeton, N.J.: Princeton University Press, 1971).
Friedman, M., Monetary Trends in the United States and United Kingdom: Their Relation to
Income, Prices and Interest Rates, 18671975 (Chicago, Ill.: University of Chicago Press,
1982).
Fullarton, J., On the Regulation of Currencies, being an examination of the principles on
which it is proposed to restrict, within certain fixed limits, the future issues on credit
of the Bank of England and of the other banking establishments throughout the country
(London: John Murray, 1844. 2nd rev. ed., 1845).
Galiani, F., Della moneta (Naples: Giuseppe Raimondi, 1750).
Gallatin, A., Considerations on the Currency and Banking System of the United States (Philadelphia, Perm.: Carey and Lea, 1831).
Garcia del Corral, I.L., ed., Cuerpo de derecho civil romano: a doble texto, traducido al caste
llano del latino, translated into Spanish by Ildefonso L. Garca del Corral; reprint, 6 vols.
(Valladolid: Editorial Lex Nova, 1988).
GarcaGarrido, M.J., La Sociedad de los Banqueros (Societas Argentana), in Studi in
Honore di Arnaldo Biscardi (Milan, 1988), vol. 3.
GarcaPita y Lastres, J.L., Depsitos bancarios y proteccin del depositante, in Contratos
Bancarios (Madrid: Colegios Notariales de Espaa, 1996), pp. 119266.
GarcaPita y Lastres, J.L., Los depsitos bancarios de dinero y su documentacin, La
Revista de Derecho Bancario y Burstil, Centro de Documentacin Bancaria y Burstil
(OctoberDecember 1993): 9191008.
Garrigues, J., Contratos bancarios (Madrid: Published by the author, 1975).
Garrison, R.W., Austrian Macroeconomics: A Diagrammatical Exposition, originally
published in New Directions in Austrian Economics, L.M. Spadaro, ed. (Kansas City, Mo.:

625

Sheed Andrews and McMeel, 1978, pp. 167201; reprinted as an independent book by
the Institute for Humane Studies, 1978).
Garrison, R.W., The AustrianNeoclassical Relation: A Study in Monetary Dynamics
(Doctoral thesis, University of Virginia, 1981).
Garrison, R.W., The Costs of a Gold Standard, in The Gold Standard: An Austrian Per
spective, L.H. Rockwell, Jr., ed. (Lexington, Mass.: Lexington Books, 1985).
Garrison, R.W., The Limits of Macroeconomics, Cato Journal: An Interdisciplinary Jour
nal of Public Policy Analysis 12, no. 1 (1993).
Garrison, R.W., Is Milton Friedman a Keynesian? in Dissent on Keynes: A Critical
Appraisal of Keynesian Economics, M. Skousen, ed. (New York and London: Praeger,
1992), chap.8.
Garrison, R.W., The Roaring Twenties and the Bullish Eighties: The Role of Government
in Boom and Bust, Critical Review 7, nos. 23 (SpringSummer, 1993): 25976.
Garrison, R.W., Time and Money: The Macroeconomics of Capital Structure (London and
New York: Routledge, 2001).
Garrison, R.W., Time and Money: The Universals of Macroeconomic Theorizing, Journal
of Macroeconomics 6, no. 2 (Spring, 1984).
Garrison, R.W., What about Expectations?: A Challenge to the Austrian Theory, presented at the 2nd Austrian Scholars Conference, Auburn University, April 45, 1997.
Geliert, W., H. Kustner, M. Hellwich, and H. Kastner, eds., The Concise Encyclopedia of
Mathematics (New York: Van Nostrand, 1975).
Geyer, P., Theorie und Praxis des Zettelbankwesens nebst einer Charakteristik der Englischen,
Franzsischen und Preussischen Bank (Munich: Fleischmanns Buchhandlung, 1867).
Geyer, P., Banken und Krisen (Leipzig: T.O. Weigel, 1865).
Gherity, J.A., The Evolution of Adam Smiths Theory of Banking, History of Political
Economy 26, no. 3 (Fall, 1994): 423^41.
Gil Pelez, L., Tablas financieras, estadsticas y aduanales, 6th revised, enlarged edition
(Madrid: Editorial Dossat, 1977).
Gimeno Ullastres, Juan A., Un impuesto llamado inflacin, Homenaje a Lucas Beltrn
(Madrid: Editorial Moneda y Crdito, 1982), pp. 80323.
Glasner, D., Free Banking and Monetary Reform (Cambridge: Cambridge University Press,
1989).
Glasner, D., The RealBills Doctrine in the Light of the Law of Reflux, History of Political
Economy 24, no. 4 (Winter, 1992): 86794.
Gmez Camacho, F., Introduction to La teora del justo precio, by Luis de Molina (Madrid:
Editora Nacional, 1981).
Goldstein, I. and A. Pauzner, Demand-Deposit Contracts and the Probability of Bank
Runs, Journal of Finance 60, no. 3, June 2005, pp. 12931327.
Goodhart, C.A.E., The Business of Banking, 18911914 (London: Weidenfeld and Nicholson,
1972).
Goodhart, C.A.E., The Central Bank and the Financial System (Cambridge, Mass.: The MIT
Press, 1995).
Goodhart, C.A.E., The Evolution of Central Banks, 2nd ed. (Cambridge, Mass.: The MIT
Press, 1990).
Goodhart, C.A.E., The Free Banking Challenge to Central Banks, Critical Review 8, no. 3
(Summer, 1994): 41125.
Goodhart, C.A.E., What Should Central Banks Do? What Should be their Macroeconomic
Objectives and Operations? Economic Journal 104 (November 1994): 142436.
Gordon, R.J., ed., Milton Friedmans Monetary Framework (Chicago, Ill.: Chicago University
Press, 1974).
Gordon, R.J., ed., What is NewKeynesian Economics? Journal of Economic Literature 28
(September 1990).
Gottfried, D., ed., Corpus iuris civilis (Geneva, 1583).
Graham, F.D., Partial Reserve Money and the 100 Percent Proposal, American Economic
Review 26 (1936): 42840.

626

Granger, C.W.J., Investigating Causal Relations by Econometric Models and CrossSpectral Methods, Econometrica 37, no. 3 (1969): 428.
Granger, C.W.J., Testing for Causality: A Personal Viewpoint, Journal of Economic
Dynamics and Control 2, no. 4 (November 1980): 330.
Grassi, W., and B. Smith, Austrian Economics: History and Philosophical Background (London and Sydney: Groom Helm, 1986).
Graziani, A., Book Review of Stephen Kresge and Leif Wenar, eds., Hayek on Hayek: An
Autobiographical Dialogue, European Journal of the History of Economic Thought 2, no.
1 (Spring, 1995): 23032.
Graziani, A., Sofismi sul risparmio, Rivista Bancaria (December 1932); reprinted in Graziani, A., Studi di Critica Economica (Milan: Societ Anonima Editrice Dante Alighieri,
1935), pp. 25363.
Greaves, B.B., How to Return to the Gold Standard, The freeman: Ideas on Liberty
(November 1995): 70307.
Gregory, T.E., Gold, Unemployment and Capitalism (London: P.S. King and Shaw, 1933).
GriceHutchinson, M., Early Economic Thought in Spain, 11771740 (London: George
Allen and Unwin, 1978).
GriceHutchinson, M., Economic Thought in Spain: Selected Essays ofMarjorie
GriceHutchinson, L.S. Moss and C.K. Ryan, eds. (Aldershot, England: Edward Elgar,
1993).
GriceHutchinson, M., The Concept of the School of Salamanca: Its Origins and Development, Chapter 2 in Economic Thought in Spain: Selected Essays of Marjorie
GriceHutchinson, p. 25.
GriceHutchinson, M., The School of Salamanca: Readings in Spanish Monetary Theory,
15441605 (Oxford: Clarendon Press, 1952).
Groenveld, K., J.A.M. Maks, and J. Muysken, eds., Economic Policy and the Market Process:
Austrian and Mainstream Economics (Amsterdam: NorthHolland, 1990).
Gulln, A., and L. DiezPicazo, Sistema de derecho civil, 6th ed. (Madrid: Editorial Tecnos,
1989).
Guzmn Hermida, J.M., Introduccin General to Discursos of Isocrates (Madrid: Biblioteca Clsica Credos, 1979), vol. 1.
Haberler, G., Der Sinn der Indexzahlen: Eine Untersuchung ber den Begriff des Preisni
veaus und die Methoden seiner Messung (Tbingen: Verlag von J.C.B. Mohr [Paul Siebeck], 1927).
Haberler, G., The Liberal Economie Order, vol. 2, Money and Cycles and Related Things,
A.Y.C. Koo, ed. (Aldershot, England: Edward Elgar, 1993).
Haberler, G., Mr. Keynes Theory of the Multiplier: A Methodological Criticism, Zeit
schrift fr Nationalkonomie 7 (1936): 299305; reprinted as Chapter 23 of Selected Essays
of Gottfried Haberler, Anthony Y. Koo, ed. (Cambridge, Mass.: The MIT Press, 1985).
Haberler, G., Monetary Equilibrium and the Price Level in a Progressive Economy, Eco
nomica (February 1935): 7581; reprinted in Gottfried Haberler, The Liberal Economic
Order, vol. 2, Money and Cycles and Related Things, A.Y.C. Koo, ed. (Aldershot, England:
Edward Elgar, 1993), pp. 11825.
Haberler, G., Money and the Business Cycle, 1932; reprinted in The Austrian Theory of
the Trade Cycle and Other Essays (Washington, D.C.: Ludwig von Mises Institute, 1978),
pp. 720.
Haberler, G., Prosperity and Depression (Geneva: League of Nations, 1937).
Haberler, G., Reviewing A Book Without Reading It, Austrian Economics Newsletter 8
(Winter, 1995); reference in Journal of Economic Perspectives 10, no. 3 (Summer, 1996):
188.
Hagemann, H., and M. Colonna, eds., Money and Business Cycles: The Economics ofF.A.
Hayek (Aldershot, England: Edward Elgar, 1994).
Hahn, L.A., Common Sense Economics (New York: AbelardSchumann, 1956).
Hall, R.E. Macrotheory and the Recession of 19901991, American Economic Review
(May 1993): 27579.

627

Hanke, S.H., L. Jonung, and K. Schuler, Russian Currency and Finance (London: Routledge,
1993).
Harcourt, G.G., Some Cambridge Controversies in the Theory of Capital (Cambridge: Cambridge University Press, 1972).
Hardin, G., and J. Baden, eds., Managing the Commons (San Francisco, Calif.: Freeman,
1970).
Hart, A.G., The Chicago Plan of Banking Reform, Review of Economic Studies 2 (1935):
10416.
Hawtrey, R.G., Capital and Employment (London: Longmans Green, 1937).
Hawtrey, R.G., Review of Hayeks Prices and Production, Economica 12 (1932):
11925.
Hawtrey, R.G., The Art of Central Banking (London: Longman, 1932).
Hayek, F.A., The CounterRevolution of Science (Glencoe, Ill.: Free Press, 1952; Indianapolis,
Ind.: Liberty Press, 1979).
Hayek, F.A., Contra Keynes and Cambridge: Essays, Correspondence, The Collected
Works of F.A. Hayek, vol. 9, B.J. Caldwell, ed. (London: Routledge, 1995).
Hayek, F.A., Prices and Production, with a foreword by Lionel Robbins (London: Routledge,
1931; 2nd revised, enlarged edition, London: Routledge, 1935); later reprinted over ten
times in England and the United States (Clifton, N.J.: Augustus M. Kelley).
Hayek, F.A., Price Expectations, Monetary Disturbances and Malinvestment, 1933;
reprinted in Profits, Interest and Investment (Londan: Routhledge, 1939; Clifton, N.J.:
Augustus M. Kelley, 1975), pp.135156.
Hayek, F.A., Reflections on The Pure Theory of Money of Mr. J.M. Keynes (1), Economica
11, no. 33 (August 1931): 27095; reprinted in Friedrich A. Hayek: Critical Assessments,
J.C. Wood and R.N. Woods, eds. (London: Routledge, 1991); also in Contra Keynes and
Cambridge: Essays, Correspondence, The Collected Works of F.A. Hayek, B. Caldwell, ed.
(London: Routledge, 1995), vol. 9.
Hayek, F.A., Reflections on The Pure Theory of Money of Mr. J.M. Keynes (continued)(2),
Economica 12, no. 35 (February 1932): 2244; reprinted in Friedrich A. Hayek: Critical
Assessments, J.C. Wood and R.N. Woods, eds. (London: Routledge, 1991); also in Contra
Keynes and Cambridge: Essays, Correspondence.
Hayek, F.A., Das intertemporale Gleichgewichtssystem der Preise und die Bewegungen
des Geldwertes, Weltwirtschaftliches Archiv 2 (1928): 3676; English translation,
Intertertemporal Price Equilibrium and Movements in the Value of Money, in Money,
Capital and Fluctuations: Early Essays, R. McCloughry, ed. (Chicago, Ill.: University of
Chicago Press, 1984), pp. 71118; English translation, The System of Intertemporal
Price Equilibrium and Movements in the Value of Money in Classics in Austrian Eco
nomics: A Sampling in the History of a Tradition, vol. 3, The Age of Mises and Hayek,
Israel M. Kirzner, ed. (London: William Pickering, 1994), pp. 16198.
Hayek, F.A., Hayek on Hayek: An Autobiographical Dialogue, S. Kresge and L. Wenar, eds.
(London: Routledge, 1994).
Hayek, F.A., The Collected Works ofF.A. Hayek, vol. 3, The Trend of Economic Thinking:
Essays on Political Economists and Economic History, W. W. Bartley III and S. Kresge, eds.
(London and New York: Routledge, 1991).
Hayek, F.A., A Rejoinder to Mr. Keynes, Economica 11, no. 34 (November 1931): 398^04;
reprint, Chapter 5 in Friedrich A. Hayek: Critical Assessments, J.C. Wood and R.N. Woods,
eds., vol. 1 (London and New York: Routledge, 1991), pp. 8283; also in Contra Keynes
and Cambridge.
Hayek, F.A., Monetary Theory and the Trade Cycle (Clifton, N.J.: Augustus M. Kelley, [1933]
1975).
Hayek, F.A., The Constitution of Liberty (London: Routledge, [1960] 1990).
Hayek, F.A., The Fatal Conceit: The Errors of Socialism (Chicago, Ill.: University of Chicago
Press, 1989).
Hayek, F.A., The Pretence of Knowledge, Nobel Memorial Lecture, delivered December
11, 1974; reprinted in American Economic Review (December 1989): 37.

628

Hayek, F.A., Die Whrungspolitik der Vereinigten Staaten seit der berwindung der Krise
von 1920, Zeitschrift fr Volkswirtschaft und Socialpolitik, n.s. 5 (1925), vols. 13, pp.25
63; vols. 46, pp. 254317; English translation, The Monetary Policy of the United States
after the Recovery from the 1920 Crisis, Chapter 1 in Money, Capital and Fluctuations:
Early Essays, R. McCloughry ed. (Chicago, Ill.: University of Chicago Press, 1984).
Hayek, F.A., Kapitalaufzehrung, Weltwirtschaftliches Archiv 2, no. 36 (1932): 86108;
English translation, Capital Consumption, Chapter 6 in Money, Capital and Fluctua
tions: Early Essays, R. McCloughry, ed. (Chicago, Ill.: University of Chicago Press, 1984).
Hayek, F.A., 1980s Unemployment and the Unions: The Distortion of Relative Prices by
Monopoly in the Labour Markets, 2nd ed. (London: Institute of Economic Affairs, 1984).
Hayek, F.A., Money, Capital, and Fluctuations: Early Essays, R McCloughry, ed. (Chicago,
Ill.: University of Chicago Press, 1984). (June 11,1983).
Hayek, F.A., Three Elucidations of the Ricardo Effect, Journal of Political Economy 77, no.
2 (1979); reprinted as Chapter 11 in New Studies in Philosophy, Politics, Economics and
the History of Ideas (London: Routledge and Kegan Paul, 1978), pp. 16578.
Hayek, F.A., Law, Legislation and Liberty (Chicago, Ill.: University of Chicago Press, 1978).
Hayek, F.A., ed. An Inquiry into the Nature and Effects of the Paper Credit of Great Britain,
by H. Thornton (Fairfield, N.J.: Augustus M. Kelley, 1978).
Hayek, F.A., Denationalisation of MoneyThe Argument Refined, 2nd extended ed. (London: Institute of Economic Affairs, 1978).
Hayek, F.A., New Studies in Philosophy, Politics, Economics and the History of Ideas (London: Routledge and Kegan Paul, 1978).
Hayek, F.A., Inflacin o Pleno Empleo? (Madrid: Unin Editorial, 1976).
Hayek, F.A., Profits, Interest and Investment and Other Essays on the Theory of Indus
trial Fluctuations (London: Routledge, 1939; Clifton, N.J.: Augustus M. Kelley, 1969
and1975).
Hayek, F.A., Geldtheorie und Konjunkturtheorie. Beitrage zur Konjunkturforschung, herausgegeben vom sterreischischen Institut fr Konjunkturforschung (Vienna and Leipzig: HlderPichlerTempski, A.G., 1929), no. I; English translation by N. Kaldor, Mon
etary Theory and the Trade Cycle (London: Routledge, 1933; Fairfield, N.J.: Augustus M.
Kelley, 1975).
Hayek, F.A., The Maintenance of Capital, Economica 2 (August 1934); also Chapter 3 in
Profits, Interest and Investment (London: Routhledg, 1939; Clifton, N.J.: Augustus M. Kelley, 1975), pp. 83134.
Hayek, F.A., Gibt es einen Widersinn des Sparens? Zeitschrift fr Nationalkonomie l,
no. 3 (1929); English translation, The Paradox of Saving, Economica (May 1931); and
appendix to Profits, Interest and Investment and Other Essays on the Theory of Indus
trial Fluctuations (London: George Routledge and Sons, 1939; Clifton, N.J.: Augustus M.
Kelley, 1975), pp. 199263.
Hayek, F.A., A Tiger by the Tail: 40Years Running Commentary on Keynesianism by Hayek,
S.R. Shenoy, ed. (London: Institute of Economic Affairs, 1972).
Hayek, F.A., Monetary Nationalism and International Stability (London: Longman, 1937;
New York: Augustus M. Kelley, 1971).
Hayek, F.A., The Ricardo Effect, Economica 34, no. 9 (May 1942): 12752; reprinted as
Chapter 11 in Individualism and Economic Order (Chicago, Ill.: University of Chicago
Press, 1948), pp. 22054.
Hayek, F.A., Individualism and Economic Order (Chicago, Ill.: University of Chicago Press,
1948).
Hayek, F.A., The Pure Theory of Capital (1941; London: Routledge and Kegan Paul, 1976).
Hayek, F.A., A Commodity Reserve Currency, Economic Journal 53, no. 210 (June
September 1943): 17684; also Chapter 10 in Individualism and Economic Order,
pp.20919.
Hayek, F.A., Investment that Raises the Demand for Capital, Review of Economics
and Statistics 19, no. 4 (November 1937); reprinted in Profits, Interest and Investment,
pp.7382.

629

Hayek, F.A., The Mythology of Capital, Quarterly Journal of Economics (February 1936):
199228.
Hayek, F.A., Saving, originally published in the Encyclopedia of the Social Sciences, 1933;
reprinted as Chapter 5 in Profits, Interest and Investment.
Hayek, F.A., ber Neutrales Geld, Zeitschrift fr Nationalkonomie 4 (1933): 659661;
subsequent English translation, On Neutral Money, Chapter 7 in Money, Capital and
Fluctuations, pp. 159162.
Hayek, F.A., Das Schicksal der Goldwhrung, Deutsche Volkswirt 20 (February 1932):
64245 and no. 21, pp. 67781; English translation, The Fate of the Gold Standard,
Chapter 5 in Money, Capital and Fluctuations, pp. 118135.
Hazlitt, H., ed., The Critics ofKeynesian Economics (New York: Arlington House, 1977).
Herbener, J.M., The Myths of the Multiplier and the Accelerator, Chapter 4 in Dissent
on Keynes, A Critical Appraisal ofKeynesian Economics, M. Skousen, ed. (New York and
London: Praeger, 1992).
Herbener, J.M., The Meaning of Ludwig von Mises (Amsterdam: Kluwer Academic Publishers, 1993).
HernndezTejero Jorge, F., Lecciones de derecho romano (Madrid: Ediciones Darro, 1972).
Hey, J.D., The Bayesian approach rules out the possibility of surprise, Economics in Dis
equilibrium (New York: New York University Press, 1981).
Hicks, J.R., Is Interest the Price of a Factor of Production? in Time, Uncertainty, and Dis
equilibrium: Exploration of Austrian Themes, M.J. Rizzo, ed. (Norwell, Mass.: Lexington
Books, 1979).
Hicks, J.R., Capital and Time: A NeoAustrian Theory (Oxford: Clarendon Press, 1973).
Hicks, J.R., The Theory of Wages (London: Macmillan, 1932).
Hicks, J.R., and A.G. Hart, The Social Framework of the American Economy (New York:
Oxford University Press, 1945).
Higgs, H., ed., Palgraves Dictionary of Political Economy, 3 vols. (London: Macmillan, 1926).
Higgs, H., Richard Cantillon, Economic Journal I (June 1891): 276284.
Hippolytus, Hippolytus Wercke, vol. 2, Refutatio Omnium Haeresium (Leipzig: P. Wendland,
1916).
Hirschman, A.O., CourcelleSeneuil, JeanGustav, The New Palgrave: A Dictionary of
Economics, vol. 1, pp. 706707.
Holden, Milnes J., The Law and Practice of Banking, vol. 1, Banker and Customer (London:
Pitman Publishing, 1970).
Homenaje a Lucas Beltrn (Madrid: Editorial Moneda y Crdito, 1982).
Hoppe, H.H., How is Fiat Money Possible? or The Devolution of Money and Credit,
Review of Austrian Economics 7, no. 2 (1994): 7273.
Hoppe, H.H., The Economics and Ethics of Private Property (Dortrecht, Holland:
Kluwer Academic Publishers, 1993).
Hoppe, H.H., J.G. Hlsmann, and W. Block, Against Fiduciary Media, Quarterly Journal of
Austrian Economics 1, no. 1 (1998): 1950.
Horwitz, S., Monetary Evolution, Free Banking, and Economic Order (Oxford and San Francisco: Westview Press, 1992).
Horwitz, S., Keynes Special Theory, Critical Review 3, nos. 3 and 4 (SummerFall, 1989):
411434.
Horwitz, S., Microfoundations and Macroeconomics (London: Routledge, 2000).
Hbner, O., Die Banken (Leipzig: Published by the author, 1853 and 1854).
Huerta Ballester, J., A Brief Comparison Between the Ordinary Life Contracts of Ten Insur
ance Companies (Madrid, 1954).
Huerta de Soto, J., Conjectural History and Beyond, Humane Studies Review 6, no. 2
(Winter, 19881989): 10.
Huerta de Soto, J., The Ongoing Methodenstreit of the Austrian School, Journal des co

nomistes et des tudes Humaines 8, no. 1 (March 1998): 75113.

Huerta de Soto, J., Banque centrale ou banque libre: le dbat thorique sur les rserves
fractionnaires, Journal des conomistes et des tudes Humaines 5, nos. 2 and 3 (June

630

September 1994): 37991; Spanish version, La teora del banco central y de la banca
libre Chapter 11 in J. Huerta de Soto, Estudios de economa poltica, pp. 129143; English translation, A Critical Analysis of Central Banks and Fractional Reserve Free Banking from the Austrian School Perspective, Review of Austrian Economics 8, no. 2 (Summer, 1995): 117129; Romanian translation by O. Vasilescu, Banci centrale si sistemul
de freebanking cu rezerve fractionare: O analiza critica din perspectiva Scolii Austriece,
Polis: Revista de stiinte politice (Bucharest) 4, no. 1 (1997): 145157.
Huerta de Soto, J., New Light on the Prehistory of the Theory of Banking and the School
of Salamanca, Review of Austrian Economics 9, no. 2 (1996): 5981.
Huerta de Soto, J., A Theory of Liberal Nationalism, Il Politico IX, no. 4 (University of
Pavia, Italy, 1995): 583598.
Huerta de Soto, J., The Economic Analysis of Socialism, Chapter 14 of New Perspectives
on Austrian Economics, G. Meijer, ed. (London and New York: Routledge, 1995).
Huerta de Soto, J., A Critical Note on FractionalReserve Free Banking, Quarterly Jour
nal of Austrian Economics 1, no. 4 (Winter, 1998): 2529.
Huerta de Soto, J., Estudios de economa poltica (Madrid: Unin Editorial, 1994).
Huerta de Soto, J., Nuevos estudios de economa poltica (Madrid: Unin Editorial,

2002).

Huerta de Soto, J., La teora austriaca del ciclo econmico, Moneda y Crdito 152 (March
1980): 3755; reprint, Chapter 13 in J. Huerta de Soto, Estudios de economa poltica
(Madrid: Unin Editorial, 1994), pp. 160176.
Huerta de Soto, J., Mtodo y crisis en la ciencia econmica, Hacienda pblica espaola
74 (1982): 3348; reprint, Chapter 3 in J. Huerta de Soto, Estudios de economa poltica
(Madrid: Unin Editorial, 1994), pp. 5982.
Huerta de Soto, J., Inters, ciclos econmicos y planes de pensiones, Annals of the Con
greso Internacional de Fondos de Pensiones (Madrid, April 1984), pp. 45868; reprint,
Chapter 23 in J. Huerta de Soto, Estudios de economa poltica (Madrid: Unin Editorial,
1994), pp. 285294.
Huerta de Soto, J., Gnesis, esencia y evolucin de la Escuela Austriaca de Economa,
Chapter 1 in J. Huerta de Soto, Estudios de economa poltica (Madrid: Unin Editorial,
1994), pp. 1755.
Huerta de Soto, J., Hayeks Best Test of a Good Economist, Procesos de Mercado 1, no. 2,
(Autumn 2004): 121124.
Huerta de Soto, J., Historia, ciencia econmica y tica social, Chapter 7 in Jess Huerta
de Soto, Estudios de economa poltica (Madrid: Unin Editorial, 1994), pp. 10509; English version, Conjectural History and Beyond, in The Fatal Conceit, by E A. Hayek,
ASpecial Symposium, Humane Studies Review 6, no. 2 (Winter, 19881989): 10.
Huerta de Soto, J., Ricardo Effect, in An Eponymous Dictionary of Economics: A Guide
to Laws and Theorems Named After Economists, Julio Segura and Carlos Braun (eds)
(Chatelham, UK: Edward Elgar, 2004).
Huerta de Soto, J., The Crisis and Reform of Social Security: An Economic Analysis from
the Austrian Perspective, Journal des conomistes et des tudes Humaines 5, no. 1 (March
1994): 127155.
Huerta de Soto, J., Socialismo, clculo econmico y funcin empresarial (Madrid: Unin
Editorial, 1992 and 2001).
Huerta de Soto, J., Lecturas de economa poltica (Madrid: Unin Editorial, 19861987),
vols. 13.
Huerta de Soto, J., La Escuela Austriaca: Mercado y creatividad empresarial (Madrid:
Editorial Sntesis, 2000 and 2001); Italian translation by Paolo Zanotto, La Scuola Austriaca:
Mercato e creativit impreditoriale (Soveria Mannelli, Catanzaro, Italy: Rubbetino, 2003);
Portugese translation by Andr Azevedo Alves, Escola Austraca: Mercado e criatividade
empresarial (Lisboa: Esprito das Leis, 2005).
Huerta de Soto, J., A Hayekian Strategy to Implement Free Market Reforms, in Economic
Analysis in an Orderly framework: Liber Amicorum for Gerrit Meijer, J. Backhaus, W.Heijmann, A. Nantjes, and J. van Ophem, eds. (Mnster: LIT Verlag, 2003), pp. 231254.

631

Huerta Pea, J., La estabilidad financiera de las empresas de seguros (Madrid, 1954).
Hughes, A. Middleton, The Recession of 1990: An Austrian Explanation, Review of Aus
trian Economics 10, no. 1 (1997): 10723.
Hlsmann, J.G., Review of Dinero, Crdito Bancario y Ciclos Econmicos, Review of Aus
trian Economics 3, no. 2 (2000): 8588.
Huerta de Soto, J., Free Banking and Free Bankers, Review of Austrian Economics 9, no.1
(1996): 353.
Huerta de Soto, J., Has FractionalReserve Banking Really Passed the Market Test?,
Independent Review vii, no. 3 (Winter, 2003): 399^22.
Hume, D., Essays: Moral, Political and Literary, E.F. Miller, ed. (Indianapolis, Ind.: Liberty
Classics, 1985).
Hutt, W.H., The Keynesian Episode: A Reassessment (Indianapolis, Ind.: Liberty Press,
1979).
Hutt, W.H., Politically Impossible...? (London: Institute of Economic Affairs, 1971).
Ibn Ab Zayd (AlQayrawn), Compendio de derecho islmico (Risala, FlFiqh), J. Riosalido, ed. (Madrid: Editorial Trotta, 1993).
Ihering, r.v., Geist des Rmischen Rechts (Aalen, 1968). Spanish translation: El espritu del
derecho romano, E. Vela, ed. (Madrid: Marcial Pons, 1997).
Iglesias, J., Derecho romano: instituciones de derecho privado, 6th revised, enlarged ed.
(Barcelona: Ediciones Ariel, 1972).
Imbert, J., Histoire Economique (Des Origines 1789) (Paris: Presses Universitaires de
France (PUF), 1965). Spanish translation by Armando Sez, Historia econmica (de los
orgenes a 1789) (Barcelona: Editorial VicensVives, 1971).
Ingram, J.K., Banks, Early European, in Palgraves Dictionary of Political Economy,
H.Higgs, ed. (London: Macmillan, 1927), vol. 1, pp. 10306.
Isocrates, Discursos, general introduction by J.M. Guzman Hermida (Madrid: Biblioteca
Clsica Credos, 1979).
Issing, O., Central Bank Independence and Monetary Stability (London: Institute of Economic Affairs, 1993).
Jevons, W.S., The Theory of Political Economy (1871; reprint, 5th ed., New York: Kelley and
Millman, 1957).
Jevons, W.S., Money and the Mechanism of Exchange (New York: D. Appleton, 1875; London: Kegan Paul, 1905).
John Paul II, Centesimus Annus: Encyclical Letter on the Hundredth Anniversary ofRerum
Novarum, 1991, no. 48 (London: Catholic Truth Society, 1991).
Jouvenel, B. de, The European Intellectuals and Capitalism, in Capitalism and the Histo
rians, F.A. Hayek, ed. (Chicago, Ill.: University of Chicago Press, 1954).
Junankar, P.N., Acceleration Principle, in The New Palgrave: A Dictionary of Econom
ics, vol. 1, pp. 1011.
Justinian, Digest, Spanish translation by Ildefonso L. Garca del Corral, Cuerpo de
derecho civil romano: a doble texto, traducido al castellano del latino, reprint, 6 vols.
(Valladolid: Editorial Lex Nova, 1988); altrnate translation by A. DOrs, F. HernndezTejero, B.Fuentes Ac, M. GarcaGarrido, and J. Murillo (Pamplona: Editorial
Aranzadi, 1968).
Juurikkala, O., The False Money Debate in the Journal des conomistes: Dj Vu for Austrians?, Quarterly Journal of Austrian Economics 5, no. 4 (Winter, 2002): 4355.
Kaldor, N., Capital Intensity and the Trade Cycle, Economica (February 1939): 4066.
Kaldor, N., Professor Hayek and the Concertina Effect, Economica (November 1942):
35982.
Katz, J.N., An Austrian Perspective on the History and Future of Money and Banking,
Erasmus Programme in Law and Economics (Summer, 1997).
Keynes, J.M., The General Theory of Employment, Interest and Money (London: Macmillan, 1936); German translation by F. Waeger, Allgemeine Theorie der Beschftigung, des
Zinses und des Geldes, with a special prologue written by Keynes on September 7, 1936
(Berlin: Duncker and Humblot, 1936 and 1994).

632

Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 13, The General Theory
and After, Part 1, Preparation, Donald Moggridge, ed. (London: Macmillan, 1973).
Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 29, The General Theory
and After: A Supplement (London: Macmillan, 1979).
Keynes, J.M., The Collected Writings of John Maynard Keynes, Part 2, The General Theory
and After, vol. 14, Defence and Development (London: Macmillan, 1973).
Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 7, The General Theory of
Employment, Interest and Money (London: Macmillan, 1973).
Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 1, A Treatise on Money
(London: Macmillan, 1971).
Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 5, The Pure Theory of
Money (London: Macmillan, 1971).
Keynes, J.M., The Collected Writings of John Maynard Keynes, vol. 12, Economic Articles
and Correspondence: Investment and Editorial, Donald Moggridge, ed. (Cambridge: Cambridge Univesity Press, 1983).
Keynes, J.M., The Pure Theory of Money: A Reply to Dr. Hayek, Economica 11, no. 34
(November 1931): 394.
Keynes, J.M., Review of Ludwig von Mises Theorie des Geldes und der Umlaufsmittel,
Economie Journal (September 1914); reprinted in Collected Writings, vol. 11, pp. 40003.
Keynes, M., ed., Essays on John Maynard Keynes (Cambridge: Cambridge University Press,
1975).
Kindleberger, C.A., A Financial History of Western Europe, 2nd ed. (New York: Oxford University Press, 1993).
Kirzner, I.M., Essays on Capital and Interest: An Austrian Perspective (Cheltenham, England: Edward Elgar, 1996).
Kirzner, I.M., ed., Classics in Austrian Economics: A Sampling in the History of a Tradition,
3 vols. (London: William Pickering, 1994).
Kirzner, I.M., The Pure TimePreference Theory of Interest: An Attempt at Clarification,
Chapter 4 in The Meaning of Ludwig von Mises: Contributions in Economics, Sociology,
Epistemology, and Political Philosophy, J.M. Herbener, ed. (Dordrecht, Holland: Kluwer
Academic Publishers, 1993), pp. 16692.
Kirzner, I.M., Discovery and the Capitalist Process (Chicago and London: University of Chicago Press, 1985).
Kirzner, I.M., Economics and Error, Chapter 8 in Perception, Opportunity and Profit (Chicago, Ill.: University of Chicago Press, 1979), pp. 12036.
Kirzner, I.M., An Essay on Capital (New York: Augustus M. Kelley, 1966).
Klein, B., The Competitive Supply of Money, Journal of Money, Credit and Banking 6
(November 1974): 42353.
Knight, EH., Capitalist Production, Time and the Rate of Return, in Economic Essays in
Honour of Gustav Cassel (London: George Allen and Unwin, 1933).
Knight, EH., Review of Frederick Soddys Wealth, Virtual Wealth and Debt, Saturday
Review of Literature (April 16,1927): 732.
Kornai, J., The Hungarian Reform Process, Journal of Economic Literature 24, no. 4
(December 1986): 1726.
Kretzmer, P.E., The CrossIndustry Effects of Unanticipated Money in an Equilibrium
Business Cycle Model, Journal of Monetary Economics 2, no. 23 (March 1989): 27596.
Kydland, F.E., and E.G. Prescott, Business Cycles: Real Facts and a Monetary Myth, Fed
eral Reserve Bank of Minneapolis Quarterly Review 14 (1990): 318.
Kydland, F.E., and E.G. Prescott, Time to Build and Aggregate Fluctuations, Econometri
ca 50 (November 1982): 134570.
Lachmann, L.M., Austrian Economics under Fire: The HayekSraffa Duel in Retrospect,
in Austrian Economics: History and Philosophical Background, W. Grassi and B. Smith,
eds. (London and Sydney: Groom Helm, 1986), pp. 22542.
Lachmann, L.M., Capital and its Structure (Kansas City, Mo.: Sheed Andrews and McMeel,
1978).

633

Lachmann, L.M., Capital, Expectations and the Market Process: Essays on the Theory of the
Market Economy (Kansas City, Mo.: Sheed Andrews and McMeel, 1977).
Lachmann, L.M., John Maynard Keynes: A View from an Austrian Window, South Afri
can Journal of Economics 3, no. 51 (1983): 368379.
Lachmann, L.M., Macroeconomic Thinking and the Market Economy (London: Institute of
Economic Affaires, 1973).
Lachmann, L.M., On Austrian Capital Theory, The Foundations of Modern Austrian Eco
nomics, Edwin E. Dolan, ed. (Kansas City, Mo.: Sheed and Ward, 1976).
Lachmann, L.M., On Crisis and Adjustment, Review of Economics and Statistics (May
1939).
Lachmann, L.M., A Reconsideration of the Austrian Theory of Industrial Fluctuations,
Economica 7 (May 1940); reprinted in Ludwig M. Lachmann, Capital, Expectations and
the Market Process: Essays on the Theory of the Market Economy (Kansas City, Mo.: Sheed
Andrews and McMeel, 1977), pp. 26784.
Lacruz Berdejo, J.L., Elementos de derecho civil, 3rd ed. (Barcelona: Jos Mara Bosch, 1995),
vol. 2.
Laidler, D., Free Banking Theory, The New Palgrave: Dictionary of Money and Finance
(London and New York: Macmillan Press, 1992), vol. 2, pp. 196197.
Laidler, D., The Golden Age of the Quantity Theory (New York: Philip Allan, 1991).
Laidler, D., Hayek on Neutral Money and the Cycle, in Money and Business Cycles: The
Economics of F.A. Hayek, M. Colonna and H. Hagemann, eds., vol. 1, pp. 326.
Lavoie, D.C., Economic Calculation and Monetary Stability, Cato Journal 3, no. 1 (Spring,
1983): 16370.
Law, J., John Laws Essay on a Land Bank, A.E. Murphy, ed. (Dublin: Aeon Publishing,
1994).
Law, J., Money and Trade Considered with a Proposal for Supplying the Nation with
Money (Edinburgh: A. Anderson, 1705; New York: Augustus M. Kelley, 1966).
Layard, R., and A. Richter, Who Gains and Who Loses from Russian Credit Expansion?
Communist Economies and Economic Transformation 6, no. 4 (1994): 45972.
Lee, G.A., The Oldest European Account Book: A Florentine Bank Ledger of 1211, in
Accounting History: Some British Contributions, R.H. Parker and B.S. Yamey, eds. (Oxford:
Clarendon Press, 1994), pp. 160196.
Lehmann, E, 100 Percent Money, Social Research 3, no. 1: 3756.
Leijonhufvud, A., What Would Keynes Have Thought of Rational Expectations?, UCLA
Department of Economics Discussion Paper No. 299 (Los Angeles, Calif.: University of
California, Los Angeles, 1983).
Leoni, B., Freedom and the Law (Princeton, N.J.: D. Van Nostrand, [1961] 1972; Indianapolis,
Ind.: Liberty Fund, 1991).
Leoni, B., Scritti di Scienza Politica e Teoria del Diritto (Milan: A. Giuffr, 1980).
Lessines, A., De usuris in communi et de usurarum contractibus (1285).
Leube, K.R., ed., The Essence of Friedman (Palo Alto, Calif.: Hoover Institution Press, Stanford University, 1986).
Leube, K.R., ed., Austrian Economics Today I, The International Library of Austrian Economics (Frankfurt: FAZ Buch, 2003), vol. 7.
Lewin, P., Capital in Disequilibrium: A Reexamination of the Capital Theory of Ludwig M.
Lachmann, History of Political Economy 29, no. 3 (Fall, 1997): 52348.
Lipsey, R.G., An Introduction to Positive Economics, 2nd ed. (London: Weidenfeld and Nicolson, 1966), pp. 682683.
Lloyd, Jones S. (Lord Overstone), Reflections Suggested by a Perusal of Mr. J. Horseley Palmers
Pamphlet on the Causes and Consequences of the Pressure on the Money Market (London: P.
Richardson, 1837); reprinted in Tracts and Other Publications on Metallic and Paper Curren
cy, by the Rt. Hon. Lord Overstone, by J.R. McCulloch (London: Harrison and Sons, 1857).
Locke, J., Some Considerations of the Consequences of the Lowering of Interest, and Raising
the Value of Money (In a Letter to a Member of Parliament) (London: Awnsham and John
Churchill, BlackSwan in PaterNosterRow, 1692).

634

Locke, J., Further Considerations Concerning Raising the Value of Money (London: Awnsham
and John Churchill, BlackSwan in PaterNosterRow, 1695).
Locke, J., Several Papers Relating to Money, Interest and trade, etcetera (New York: Augustus M. Kelley, 1968).
Locke, J., The Works of John Locke, 12th ed. (London: C. and J. Rivington, 1824), vol. 4.
Longfield, S.M., Banking and Currency, 4 articles, Dublin University Magazine 15: 315,
218233; 16: 371389, 611620,1840.
Lpez, G., Las siete Partidas de Alfonso X El Sabio, annotated by G. Lpez, facsimile ed.
(Madrid: Boletn Oficial del Estado, 1985).
LpezAmor y Garca, M., Observaciones sobre el depsito irregular romano, Revista de la
Facultad de Derecho de la Universidad Complutense 74 (19881989): 34159.
Lucas, R.E., Nobel Lecture: Monetary Neutrality, Journal of Political Economy 104, no. 4
(August 1996): 66182.
Lugo Hispalensis, J. de, Disputationum de iustitia et iure, Tomus Secundus (Lyon: Sumptibus Petri Prost, 1642).
Machlup, F., Economic Semantics (London: Transaction Publishers, 1991).
Machlup, F., Forced or Induced Saving: An Exploration into its Synonyms and Homonyms,
Review of Economics and Statistics 25, no. 1 (February 1943); reprinted in Economic
Semantics, by Fritz Machlup (London: Transaction Publishers, 1991), pp. 21340.
Machlup, F., Professor Knight and the Period of Production, Journal of Political Econo
my 43, no. 5 (October 1935); reprinted in Classics in Austrian Economics, IM. Kirzner, ed.,
vol. 2, pp. 275315.
Machlup, F., The Consumption of Capital in Austria, Review of Economics and Statistics
17, no. 1 (1935): 1319.
Machlup, F., The Stock Market, Credit and Capital Formation (London: William Hodge,
1940); original German edition, Brsenkredit, Industriekredit und KapitalBildund. Beitrge zur Konjunkturforschung 2 (Vienna: Verlag von Julius Springer, 1931).
Macrae, Duncan C., A Political Model of the Business Cycle, Journal of Political Economy
85 (1977): 239263.
Maling, C., The Austrian Business Cycle Theory and its Implications for Economic Stability
under LaissezFaire, vol. 2, Friedrich A. Hayek: Critical Assessments, J.C. Wood and R.N.
Woods, eds. (London: Routledge, 1991), chap. 48.
Mant, L., Origen y desenvolvimiento histrico de los bancos, Enciclopedia Universal Ilus
trada EuropeoAmericana (Madrid: Editorial Espasa Calpe, 1979), vol. 7, p. 477.
Mariana, J. de, Tratado y discurso sobre la moneda de velln que al presente se labra en Casti
lla y de algunos desrdenes y abusos; original ed., De monetae mutations, 1609; reprint with
a preliminary study by Lucas Beltrn (Madrid: Instituto de Estudios Fiscales, Ministerio
de Economa y Hacienda, 1987); English translation by P.T. Brannan, S.J., Introduction by
A. Chafuen, A Treatise on the Alteration of Money, Journal of Markets and Morality 5,
no. 2 (Fall, 2002): 523593.
Marshall, A., Official Papers by Alfred Marshall (London: Royal Economic Society and Macmillan, 1926).
Marshall, A., Money Credit and Commerce (London: Macmillan, 1924).
Marshall, A., Principles of Economics, 8th ed. (London: Macmillan, 1920).
Martnez, J.H., El Sistema monetario y bancario argentino, Homenaje a Lucas Beltrn
(Madrid: Editorial Moneda y Crdito, 1982), pp. 435460.
Marx, K., Capital: A Critique of Political Economy, F. Engels, ed., E. Untermann, trans., vol.
3, The Process of Capitalist Production as a Whole (Chicago, Ill.: Charles H. Kerr and Company, 1909; England: Penguin Books, 1981); German edition, Das Kapital: Kritik der poli
tischen konomie (Berlin: Dietz Verlag, 1964).
Mata Barranco, N.J. de La, Tutela penal de la propiedad y delitos de apropiacin: el dinero
como objeto material de los delitos de hurto y apropiacin indebida (Barcelona: Promociones y Publicaciones Universitarias [PPU, S. A.], 1994).
Mayer, H., Der Erkenntniswert der funktioneilen Preistheorien, Die Wirtschaftheorie
der Gegenwart (Vienna: Verlag von Julius Springer, 1932), vol. 2, pp. 147239b; English

635

translation, The Cognitive Value of Functional Theories of Price: Critical and Positive
Investigations Concerning the Price Problem, Chapter 16 in Classics in Austrian Eco
nomics: A Sampling in the History of a Tradition, vol. 2, The Interwar Period, I.M. Kirzner,
ed. (London: William Pickering, 1994), pp. 55168; revised, enlarged Italian d., Il concetto de equilibrio nella teoria economica, in Economia Pura, G. del Vecchio, ed., Nuova
Collana di Economisti Stranieri e Italiani (Turin: Unione TipograficoEditrice Torinese,
1937), pp. 645799.
Mayer, T., Monetarism and Macroeconomic Policy (Aldershot, England: Edward Elgar,
1990).
McCulloch, J.R., Historical Sketch of the Bank of England with an Examination of the
Question as to the Prolongation of the Exclusive Privileges of that Establishment (London:
Longman, Rees, Orme, Brown and Green, 1831).
McCulloch, J.R., A Treatise on Metallic and Paper Money and Banks (Edinburgh: A. and C.
Black, 1858).
Meltzer, A., Comments on Centi and ODriscoll, presented at the general meeting of the
Mont Plerin Society, Cannes, France, September 2530,1994.
Menger, C., Grundstze der Volkswirtschaftslehre (Vienna: Wilhelm Braumller, 1871).
English edition, Principles of Economics, trans, by J. Dingwall and B. Hoselitz, (Glencoe,
Ill.: Free Press, 1950; New York: New York University Press, 1981).
Menger, C., On the Origin of Money, Economic Journal (June 1892): 239255; reprinted
in Classics in Austrian Economics: A Sampling in the History of a Tradition, IM. Kirzner,
ed., vol. 1, pp. 91106.
Menger, C., Untersuchungen ber die Methode der Socialwissenschaften und der Politischen
konomie insbesondere (Leipzig: Duncker and Humblot, 1883). English edition, Investi
gations into the Method of the Social Sciences with Special Reference to Economics (New
York: New York University Press, 1985).
Mercado, T. de, Suma de tratos y contratos, Nicols Snchez Albornoz, ed. (Madrid: Instituto
de Estudios Fiscales, 1977); original edition (Seville: Hernando Daz, 1571; Restitute Sierra
Bravo, ed. Madrid: Editora Nacional, 1975).
Michaelis, O., Volkswirtschaftliche Schriften (Berlin: Herbig, 1873), vols. l and 2.
Mill, J.S., Principles of Political Economy (1848; reprint, Fairfield, N.J.: Augustus M. Kelley,
1976).
Mill, M.A., and A.B. Laffer, International Economics in an Integrated World (Oakland, N.J.:
Scott Foresman, 1982).
Miller, H.E., Banking Theory in the United States Before 1860 (1927; reprint, New York:
Augustus M. Kelley, 1972).
Mills, F.C., Prices in Recession and Recovery (New York: National Bureau of Economic
Research, 1936).
Mints, L.W., Monetary Policy for a Competitive Society (New York, 1950).
Mises, Ludwig von, Human Action: A Treatise on Economics, 3rd ed. (Chicago, Ill.: Henry
Regnery 1966); 4th ed. by B.B. Greaves (New York: Foundation for Economic Education,
1996); Scholars Edition (Auburn, Ala.: Ludwig von Mises Institute, 1998); Spanish translation from the English by J. Reig Albiol, La accin humana: tratado de economa; 7th ed.,
with a preliminary study by J. Huerta de Soto (Madrid: Unin Editorial, 2004).
Mises, Ludwig von, The Position of Money Among Economic Goods, originally published
in Die Wirtschaftstheorie der Gegenwart, H. Mayer, ed. (Vienna: Julius Springer, 1932),
vol. 2; English translation by A.H. Zlabinger, in Money, Method and the Market Process:
Essays by Ludwig von Mises, R.M. Ebeling, ed. (Dordrecht, Holland: Kluwer Academic
Publishers, 1990), p. 55.
Mises, Ludwig von, Money, Method and the Market Process: Essays by Ludwig von Mises,
R.M. Ebeling, ed. (Dordrecht, Holland: Kluwer Academic Publishers, 1990).
Mises, Ludwig von, Nation, State and Economy: Contributions to the Politics and History
of Our Time, translated from the original German by L.B. Yeager (New York and London:
New York University Press, 1983); original German ed., Nation, Staat und Wirtschaft
(Vienna and Leipzig: Manzsche Verlags Buchhandlung, 1919).

636

Mises, Ludwig von, Nationalkonomie: Theorie des Handelns und Wirtschaftens (Geneva: Editions Union, 1940; Munich: Philosophia Verlag, 1980).
Mises, Ludwig von, Theorie des Geldes und der Umlaufsmittel (Munich and Leipzig:
Duncker and Humblot, 1912), 2nd ed., 1924. English translation: Mises, Ludwig von, The
Theory of Money and Credit (Indianapolis, Ind.: Liberty Classics, 1980).
Mises, Ludwig von, On the Manipulation of Money and Credit, trans, from the German
by B.B. Greaves (Dobbs Ferry, N.Y: Freemarket Books, 1978), German ed., Geldwertsta
bilisierung und Konjunkturpolitik (Jena: Gustav Fischer, 1928).
Mises, Ludwig von, Die Stellung und der nchste Zukunft der Konjunkturforschung, in
festschrift in honor of Arthur Spiethoff (Munich: Duncker and Humblot, 1933), pp.175
180; English translation, The Current Status of Business Cycle Research and its Prospects for the Immediate Future, in On the Manipulation of Money and Credit (New York:
Freemarket Books, 1978), pp. 207213.
Mises, Ludwig von, Die Verstaatlichung des Kredits: Mutalisierung des Kredits (Bern, Munich
and Leipzig: TraversBorgstroem Foundation, 1929); English translation, The Nationalization of Credit? in A Critique of Interventionism: Inquiries into the Economic Policy and
the Economic Ideology of the Present (New York: Arlington House, 1977), pp. 153164.
Mises, Ludwig von, Pensions, the Purchasing Power of the Dollar and the New Economics, in Planning for Freedom and Twelve Other Addresses (South Holland, Ill.: Libertarian
Press, 1974), pp. 8693.
Mises, Ludwig von, Omnipotent Government: The Rise of the Total State and Total War

(New York: Arlington House, 1969).

Mises, Ludwig von, Elastic Expectations in the Austrian Theory of the Trade Cycle, Eco
nomica (August 1943): 251252.
Mises, Ludwig von, La causa de las crisis econmicas, Revista de Occidente (February
1932).
Mises, Ludwig von, Theory and History (New Haven, Conn.: Yale University Press, 1957).
Modeste, V., Le billet des banques dmisin et la fausse monnaie, Le Journal des cono
mistes, n.s., 3 (August 15, 1866).
Moggridge, D.E., Maynard Keynes: An Economists Biography (London: Routledge, 1992).
Molina, L. de, Tratado sobre los cambios (Cuenca, 1597); Francisco Gmez Camacho, ed.
(Madrid: Instituto de Estudios Fiscales, 1991).
Molina, L. de, Tratado sobre los prstamos y la usura (Cuenca, 1597); Francisco
Gmez Camacho, ed. (Madrid: Instituto de Estudios Fiscales, 1989).
Gmez Camacho, La teora del justo precio with an introduction by F. Gmez Camacho
(Madrid: Editora Nacional, 1981).
Montanari, G., La zecca in consulta di stato., reprinted as La moneta, in Scrittori classici
italiani di economia Politica (Milan: G. Destefanis, 1804), vol. 3.
Moss, L.S., and K.I. Vaughn, Hayeks Ricardo Effect: A Second Look, History of Political
Economy 18, no. 4 (Winter, 1986): 54565.
Mueller, R.C., The Role of Bank Money in Venice, 13001500 in Studi Veneziani, n.s. 3
(Pisa: Giardini Editori, 1979), pp. 4796.
Mueller, R.C., The Venetian Money Market: Banks Panics, and the Public Debt, 1200
1500 (Baltimore, Maryland: Johns Hopkins University Press, 1997).
Murphy, A.E., Richard Cantillon: Entrepreneur and Economist (Oxford: Clarendon Press,
1986).
Murphy, A.E., John Law: Economic Theorist and Policy Maker (Oxford: Clarendon
Press, 1997).
Newman, P., M. Milgate, and J. Eatwell, The New Palgrave Dictionary of Money and Finance,
3 vols. (London: Macmillan, 1992).
Nichols, D.M., Modern Money Mechanics: A Workbook on Deposits, Currency and Bank
Reserves (Chicago, Ill.: Federal Reserve Bank of Chicago, 1970).
Niveau, M., Histoire des Faits Economiques Contemporatis (Paris: Presses Universitaires de
France (PUF), 1966); Spanish translation by A. Bosch Domnech: Historia de los hechos
econmicos contemporneos (Barcelona: Editorial Ariel, 1971).

637

Nordhaus, W.E., The Political Business Cycle, Review of Economic Studies 42, no. 130
(April 1975): 16990.
Norman, Warde G., Remarks upon some Prevalent Errors with respect to Currency and
Banking, and Suggestions to the Legislature and the Public as to the Improvement in the
Monetary System (London: P. Richardson, 1838).
Nove, A., TuganBaranovsky, M., in The New Palgrave: A Dictionary of Economics, J.Eatwell, M. Milgate, and P. Newman, eds., vol. 4, pp. 70506.
OBrien, D.P., The Classical Economists (Oxford: Oxford University Press, 1975).
ODriscoll, G.P., Rational Expectations, Politics and Stagflation, Chapter 7 in Time, Uncer
tainty and Disequilibrium: Exploration of Austrian Themes, M.J. Rizzo, ed. (Mass.: Lexington Books, 1979).
ODriscoll, G.P., The Specialization Gap and the Ricardo Effect: Comment on Ferguson,
History of Political Economy 7 (Summer, 1975): 26169.
ODriscoll, G.P., Money: Mengers Evolutionary Theory, History of Political Economy 4,
no. 18 (1986): 60116.
ODriscoll, G.P., An Evolutionary Approach to Banking and Money, Chapter 6 of Hayek,
Coordination and Evolution: His Legacy in Philosophy, Politics, Economics and the His
tory of Ideas, J. Birner and R. van Zijp, eds. (London: Routledge, 1994).
ODriscoll, G.P., and M.J. Rizzo, The Economics of Time and Ignorance (Oxford: Basil Blackwell, 1985; London: Routledge, 1996).
Oscriz Marco, F., El contrato de depsito: estudio de la obligacin de guarda (Barcelona:
J.M.Bosch Editor, 1997).
Parnell, H., Observations on Paper Money, Banking and Other Trading, including those parts
of the evidence taken before the Committee of the House of Commons which explained the
Scotch system of banking (London: James Ridgway, 1827).
Parker, R.H., and B.S. Yamey, Accounting History: Some British Contributions (Oxford:
Clarendon Press, 1994).
Pastor, L.M., Libertad de Bancos y Colas del de Espaa (Madrid: B. Carranza, 1865).
Patinkin, D., Real Balances, in The New Palgrave: A Dictionary of Economics, vol. 4,
pp.98101.
Pauly, M.V., The Economics of Moral Hazard, American Economic Review 58 (1968):
531537.
Pedraja Garcia, P., Contabilidad y anlisis de balances de la banca, vol. 1, Principios generales
ycontabilizacin de operaciones (Madrid: Centro de Formacin del Banco de Espaa, 1992).
Pemberton, R.L., The Future of Monetary Arrangements in Europe (London: Institute of
Economic Affairs, 1989).
Pennington, J., On the Private Banking Establishments of the Metropolis, February 13,
1826; published as an appendix to the works of Thomas Tooke, A letter to Lord Grenville;
On the Effects Ascribed to the Resumption of Cash Payments on the Value of the Currency
(London: John Murray, 1826) and A History of Prices and of the State of Circulation from
17931837 (London: Longman, 1838), vol. 2, p. 369.
Petty, W., The Economic Writings of Sir William Petty (New York: Augustus M. Kelley,
1964), vol. 1.
Philbin, J.P., An Austrian Perspective on Some Leading Jacksonian Monetary Theorists,
Journal of Libertarian Studies: An Interdisciplinary Review 10, no. 1 (Fall, 1991): 8395.
Phillips, C.A., Bank Credit: A Study of the Principles and Factors Underlying Advances
Made by Banks to Borrowers (New York: Macmillan, [1920] 1931).
Phillips, C.A., T.F. McManus, and R.W. Nelson, Banking and the Business Cycle (New York:
Arno Press, 1937).
Phillips, R.J., The Chicago Plan and New Deal Banking Reform (Armonk, N.Y: M.E. Sharpe,
1995).
Piquet, J., Des banquiers au Moyen Age: les Templiers, tude de leurs oprations financires
(Paris, 1939).
Pirenne, H., Economie and Social History of Medieval Europe (London: Kegan Paul, Trench,
Trubner and Co., 1947).

638

Pirenne, H., Histoire conomique et Sociale du Moyen Age (Paris: Presses Universitaires de
France, 1969).
Pollock, A.H., Collateralized Money: An Idea Whose Time Has Come Again? Durrell Jour
nal of Money and Banking 5, no. 1 (March 1993): 3438.
Powell, E.T., Evolution of Money Markets (London: Cass, 1966).
Principe, A., La responsabilit della banca nei contratti di custodia (Milan: Editorial Giuffr,
1983).
Raguet, C., Report on Bank Charters, Journal of the Senate, 18201921 (Pennsylvania
Legislature), pp. 25268.
Ramey, V.A., Inventories as Factors of Production and Economic Fluctuations, American
Economic Review (June 1989): 33854.
Rappaport, A., Prisoners Dilemma, The New Palgrave: A Dictionary of Economics, J. Eatwell, M. Milgate, and P. Newman, eds. (London: Macmillan, 1987), vol. 3, pp. 97376.
Real Cdula de S.M. y, Seores del Consejo, por la quai se crea, erige y autoriza un Banco
nacional y general para facilitar las operaciones del comercio y el beneficio pblico de estos
Reynos y los de Indias, con la denominacin de Banco de San Carlos baxo las reglas que se
expresan (Madrid: Imprenta de D. Pedro Marn, 1782).
Ricardo, D., The Works and Correspondence of David Ricardo, vol. I, On the Principles of
Political Economy and Taxation, 1817, P. Sraffa and M.H. Dobb, eds. (Cambridge: Cambridge University Press, 1982).
Ricardo, D., The Works and Correspondence of David Ricardo, vol. 4, Absolute Value and
Exchange Value, P. Sraffa and M.H Dobb, eds. (Cambridge: Cambridge University Press,
1951).
Ricardo, D., The Works and Correspondence of David Ricardo, Piero Sraffa, ed. (Cambridge:
Cambridge University Press, 19511973).
Ricardo, D., Minor Papers on the Currency Question, 18051823, J. Hollander, ed. (Baltimore, Maryland: Johns Hopkins University Press, 1932), pp. 199201.
Ritter, L.S., and W.L. Silber, Principles of Money, Banking and Financial Markets, 3rd
revised, enlarged ed. (New York: Basic Books, 1980).
Rizzo, M., ed., Time, Uncertainty, and Disequilibrium: Exploration of Austrian Themes (Lexington, Mass.: Lexington Books, 1979).
Robbins, L., The Great Depression (New York: Macmillan, 1934). Robinson, J., Collected Eco
nomic Papers (London: Blackwell, 1960).
Roca Juan, J., El depsito del dinero, Comentarios al Cdigo Civil y compilaciones /orales,
Manuel Albaladejo, ed. (Madrid: Editorial Revista del Derecho Privado EDERSA, 1982),
tome 22, vol. 1, pp. 24655.
Rockwell, Jr., L.H. ed., The Gold Standard: An Austrian Perspective, introduction by
L.B.Yeager (Lexington, Mass.: Lexington Books, 1985).
Rojo, L.A., Keynes: su tiempo y el nuestro (Madrid: Alianza Editorial, 1984).
Rojo, L.A., Renta, precios y balanza de pagos (Madrid: Alianza Universidad, 1976).
Rojo, L.A., Teora Econmica III: Apuntes basados en las explicaciones de clase, Curso
7071 (Madrid: Published by the author, 1973). Romer, D., Advanced Macroeconomics
(New York: McGraw Hill, 1996).
Rpke, W., Economics of the Free Society, P.M. Boarman, trans. (Grove City, Perm.: Libertarian Press, 1994; Chicago, Ill.: Henry Regnery Co., 1963).
Rpke, W., Crises and Cycles (London: William Hodge, 1936).
Rostovtzeff, M., The Social and Economic History of the Roman Empire, 2nd ed. (Oxford:
Clarendon Press, 1957), vol. 2.
Rostovtzeff, M., The Social and Economic History of the Hellenistic World (Oxford: Clarendon Press, 1953), vol. 1.
Rothbard, M.N., Americas Great Depression, 5th ed. (Auburn, Ala.: Ludwig von Mises Institute, 2000).
Rothbard, M.N., The Present State of Austrian Economics, Journal des conomistes et des
tudes Humaines 6, no. 1 (March 1995): 4389; reprinted in The Logic of Action I (Cheltenham, England: Edward Elgar, 1997), p. 165.

639

Rothbard, M.N., Wall Street, Banks, and American Foreign Policy (Burlingame, Calif.: Center for Libertarian Studies, 1995).
Rothbard, M.N., Economic Thought before Adam Smith, vol. 1 of An Austrian Perspec

tive on the History of Economic Thought (Aldershot, England: Edward Elgar, 1995).

Rothbard, M.N., Classical Economics, vol. 2 of An Austrian Perspective on the History of

Economic Thought (Aldershot, England: Edward Elgar, 1995).

Rothbard, M.N., The Solution, The Freeman: Ideas on Liberty (November 1995):
697702.
Rothbard, M.N., The Case Against the Fed (Auburn, Ala.: Ludwig von Mises Institute,
1994).
Rothbard, M.N., Man, Economy, and State: A Treatise on Economic Principles, 3rd ed.
(Auburn, Ala.: Ludwig von Mises Institute, 1993). The Scholars Edition, Man, Economy,
and State with Power and Market (Auburn, Ala.: Ludwig von Mises Institute, 2004).
Rothbard, M.N., Aurophobia: or Free Banking on What Standard? Review of Austrian
Economics 6, no. 1 (1992): 98108.
Rothbard, M.N., The Case for a 100 Percent Gold Dollar (Auburn, Ala.: Ludwig von Mises
Institute, 1991).
Rothbard, M.N., What Has Government Done to Our Money? (Santa Ana, Calif.: Rampart
College, 1974; Auburn Ala.: Ludwig von Mises Institute, 1990).
Rothbard, M.N., The Other Side of the Coin: Free Banking in Chile, Austrian Economics
Newsletter (Winter, 1989): 14.
Rothbard, M.N., The Myth of Free Banking in Scotland, Review of Austrian Economics 2
(1988): 22945.
Rothbard, M.N., Timberlake on the Austrian Theory of Money: A Comment, Review of
Austrian Economics 2 (1988): 179187.
Rothbard, M.N., The Case for a Genuine Gold Dollar, in The Gold Standard, L.H. Rockwell,
Jr., ed. (Lexington, Mass.: Lexington Books, 1985), pp. 27.
Rothbard, M.N., The Federal Reserve as a Cartelization Device: The Early Years: 1913
1930, Chapter 4 in Money in Crisis: The Federal Reserve, The Economy and Monetary
Reform, B.N. Siegel, ed. (San Francisco, Calif.: Pacific Institute, 1984), pp. 89136.
Rothbard, M.N., The Mystery of Banking (New York: Richardson and Snyder, 1983).
Rothbard, M.N., Austrian Definitions of the Supply of Money, in New Directions in Aus
trian Economics, L.M. Spadaro, ed. (Kansas City, Mo.: Sheed Andrews and McMeel, 1978),
pp. 143156.
Rothbard, M.N., New Light on the Prehistory of the Austrian School, in The Foundations
of Modern Austrian Economics, E.G. Dolan, ed. (Kansas City, Mo.: Sheed and Ward, 1976),
pp. 5274.
Rothbard, M.N., Inflation and the Creation of Paper Money, Chapter 26 in Conceived in
Liberty, vol. 2, Salutary Neglect: The American Colonies in the First Half of the 18th
Century (New York: Arlington House, 1975).
Rothbard, M.N., The Panic of 1819: Reactions and Policies (New York and London: Columbia University Press, 1962).
Rothbard, M.N., Milton Friedman Unraveled, Journal of Libertarian Studies 16, no. 4 (Fall,
2002): 3754.
Rubio Sacristn, J.A., La fundacin del Banco de Amsterdam (1609) y la banca de Sevilla,
Moneda y crdita (March 1948).
Rueff, J., The Fallacies of Lord Keynes General Theory, in The Critics of Keynesian Eco
nomics, H. Hazlitt, ed. (New York: Arlington House, 1977), pp. 239263.
Ruiz Martn, E, Pequeo capitalismo, gran capitalismo: Simn Ruiz y sus negocios en Floren
cia (Barcelona: Editorial Crtica, 1990).
Salerno, J., War and the Money Machine: Concealing the Costs of War Beneath the Veil of
Inflation, Chapter 17 in The Costs of War: Americas Pyrrhic Victories, J.V. Denson, ed.
(New Brunswick, N.J. and London: Transaction Publishers, 1997), pp. 367387.
Salerno, J., Mises and Hayek Dehomogenized, Review of Austrian Economics 6, no. 2
(1993): 11346.

640

Salerno, J., Gold Standards: True and False, Cato Journal: An Interdisciplinary Journal
of Public Policy Analysis 3, no. 1 (Spring, 1983): 239267.
Salerno, J.T., and R.M. Ebeling, An Interview with Professor Fritz Machlup, Austrian
Economics Newsletter 3, no. 1 (Summer, 1980): 12.
Salin, P., MacroStabilization Policies and the Market Process, in Economic Policy and
the Market Process: Austrian and Mainstream Economics, K. Groenveld, J.A.M. Maks, and
J.Muysken, eds. (Amsterdam: NorthHolland, 1990), pp. 20121.
Salin, P., Lunit montaire europene: au profit de qui? (Paris: Economica, 1980).
Salin, P., In Defense of Fractional Monetary Reserves, 7th Austrian Scholars Conference,
Auburn, Alabama, March 3031, 2001.
Salin, P., Maurice Allais: un conomiste liberal? Forthcoming.
Samuelson, P.A., Economics, 8th ed. (New York: Macmillan, 1970; llth ed., McGrawHill,
1980; 13th ed., 1989; 14th ed., 1992; 15th ed., 1995).
Samuelson, P.A., Paradoxes in Capital Theory: A Summing Up, Quarterly Journal of Eco
nomics 80 (1966): 568583.
Santillana, R., Memoria histrica sobre los bancos nacional de San Carlos, Espaol de San Fer
nando, Isabel II, Nuevo de San Fernando, y de Espaa (Madrid: Banco de Espaa, 1982).
Saravia de la Calle, L., Instruccin de mercaderes (Medina del Campo: Pedro de Castro, 1544;
Madrid: Coleccin de Joyas Bibliogrficas 1949).
Sarda, J., La politica monetaria y las fluctuaciones de la economa espaola en el siglo XIX
(Barcelona: Ediciones Ariel, 1970; Madrid: Consejo Superior de Investigaciones Cientficas, Instituto de Economa Sancho de Moneada, 1948).
Scaramozzino, R, Omaggio a Bruno Leoni (Milan: A. Guiffr, 1969).
Schubert, A. The CreditAnstalt Crisis of 1931 (Cambridge: Cambridge University Press,
1991).
Schuler, K., and L. White, Free Banking History, in The New Palgrave Dictionary of Mon
ey and Finance (London: Macmillan, 1992), vol. 2, pp. 198200.
Schumpeter, J.A., The Theory of Economic Development (Cambridge, Massachusetts: Harvard University Press, 1968); original German edition, Theorie der Wirtschaftlichen Ent
wicklung: Eine Untersuchung ber Unternehmergewinn, Kapital, Kredit, Zins und den
Konjukturzyklus (Munich and Leipzig: Verlag von Duncker Humblot, 1911).
Schumpeter, J.A., History of Economic Analysis (Oxford and New York: Oxford University
Press, 1954).
Schwartz, A.J., The Theory of Free Banking, presented at the regional meeting of the
Mont Plerin Society, Rio de Janeiro, September 58, 1993.
Schwartz, A.J., Banking School, Currency School, Free Banking School, in The New Pal
grave: Dictionary of Money and Finance (London: Macmillan, 1992), vol. 1, pp. 148151.
Schwartz, P., Macro y Micro, Cinco Das (Madrid, April 12,1993): 3.
Schwartz, P., El monopolio del banco central en la historia del pensamiento econmico: un
siglo de miopa en Inglaterra, in Homenaje a Lucas Beltrn (Madrid: Editorial Moneda
yCrdito, 1982).
Selgin, G.A., The Stability and Efficiency of Money Supply under Free Banking, Journal
of Institutional and Theoretical Economics 143 (1987): 43556; reprinted in Free Bank
ing, vol. 3, Modern Theory and Policy, L.H. White, ed. (Aldershot, England: Edward Elgar,
1993), pp. 4566.
Selgin, G.A., Less Than Zero: The Case for a Falling Price Level in a Growing Economy,
Hobart Paper 132 (London: Institute of Economic Affairs [I.E.A.], 1997).
Selgin, G.A., Free Banking and Monetary Control, Economic Journal 104, no. 427 (November 1994): 14491459.
Selgin, G.A., Are Banking Crises a FreeMarket Phenomenon? presented at the regional
meeting of the Mont Plerin Society, Rio de Janeiro, September 58,1993.
Selgin, G.A., ShortChanged in Chile: The Truth about the FreeBanking Episode, Aus
trian Economics Newsletter (SpringWinter, 1990).
Selgin, G.A., The Theory of Free Banking: Money Supply under Competitive Note Issue
(Totowa, N.J.: Rowman and Littlefield, 1988).

641

Selgin, G.A., and L.H. White, In Defense of Fiduciary Media or, We are Not Devo(lutionists),
We are Misesians! Review of Austrian Economics 9, no. 2 (1996): 83107.
Selgin, G.A., and L.H. White, How Would the Invisible Hand Handle Money? Journal of
Economic Literature 32, no. 4 (December 1994): 17181749.
Sennholz, H.F., Money and Freedom (Spring Mills, Perm.: Libertarian Press, 1985).
Serrera Contreras, PL., El contrato de deposito mercantil (Madrid: Marcial Pons, 2001).
Shah, P.J., The Option Clause in Free Banking Theory and History: A Reappraisal, Review
of Austrian Economics 10, no. 2 (1997): 125.
Sherman, H.J., Introduction to the Economics of Growth, Unemployment and Inflation (New
York: Appleton, 1964).
Shorter Oxford English Dictionary, 3rd ed., 2 vols. (Oxford: Oxford University Press, 1973).
Siegel, B.N., ed., Money in Crisis: The Federal Reserve, the Economy and Monetary Reform
(San Francisco, Calif.: Pacific Institute for Public Policy Research, 1984).
Sierra Bravo, R., El pensamiento social y econmico de la Escolstica desde sus orgenes al
comienzo del catolicismo social (Madrid: Consejo Superior de Investigaciones Cientficas,
Instituto de Sociologa Balmes, 1975).
Simons, H.C., Economic Policy for a Free Society (Chicago, Ill.: University of Chicago Press,
1948).
Simons, H.C., Rules versus Authorities in Monetary Policy, Journal of Political Economy 44,
no. 1 (February 1936): 130; reprinted as Chapter 7 in Economic Policy for a Free Society,
pp.16083.
Simons, H.C., A Positive Program for LaissezFaire: Some Proposals for a Liberal Economic
Policy, original version, Public Policy Pamphlet no. 15, H.D. Gideonse (Chicago, Ill.: University of Chicago Press, 1934); reprinted as Chapter 2 in Economic Policy for aFree Society.
Skidelsky, R., John Maynard Keynes: The Economist as Saviour, 19201937 (London: Macmillan, 1992).
Skousen, M., The Economics of a Pure Gold Standard (Auburn, Ala.: Praxeology Press,
[1977] 1988; New York: Foundation for Economic Education, 1996).
Skousen, M., I Like Hayek: How I Use His Model as a Forecasting Tool, presented at the
general meeting of the Mont Plerin Society, Cannes, France, September 2530,1994.
Skousen, M., Who Predicted the 1929 Crash? in The Meaning of Ludwig von Mises,
J.M.Herbener, ed. (Amsterdam: Kluwer Academic Publishers, 1993), pp. 24784.
Skousen, M., ed., Dissent on Keynes: A Critical Appraisal of Keynesian Economics (New
York and London: Praeger, 1992).
Skousen, M., Economics on Trial: Lies, Myths and Realities (Homewood, Ill.: Business One
Irwin, 1991).
Skousen, M., The Structure of Production (London and New York: New York University
Press, 1990).
Skousen, M., The Free Market Response to Keynesian Economics, in Dissent on Keynes.
Skousen, M., The Perseverance of Paul Samuelsons Economics, Journal of Economic Per
spectives 2, no. 2 (Spring, 1997).
Skousen, M., Viena and Chicago: Friends or Foes? (Washington, D.C.: Capital Press, 2005).
Smith, A., An Inquiry into the Nature and Causes of the Wealth of Nations (London: W. Strahan and T. Cadell in the Strand, 1776); E. Cannan, ed. (New York: Modern Library [1937]
1965); The Glasgow Ed., Oxford, UK: Oxford University Press, 1976).
Smith, V.C., The Rationale of Central Banking and the Free Banking Alternative (Indianapolis, Ind.: Liberty Press, 1990).
Soddy, F, Wealth, Virtual Wealth and Debt (New York: E.P. Dutton, 1927).
Soto, D. de, De iustitia et iure. (Salamanca: Andreas Portonarijs, 1556); bilingual Latin/Spanish ed., 5 vols. (Madrid: Instituto de Estudios Polticos, 1968).
Sousmatzian Ventura, E., Puede la intervencin gubernamental evitar las crisis bancadas? Revista de la Superintendencia de bancos y otras instituciones financieras (Caracas,
Venezuela), no. 1 (AprilJune 1994): 6687.
Spadaro, L.M., ed., New Directions in Austrian Economics (Kansas City, Mo.: Sheed Andrews
and McMeel, 1978).

642

Sprague, O.B.W., History of Crises and the National Banking System (1910; Fairfield, N.J.:
Augustus M. Kelley, 1977).
Sraffa, P., Doctor Hayek on Money and Capital, Economic Journal 42 (1932): 4253.
Sraffa, P., Production of Commodities by Means of Commodities: Prelude to a Critique of
Economic Theory (Cambridge: Cambridge University Press, 1960).
Stankiewicz, T., Investment under Socialism, Communist Economies 1, no. 2 (1989):
123130.
Steuart, J., An Enquiry into the Principles of Political Oeconomy: Being an Essay on the Science
of Domestic Policy in Free Nations (London: A. Miller and T. Cadell in the Strand, 1767).
Stigler, G.J., Production and Distribution Theories (London: Transaction Publishers, 1994).
Stiglitz, J.E., Risk, Incentives and Insurance: The Pure Theory of Moral Hazard, The
Geneva Papers on Risk and Insurance 26 (1983): 433.
Strigl, R.v., Capital and Production, M.R. and H.H. Hoppe, trans., J.G. Hlsmann, ed. (Auburn,
Ala.: Mises Institute, 2000).
Strigl, R.v., Kapital und Produktion (Munich and Vienna: Philosophia Verlag, [1934] 1982).
Strigl, R.v., Curso medio de economa, Spanish translation by M. Snchez Sarto (Mexico:
Fondo de Cultura Econmica, 1941).
Summers, L., Understanding Unemployment (Cambridge, Mass.: The MIT Press, 1990).
Tamames, R., Fundamentos de estructura econmica, 10th rev. ed. (Madrid: Alianza Universidad, 1992).
Taussig, F.W., Principles of Economics, 3rd ed. (New York: Macmillan, 1939), voi. 1.
Tavlas, G.S., Chicago, Harvard and the Doctrinal Foundations of Monetary Economics,
Journal of Political Economy 105, no. 1 (February 1997): 15377.
Taylor, J., Construction Construed and Constitutions Vindicated (Richmond, Va.: Shepherd
and Polland, 1820; New York: Da Capa Press, 1970).
Tedde de Lorca, P., El banco de San Carlos, 17821829 (Madrid: Banco de Espaa y Alianza
Editorial, 1988).
Tedde de Lorca, P., La banca privada espaola durante la Restauracin, 18741914, in
La banca espaola en la Restauracin (Madrid: Servicio de Estudios del Banco de Espaa,
1974), vol. 1.
Tellkampf, J.L., Die Prinzipien des Geld und Bankwesens (Berlin: Puttkammer and Mhlbrecht, 1867).
Tellkampf, J.L., Essays on Law Reform, Commercial Policies, Banks, Penitentiaries, etc., in
Great Britain and the United States of America (London: Williams and Norgate, 1859).
Temin, Peter, and Hans-Joachim Voth, Riding the South Sea Bubble, American Econom
ic Review 94, no. 5 (December 2004): 16541668.
Termes Carrero, R., Carlos V y uno de sus banqueros: Jacobo Fugger (Madrid: Asociacin de
Caballeros del Monasterio de Yuste, 1993).
Thatcher, M., The Downing Street Years (New York: HarperCollins, 1993).
Thies, C.E, The Paradox of Thrift: RIP, Cato Journal 16, no. 1 (SpringSummer, 1996):
119127.
Thorbecke, W., The Distributional Effects of Disinflationary Monetary Policy (George
Mason University, 1995).
Thornton, H., Evidence given before the Lords Committee of Secrecy appointed to inquire
into causes on which produced the Order of Council of the 27th February 1797; reprinted
in An Inquiry into the Nature and Effects of the Paper Credit of Great Britain, F.A. Hayek,
ed. (Fairfield, N.J.: Augustus M. Kelley, 1978), p. 303.
Thornton, H., An Inquiry into the Nature and Effects of the Paper Credit of Great Britain, 1802;
reprinted with an introduction by F.A. Hayek (Fairfield, N.J.: Augustus M. Kelley, 1978).
Timberlake, R., The Governments Licence to Create Money, Cato Journal: An Interdisci
plinary Journal of Public Policy Analysis 9, no. 2 (Fall, 1989): 302321.
Timberlake, R., A Reassessment of C.A. Phillips Theory of Bank Credit, History of Politi
cal Economy 20, no. 2 (1988): 299308.
Timberlake, R., A Critique of Monetarist and Austrian Doctrines on the Utility and Value
of Money, Review of Austrian Economics 1 (1987): 8186.

643

Timberlake, R., Private Production of ScripMoney in the Isolated Community, Journal


of Money, Credit and Banking 19 (October 4,1987): 437^7.
Timberlake, R., The Central Banking Role of Clearinghouse Associations, Journal of Mon
ey, Credit and Banking 16 (February 1984): 115.
Tobin, J., Financial Innovation and Deregulation in Perspective, Bank of Japan Monetary
and Economic Studies 3 (1985): 1929.
Toda, S.C., The Shape of Athenian Law (Oxford: Clarendon Press, 1993).
Tooke, T., A History of Prices and of the State of the Circulation from 17931837, with an
appendix by J. Pennington (London: Longman, 1838), vol. 2.
Tooke, T., An Inquiry into the Currency Principle (London 1844).
Toribio Dvila, J.J., Problemas ticos en los mercados financieros, presented at the Encuen
tros sobre la dimensin tica de las instituciones y mercados financieros, Fundacin BBV,
Madrid, June 1994.
Torre Saavedra, E. de la, R. Garca Villaverde, and R. Bornardell Lenzano, eds., Contratos
Bancarios (Madrid: Editorial Cvitas, 1992).
Torrens, R., A Letter to the Right Hon. Lord Viscount Melbourne, on the Causes of the Recent
Derangement in the Money Market, and on Bank Reform (London: Longman, Rees, Orme,
Brown and Green, 1837).
Torrero Maas, A., La crisis del sistema bancario: lecciones de la experiencia de Estados
Unidos (Madrid: Editorial Cvitas, 1993).
Torres Lpez, J., Introduccin a la economa poltica (Madrid: Editorial Cvitas, 1992).
TortellaCasares, G., Banking, Railroads, and Industry in Spain, 18291874 (New York:
Arno Press, 1977).
Trautwein, HM., Money, Equilibrium, and the Business Cycle: Hayeks Wicksellian
Dichotomy, History of Political Economy 28, no. 1 (Spring, 1996): 2755.
Trautwein, HM., Hayeks Double Failure in Business Cycle Theory: A Note, in
Money and Business Cycles: The Economics of F.A. Hayek, M. Colonna and H. Hagemann,
eds. (Aldershot, England: Edward Elgar, 1994), vol. 1, chap. 4, pp. 7481.
Trigo Portela, J., Historia de la Banca, in Enciclopedia prctica de la banca (Barcelona:
Editorial Planeta, 1989), vol. 6, chap. 3.
Tufte, E.R., Political Control of the Economy (Princeton: Princeton University Press, 1978).
TuganBaranovsky, M., Las crisis industriales en Inglaterra (Madrid: La Espaa Moderna,
1912).
Usabiaga Ibez, C., and J.M. OKean Alonso, La nueva macroeconoma clsica: una aproxi
macin metodolgica al pensamiento econmico (Madrid: Ediciones Pirmide, 1994).
Usher, A.P., The Early History of Deposit Banking in Mediterranean Europe (Cambridge,
Mass.: Harvard University Press, 1943).
Valpuesta Gastaminza, E.M., Depsitos bancarios de dinero: libretas de ahorro, in Contra
tos bancarios, E. de la Torre Saavedra, R. Garca Villaverde, and R. Bonardell Lenzano, eds.
(Madrid: Editorial Cvitas, 1992).
Van Zijp, R., Austrian and New Classical Business Cycle Theory (Aldershot, England:
Edward Elgar, 1994).
Viaa Remis, E., Lecciones de contabilidad nacional (Madrid: Editorial Cvitas, 1993).
Vilar, P.A., History of Gold and Money, 14501920 (London: NLB, 1976).
Wainhouse, C.E., Empirical Evidence for Hayeks Theory of Economic Fluctuations, Chapter 2 in Money in Crisis: the Federal Reserve, the Economy and Monetary Reform, B.N. Siegel, ed. (San Francisco, Calif.: Pacific Institute for Public Policy Research, 1984).
Wainhouse, C.E., Hayeks Theory of the Trade Cycle: The Evidence from the Time Series
(Ph.D. dissertation, New York University, 1982).
Walker, A., The Science of Wealth: A Manual of Political Economy Embracing the Laws of
Trade, Currency and Finance (Boston, Mass.: Little Brown, [1867] 1869).
West, E.G., Adam Smith and Modern Economics: From Market Behaviour to Public Choice
(Aldershot, England: Edward Elgar, 1990).
White, L.H., What Has Been Breaking U.S. Banks? Critical Review 7, nos. 23 (Spring
Summer, 1993): 32134.

644

White, L.H., ed., Free Banking, vol. 1,19th Century Thought; vol. 2, History; vol. 3, Modern
Theory and Policy (Aldershot, England: Edward Elgar, 1993).
White, L.H., ed., The Crisis in American Banking (New York: New York University Press,
1993).
White, L.H., Mises on Free Banking and Fractional Reserves, Chapter 35 in A Man of
Principle: Essays in Honour of Hans F. Sennholz (Grove City, Perm.: Grove City College
Press, 1992), pp. 517533.
White, L.H., Competition and Currency: Essays on Free Banking and Money (New York:
New York University Press, 1989).
White, L.H., Free Banking in Britain: Theory, Experience and Debate, 18001845 (London
and New York: Cambridge University Press, 1984).
Wicker, E., The Banking Panics of the Great Depression (Cambridge: Cambridge University
Press, 1996 and 2000).
Wicksell, K., Geldzins und Gterpreise: Eine Studie ber die den Tauschwert des Geldes
bestimmenden Ursachen (Jena: Verlag von Gustav Fischer, 1898); English translation by
R.E Kahn, Interest and Prices: A Study of the Causes Regulating the Value of Money (London: Macmillan, 1936; New York: Augustus M. Kelley, 1965).
Wicksell, K., Lectures on Political Economy (London: Routledge and Kegan Paul, 1935 and
1950), vols. 1 and 2.
Wilson, J., Capital, Currency and Banking (London: The Economist, 1847).
Winiecki, J., The Distorted World of SovietType Economies (London: Routledge, [1988] 1991).
Wood, C.J., and R.N. Woods, eds., Friedrich A. Hayek: Critical Assessments (London and New
York: Routledge, 1991).
Wood, G.A., et al., Central Bank Independence: What is it and What Will it Do for Us? (London: Institute of Economic Affairs, 1993).
Wubben, E.F.M., Austrian Economics and Uncertainty, presented at the First European
Conference on Austrian Economics (Maastricht, April 1992).
Yeager, L.B., ed., In Search of a Monetary Constitution (Cambridge, Mass.: Harvard University Press, 1962).
Yeager, L.B., The Perils of Base Money, Review of Austrian Economics 14, no. 4 (2001):
251266.
Yeager, L.B., The Fluttering Veil: Essays on Monetary Disequilibrium, G. Selgin, ed. (Indianapolis, Ind.: Liberty Fund, 1997).
Yeager, L.B., and R. Greenfield, Competitive Payments Systems: Comment, American
Economic Review 4, no. 76 (September 1986): 848^9.
Yeager, L.B., and R. Greenfield, A LaissezFaire Approach to Monetary Stability, Journal
of Money, Credit, and Banking 3, no. 15 (August 1983): 30215; reprinted in Free Banking,
L.H. White, ed., vol. 3, chap. 11, pp. 180195.
Zahka, W.J., The Nobel Prize Economics Lectures (Aldershot, England: Avebury, 1992).
- . . .: , 2008.
- . . : , 2008.
. . .: , 1994.
. . . 3- . .: , 1994.
. . . : , 2006.
. . IVII / . . . . . .: , 20022005.
. () // . 1968. 4.
. // . .:
, 2008. ( .)
. . , // . .
, . . . , 2007. . 37339.
. . . .: , 1992.
. . .: , 2008.
. // . .: , 2008.
( .)

645

. // . .: , 2008. ( .)
. // ., . . 2- . . 2325.
. . .: , 2007.
. // . . .: , 2005. . 287495.
. // . . .: , 2005. . 57286.
. . : .
: , 2006.
. . , // . .
. : , 2008. ( .)
. . . : ,
2008. ( .)
. . : - .
: , 2007.
. . : . : , 2005.
. . . .: , 2007.
. . . .: , 2007.
. . 2- . .: , 2001.
. : . : , 2002. 2- . 2004. 3- . 2008.
. . : , 2002.
. : , , .
2- . .: , 2005.
. 1929 .? // :
. : , 2005. . 172215.
. . .: , 2007.
. . .: , 1996.
- . . .
. ., 1894; .: , , 1997.
. : . : , 2007. 2- . 2008.
. , .
.: , 2008.
. . .: , 2001.
. // :
. : , 2005. . 112132.
. : .
: , 2005.
. . . ; -, 2000.
. . .: , 2008. ( .)
. : . .: , 2003.
. : . .: , 1992.
. , . .: , 2006.
. . , 11 1974 . //
. 2003. 1.
. . : , 2008.
. . .: , 1996.
. // . . .
; -, 2000. . 210239.

646

. // . .: , 2008. ( .)
. . // . . . .: -
, 1994.
. . 3- . .: ,
2001.
. // .
. , . .: , 2007. . 29360.
. //. / ( ).
. 5. .: . . , 1895. . 2035.


100%- 79
8586

365
90. .: Taula de Canvi
104
363
85

85
, . .:

435438
5064
435438
49., 54
. : ;
39, 40.
, 426430
33., 49.
. .:
44, 5354, 63

58
. .: .

5051
4450
-. .:
. .:
, . .:
185191

, 597600
, 292293
597600


, 568570
, 156162
132,
567579
, 136139
,
601602
602604
163167
. :
(
) 157, 165

.
347.
176181
170176
()
,
161163
I 47
87
.,


156170
171176
158., 351352
477490
7884

8182
458
8284
455., 472
100%-
545560
17
546560
579600
560.
546551
554556
553554
551552

556560

648


470477
,

185191, 473475

767769
. .:

, 295
37.
37.
3844
535536
XVIIIXIX . 534535
4446
XVIII . 8788
7072
563564
. .,
511514
49.,
6062
217.,
295300
116119, 460
567, 451452
4446
132
. :
; ;
; ; ; ;


91130
127, 117118, 293294

127128
537542, 553
. :

Bangkok Bank of Commerce ()
374.
Bank Korea First () 374.
Crdit Mobiliaire () 374.
Hokkaido Takushoku () 374.
Jay Cook and Co. ()
Peregrine Bank () 374.
. : Sanyo Securities; Yamaichi
Securities

417418

333335
316
316

10
,

1920

226, 239
, 214215
. :
, 266.
604

- 151156
,
143151
, 278278
217
,
284291
. : ;
, 51.
,
357.
. .:
() 318
()
234.
()
232, 234., 317318

227228
,
217
227
228

612
358, 613
370
262


293294

649

127
. :

293
,
,
123126, 451
216

473
472
578579

327328

330333
203
204.
388
, 201
341345
146

181183
117, 460
306, 307.

100

72
36
--- 70

561563

1920- 367
23
145
485.
, 440
560567
485.
. : ; ;
;
132,
585586
54


1925 . 337
193
572573

589593
193, 335336
337
2734

111, 118, 542


14, 96, 102103.
911
1213
. :
( )
107108

115122

4650
50

(Devaynes v.
Noble) 99

576578

197198, 287, 344346
. .:

612614

594596

321326

458

. .:
472477
455.

485490
9

,
523, 525529
282283
516517


12, 14, 15, 17
111.

650

292300

19 1844 . 191, 364, 476
410411
. .:
225
, 235., 378
, 205.
, 571572
, . . 414
,
400
49.
286
284
315.
, ,
313314
. .:
318.
, 2324
485.
503
()
,
323324
, 212213, 267

21
, 1315
...:
(
) 8990

1213
. . 15.
. . 1516
17
13
, 9698
. :
52.

, 208
., 390393

. 385393
212
418420

388
312
knstliches Kapital, 488

210211
210
246248
209211
211
314
255
204
225
(Carr v. Carr) 99


128.449.
411416
408430
410
419420
409

418420
,
424.
422423
128.
, 434439
393402


1556. 456457
2526,
100

. .:
, ()
207, 218
30

651



453
, ,

237
452454
192197
, 574
,
263274
485.

231
260., 388
,
425.

439440
331,
434436
- .
.:
, 352357, 431
444
. .:
,
479
579
578579
87

385408
,
402
385408

393394, 399401


434436, 439
436, 437
576
118, 294.
15

588
--- 70
, 421425

652

,
604619

491514
, ,
, 109115
261, 390., 392
314315
333335
394, 407408
439

403

. .:
431433
114
434.
,
98100
, 387
502
332
541.
( ) 124.
, 124., 588
. .:
, ,
396, 467468


451452

604612
. .:
239240
259260
, 431433
285, 286., 431


401
197198, 286287, 344346
591
, 200
59
358361
(, )
22


5254
146147
, 11
, 20, 2122, 106
28
3233
146
18, 2122,
56.
146147

499.

1920, 23, 34
. .:

, 200

342345
601


342344

333335
125
,
435.
. .:
238239
307309
,
472, 517

. .
2325

584586
586589
, 565566
. :

512
100%- 16.
. :

574
327333
207

319321
319
321
1929 .
325.
216

311312
310311

310.

1516
16.
. .:
;
219223
.., 241245
290
220
, 363366

388.
216
. 20
. :
. .:
86
, 124., 588
320.
403408
. .:
() 561


183184

( ) 184
. .:
. .:
,
579594
, 284291
248251
279280
85
2528
2728

653

. .:
(. 381 ) 12.
514542
, 11, 2122, 106107

494
495497

356357
224225,
391.

, 200
6878
21

,
216
455, 456464

321326
239240
324

213219
237238


580582
217
205208
214
529533
. . 281283
127
219, 227
338
,
236237
445446
. :
305


536537
305.
287., 303306,
533537
. : 372
- , ;
501502
; ;


. .: 100%-
466

514542
126130, 442451
110113

505511

31, 55
128130

. .
6568

66
442446

29
127

447448
231235,
449451
127
257258
126, 443
127
317318
. . 29
26
() . .:

206208

463.
54
329
, 329

654

384
360, 384

106
,
456464
. .:
, ,
,

338339
199235
263291
352357,
430431
, 380381
375378

358375
,
564565.

100104
,

298299, 507510
3844
100%- . .: 100%-

133
, 293
. .:
261, 290
571574
205
,
541
367367

, 145
, 518522
145, 149.
145, 154
531

,
,
588589

. . 132, 136139
, 440454

XIV ., 5859
XVI . 67, 362
59, 361
. .: Sanyo
Securities; Yamaichi Securities

348350
346347
(Foley v. Hill) 98

451452
, 200
, 200
, 247248
476477

481484
502
575476
484

492493

, 396, 467468

275278
, 570571
200204
, 100%-
556550

XIX . 535536
536.
228
228

438

655

. .:

-
344346
261262

201
,
201
71
,
568569
357358
197
198, 286287, 344346
263291

358378
(
) 353

571574
() 327
() 612614

1970- 1990- 371375
286

494
, 286
286
2627
24
, 1990-
374

Actio depositi 95
Actio furti 95
Chirographis pecuniarum,
459
Commodatum, 9
Crdit Lyonnais 366
Depositi a discrezione 60
Depositum confessatum
20., 32, 5558,
9596, 458
56
Discrezione, ,
60
Error in negotio
, 110
Fuero Real 3334
Knstliches Kapital,
488
Mancamento della credenza 59, 361
Monstrua prodigia, 112
Mutuum, 911
Partidas 3334
Sanyo Securities,
374.
Societates argentariae. .:
Tantundem 10, 12., 18, 22.

22
Taula de Canvi 52, 54
63
Taula de Valencia 51.
Yamaichi Securities,
374.

(Aviola) 31
(Aguirre, Jos A.)
354., 476., 604., 613.
(Adams, John) 363.
(Allais, Maurice) 505., 554
556, 574, 575., 577, 583., 600, 608
610., 613
(Albacar Lpez, JosL.)
101
(Aftalion, Albert) 427.
- (Al-Qayrawn) 52.
. (Anderson, Benjamin M.), 349., 367, 368, 396, 412.,
529.
(Principe, Angela)
117.
. (Andreu Garca,
Jos M.) 184185.
(Anes, Rafael) 490491.
(Apollonius) 45
- (Ardu-Nama) 37.
(Aristolochus) 42
(Azpilcueta, Martn de) 73, 77, 78., 456457, 462, 464,
475.
(Austerus) 31
(Africanus) 26
(Usher, Abbott P.) 52, 53, 59.,
61, 62., 64, 85, 185.
(Wagner, Adolph) 481.
(Valpuesta Gastaminza, Eduardo M.) 116.
(Walras, Leon) 383., 387,
409
(Van Buren, President
Martin) 487.
(Vanderlint, Jacob) 82
(Varus, Alfenus) 26, 29.
, (Vecchio, Gustavo
del)
- (Viafia Remis,
Enrique) 232233.
(Wicksell, Knut) 58., 84.,
204., 213., 221., 273.,
(Villani) 59
(Winiecki, Jan) 357.
(Wolowsky) 481.
(Vaughn, Karen I.) 250., 267.,
281., 283284., 291., 302.

(Jevons, William
Stanley) 108., 186., 219., 389.,
584.
(Viner, Jacob) 435.
(Jackson, Andrew) 575
(Jefferson, Thomas)
363.
(Lessines, Aegidius) 204.
(Jouvenel, Bertrandde) 91.
, (Zayd, Ibn Abi) 52.
, (Zijp, Rudy van) 143.,
268.
45., 165.
- (Ibn Ab
Zayd (Al-Qayrawam)) 52.
(Ihering, Rudolf von)
26 .
49.
(Imbert, Jean) 49., 55.
II (John Paul II) 569
(Isocrates) 3841
(Yeager, Leland .) 397.,
478., 516, 544., 553., 562., 579.,
594.,
(Keynes, John Maynard) 108., 128., 240., 275.,
349., 368, 386., 408415, 417., 418,
419423, 424., 425., 435., 449.,
462., 469, 477., 529., 593, 594
(Kirby, William) 323.
(Kirzner, Israel M.) 24.,
205., 324., 389., 390., 393, 433.,
460.,566.
(Klein, Benjamin) 515.
(Knies) 481.
(Kornai, Janos) 503
(Lavergne) 481.
(Lavoie, Don .) 440.
(Lalumia) 116
(Lange, Oskar) 383.
(Laffer, Arthur .) 575.
(Lachmann, Ludwig M.)
202., 291., 314., 329., 331, 333,
347., 350., 398., 420., 433.

657

(Mercado, Thomas de)


(Lehmann, Fritz) 558
69., 7375, 78., 457, 461, 462, 475
(Leoni, Bruno) 22, 24, 25
(Mises, Ludwig von) 19,
(Lesio) 69., 107., 461, 462, 464
20, 25., 50., 125., 142., 146.,
(Lindo, Alejandro) 66.
149., 157., 162., 204., 212.,
(Lipsey, Richard G.) 176
214., 216., 217., 219, 224, 250.,
(Lizarrazas, Domin259., 264., 265., 266., 273, 275.,
go de) 66
278., 281., 283., 284., 286, 287.,
( )
290., 293., 295., 295., 298, 306
475
307., 311., 320., 322., 333, 334.,
86., 8788, 96, 362., 465, 466
336., 338., 339., 340., 341.,
(Locke, John) 464, 465
344., 346, 356., 359., 369., 372.,
. . 478, 479, 480, 509.
379, 391., 392, 396., 399., 400, 401,
(Lpez Gar404., 406., 407, 408., 410, 412, 416,
ca, Luis Alfonso) 184.
419420, 420., 429., 449., 463, 473,
(Lugo, Juan de) 75, 78.,
475, 476, 477, 479, 486., 487., 489490,
96., 107., 458, 459462, 463, 464, 470,
494, 506 ., 507., 508., 513, 515.,
474
518., 519520, 521, 525., 546550,
(Lucas, Robert E.) 407.
555, 558., 562., 564., 572., 573.,
(Laidler, David) 326.,
576., 578, 580, 592., 593., 600.,
397., 396., 399, 515., 524.
605., 613., 616, 619
(Mill, John Stuart)
(Miles, Marc A.) 575.
259., 386, 473
(Maino, Jason de) 29.
- . . (McCulloch, J. R.) 475, (Mints, Lloyd W.) 436., 558,
478, 479, 480
569
(MacLeod) 192., 472
(Mitchell, Wesley) 349.
. . (McManus, T. F.) 274., (Michaelis, Otto) 477, 486,
369.
487., 488, 489.
(Malthus, Thomas) 386, (Modeste, Victor) 477, 486,
489, 515.
471.
(Modestinus) 26
(Manso, Ruben) 125.
(Molay, Jacques de) 51
(Mant, Lenor) 37.
(Mariana, Juan de) 310., (Molina, Luis de) 69.,
7578, 96, 107., 191., 457., 458
579.
462, 463, 464, 470, 474
(Marx, Karl) 40., 274., 352,
(Montanari, Geminiano) 464 .
353, 355., 427.,431,606.
(Martnez (Montesquieu, Charles L.
de Secondat) 466
Meseguer, Cesar) 12.
(Morga, Pedro de) 66
(Marcellus) 26
. . (Morgan, J. P.) 118.
(Marcia) 48
(Marshall, Alfred) (Moss, Laurence S.) 250.,
267., 281., 283284., 291.,
157., 166, 216., 259., 386, 409.,
302.
418, 477.
(Mata (Mueller, Reinhold)
57., 58., 59., 361
Barranco, Norberto J. de la) 16.
(Machlup, Fritz) 262.,
274., 308., 313., 325., 349., (Neisser) 481.
(Knight, Frank H.) 224.,
351., 391, 396., 532
231., 235., 384, 386., 389393,
, IV
435., 605
(Medici, Giovanni Angelo (Pope Pius IV))
(Nordhaus, William D.)
47.
260., 345., 388.,
(Meltzer, Allan H.) 394.
(Menger, Carl) 22, 23, 24, (Norman, George W.) 475
88, 201, 221, 384, 386., 389., 457., (Norman, Montagu) 369.
(Newton, Sir Isaac) 336.
465., 561., 587., 611.

658

(ODriscoll, Gerald . (Rostovtzeff, Michael) 45.,


49.
P.) 143., 202., 281., 405., 406.,
(Rothbard, Murray N.)
407., 432., 531., 587.
68., 82., 86., 88., 98., 118.,
(Olariaga, Luis) 274.
128., 139., 143, 177, 214., 221.,
(Ozcriz Marco,
225., 234., 250., 260., 274.,
Florencio) 21., 97., 107.
299., 303., 316., 322., 325.,
326., 329., 340., 363., 367.,
26, 27, 3930
368., 369., 371., 386., 400.,
2627, 29, 31, 33., 48.
430., 450., 456., 464., 472.,
(Pareto, Vilfredo) 385.,
474., 490., 534, 536., 537, 543.,
409
553., 554., 563., 584., 597.,
(Parnell, Henry) 472, 479,
607., 610., 611.
480, 506., 519
(Romer, David) 425.,
39, 4041, 44.
435.
(Pastor, Luis Mara)
(Rojo, Luis ngel) 438.,
491.
591.
441., 467.
(Pacioli, Luca) 51.
(Roover, Raymond de)
(Pennington, James)
38., 59., 60., 61
191., 459, 474
(Roosevelt, Franklin
D.) 370
(Pern, Juan D.) 597600, 610
(Rufus, Servius
(Perlman) 470.
Sulpicius) 26
(Petty, William) 464
(Randolph, John) 486
(Pigou, Arthur Cecil) 427.
(Peel, Sir Robert) 476, 547 (Randolph, Thomas)
363.
(Pirenne, Henri) 51., 55.
(Rueff, Jacques) 414.
(Plautus) 46.
(Plato) 39
26
(Pointdexter) 533
(Polk, President James K.) (Sadowsky, James)
462.
487.
(Simons, Henry C.) 435.,
(Pollock, Alex H.) 560.
557, 558, 569
(Pomponius) 26
(Salin, Pascal) 510., 568.,
(Price, Bonamy) 274.
556., 559., 612.
(Raguet, Condy) 39., 191 (Salerno, Joseph .) 490.,
518., 520., 551., 562., 551.,
192., 273, 274., 363., 474, 486
566., 579.
(Reagan, Ronald) 134.,
(Summers, Lawrence)
373
425.
(Rpke, Wilhelm) 149.,
(Samuelson, Paul A.)
341, 342., 343.
260., 388., 426., 434., 594
(Ricardo, David) 39., 249,
(Santillana, Ramn)
274., 337., 386, 471, 475
(Riosalido, Jesus) 52.
493.
(Rizzo, Mario) 202., 385., (Snchez Albor405., 406., 432.
noz, Nicols) 73.
(Robbins, John W.) 520.
--- (Saravia de la Calle)
(Robbins, Lionel) 266.,
36, 39., 7073, 77, 78., 96., 180.,
325., 371., 385.
273, 457, 462, 475
(Robertson, Denis H.) 420. (Sard, Juan) 265.
(Robinson, Joan) 434.
(Severus, Alexander)
(Rodrguez Braun,
28.
(Severus, Septimius) 47
Carlos) 275.
(Rockwell, LewellynH.,Jr.) (Scaevola, Quintus Mucius)
540.
26

659

(Selgin, George A.)


259., 367., 397., 413., 490.,
508., 510., 515., 516., 517, 520.,
520522, 524, 527., 528., 529.,
529530, 532, 533, 534., 536., 539,
541, 572., 583., 593.
(Skousen, Mark) 99.,
209., 221., 234., 235., 236.,
259., 287., 305., 317., 318.,
325., 328., 333 ., 335., 349.,
372., 377, 410., 424., 495., 435.,
436., 487., 519., 524., 554.,
563., 571., 574., 596 .
(Smith, Adam) 8284, 230, 386,
469470, 541542.
(Smith, Vera C.) 6, 192.,
299., 478, 480., 488., 489., 492.,
604.
39.
, (Soto, Domingo de) 69.,
75, 78., 96., 458
(Sraffa, Piero) 337.,
434., 471.
(Stankiewicz, Tomask)
357.
(Strong, Benjamin)
369.
(Steuart, Sir James)
8283, 88.
(Surez Gonzlez,
Carlos) 16.
(Suzuki, Yoshio) 374.
(Sousmatzian, Elena) 63.,
496., 513.
(Sierra Bravo, Restituto) 69., 74, 75., 457.
(Tamames, Ramn)
232.
(Taussig, Frank W.)
159., 263.
(Taylor, John) 86., 486
(Tellkampf, Johann L.)
481., 487
(Terence) 46
(Termes Carrer,
Rafael) 68.
(Timberlake, Richard
H.) 146., 516, 611.
(Tobin, James) 560.
(Thornton, Henry) 88, 191.,
273, 401, 459, 470, 474
(Torrens, Robert) 475
28.
- . . 274., 353, 431

660

(Tooke, Thomas) 231., 472.,


474., 514
(Thatcher, Margaret)
134., 373
(Turgot, Anne Robert Jacques) 240., 466
(White, Lawrence H.) 373.,
490., 499., 508., 515, 517, 520.,
527., 528., 529, 534, 539, 542
(Wilson, James) 192.,
274., 472,
(Wheatley, John) 337.,
471.
28, 30, 32, 33, 48.
(Veit, Reinhold) 478.
(Theodoras) 39.
(Philbin, James P.)
86.
(Philip the Fair, Philippe
IV le Bel) 51
II 66, 68
(Philippe dOrleans)
87
(Phormio) 41
(Iroyuki, Okon) 374.
(Roca Juan, Juan) 14.,
33.
. . 25
(Phillips, Chester A.) 146.,
158, 159., 172., 180., 274., 369.
(Shapiro, Edward) 435.
(Schwartz, Anna J.) 258.,
367., 395., 455., 490., 509.,
516., 524., 593, 595.,
(Schwartz, Pedro) 397.,
471., 477.
(Sherman, Howard J.) 431
(Spiethoff, Arthur August
Kaspar) 353.
(Stigler, George J.)
389390.
(Stiglitz, Joseph E.)
294., 425.
(Strigl, Richard von)
206., 274., 275., 443.
(Schubert, Aurel) 371.,
(Schuler, Kurt) 534.,
614.
(Schumpeter, Joseph A.)
311., 354., 386., 456., 462.,

. (Angell, James W.) Mayer, Thomas 502.,


McCloughry, Roy 274.
556557
Meredith, H. O. 386.
(Arrow, Kenneth J.) 294.
Michel, H. E. 209.
Milgate, Murray 353., 509., 534.,
(Julianus) 27, 29., 30
536.
(Justinian) 27, 28., 50
Miller, Harry E. 487.
Mills, Frederick C. 376.
Moggridge, Donald 386., 449.
Abrams, M. A. 274.
Mulholland, Stephen 563.
Albaladejo, Manuel 9., 14., 21.
Murphy, Antoin E. 88., 89., 90., 97.
Alchian, Armen A. 183.
Alderfer, E. . 209.
Nelson, R. W. 274., 369.
Allen, Robert Loring 370.
Nentjes, A. 602.
Allen, Robert Loring 370.
Newman, Peter 353., 509., 534.,
Allen, William R. 183.
536.
Alonso Neira, M.A. 221.
Nichols, Dorothy M. 184.
Aranson, Peter H. 25.
Niveau, Maurice 366.
Arena, Richard 407.
Nove, Alec 353.
Iglesias, Juan 9, 26., 29.
OBrien, D. P. 464.
Ingram, J. K. 80
OKean Alonso, Jos Mara 407.
Issing, Otmar 502.
Ophem, J. van 602
Jonung, Lars 614.
Jowel, Kate 563.
Parker, R. H. 51.
Junankar, P.N. 427
Pauly, Mark V. 294.
Juurikkala, Oskari 486., 515.
Pauzner, Ady 299.
Pedraja Garca, Pedro 154.
Kaldor, Nicolas 267268., 253.
Pelsmaeker, Francisco de 21.
Kastner, N. 165.
Pemberton, Robin Leigh 612.
Katz, Jesper N. 485.
Prez Manzano, Mercedes 16.
Keynes, Milo 128., 449.
Piquet, Jules 51.
Kindleberger, Charles P.51., 64., 85., Powell, E.T. 99.
363.
Prescott, Edward C. 408.
Koo, Anthony Y. C. 326., 422.
Prychitko, David L. 515.
Kresge, Stephen 88., 303.
Kretzmer, Peter E. 377.
Ramey, Valerie A. 377.
Kristol, Irving 435.
Rappaport, A. 509.
Kustner H. 165.
Reisman, Georges 235.
Kydland, Finn E. 408.
Reynolds, Alan 575.
Riaflo, Antonio 275.
Lacruz Berdejo, Jose Luis 106.
Richter, Andrea 614.
Layard, Richard 614.
Ritter, Laurence S. 184.
Lee, G. A. 51.
Robert, Gordon 434.
Leijonhufvud, Axel 403.
Rubio Sacristn, Jos Antonio 75., 78.
Leube, Kurt R. 562.
Ruiz Martin, Felipe 67.
Lewin, P. 202.
Ryan, Christopher K. 69.
Lopez, Gregorio 34.
Lpez-Amor Garca, Mercedes 29.
Snchez Santos, Jose Manuel 502.
Snchez Sarto, M. 275.
MacRae, C. Duncan 345.
Santos Briz, Jaime 101.
Magnee, Martin E. 450.
Sennholz, Hans F. 402.
Mailing, C. 591.
Shah, ParthJ. 542.
Mrquez, Javier 275.
Siegel, Barry N. 368.
Mayer, Hans 387., 400.
Silber, William L. 184.

661

Simpson, C.A.69.
Skidelsky, Robert 436., 449.
Smith, Barry 434.
Spadaro, Louis M. 291.
Spangler, Mark 520.
Tavlas, George S. 436.
Tedde de Lorca, Pedro 81.
Temin, Peter 406.
Thies, Clifford F. 240.
Thorbecke, Willem 378.
Todd, Stephen C. 43.
Toribio Dvila, Juan J. 585.
Torre Saavedra, Enrique de la 116.
Torrero Maas, Antonio 374.
Torres Lpez, Juan 175.
Tortella-Casares, Gabriel 365.
Trautwein, Hans-Michael 200.
Trigo Portela, Joaqun 37.
Tufte, Edward R. 345.
Usabiaga, Carlos 407.

Vicens Vives, M. 49.


Vilar, Pierre 80., 84.
Villalonga, Ignacio 275.
Voth, Hans Joachim406.
Wainhouse, Charles 215., 376.
Walker, Amasa 517.
Wenar, Leif 303.
West, Edwin G. 470.
White, Judith 80.
Wicker, Elmus370.
Wood, Geoffrey A. 502.
Wood, John Cunningham 402., 422.,
423., 591.
Woods, Ronald N. 402., 422., 423.,
591.
Wubben, Emiel F.M. 293.
Yamey, B.S. 51.
Zahka, William J. 274.

:
5

:

:
:

. ,
.
.
.

01.03.2008. 70100 1/16.


. Journal. . . . 53,3.
3000 .
.
, www.sotsium.ru
info@sotsium.ru . (495) 330-51-98.

-
420066, , , . , 2.


:

(877 .)

I.
II.
III.
IV.

V.

VI.

VII.




VIII.
IX.
.



XI.
XII.
XIII.

XIV.
XV.
XVI.
XVII.
XVIII.
XIX.
X. ,
XXI.
XXII. ,

XXIII.
XXIV.



XXV.
XXVI.



XXVII.
XXVIII.
XXIX.
XXX.
XXXI.
XXXII.
XXXIII.
XXXIV.

XXXV. versus
XXXVI.



XXXVII.
XXXVIII.
XXXI.






1.
2.
3.
4.
5.
6.



7.
8. ,
,
9.

10. .
11.

12.

13.
14.



15.
16. ,
17. , ,

18. ,
19. ,
20.



21.
22.
23.
.



(800 . 147 12 .)

- .
,
.
, , .
,
, , .
,
,
1 1981 . ( 1998 .).
, , ,
,
, ,
.

, . : ( ,

), :
,
, ,
. ( )
. ,
. . 800
,
, .
!
,

.
, .
- -
.


1.
2.
?
3. , ,
? !
4.
5. 1995-? 2025-? 1975-?
6.

7. : ,

8. - ?
9. :
10. , , ... ?
11. ? !
12.
13. :
14. ?

15.
16. ?
17. :
18.
19. ?
20. ?
?
21.
-

22. ?
23.
24. , ? ?
25.
26.

27.
28. ,
29.
30. ?
31. ?
32. ,

33. :

34. II:



35. ,

36. : ?
37.
38. ?
39.

. .

(557 .)
-
. . (18781833) (1923)
(1922),
XIX .

. .
:

.

(479 .)
XIX . XIX . , , ;
, , 70- . XIX .,
, ., .

. .

(743 .)
- : .
X ., XVIXVII ., XVIII .
I . ,
, , . .
.
, .
,
, .
1925 . (
) .

. .

(1030 .)


XIX .
, .
, , ,
, , . , , , ,
- .

.
:

(474 .)
(19001995) XX .,
.
.
1937 . (1939) (1941) ,
. . (. 8, 12 . 3).

.
.
,
. ( ),
(
) , -.

(1932), .

., .
:
I

(402 .)
, ,
, .
, ,
, , ,
. 1980- ., 1987 .,
,
, . , , .
, ,
.
:
.

Wall Street JournalBest Seller list (4- ) New York Times (8- )
1- - Barnes&Nobel.

(548 .)
,
., ,
, - ( ).
, , , , . ( )
.
.

.
:

(466 .)
, ,
200. ,
( )
, , .
, , ,
. , . 1940-
.

.
:

(374 .)
(18811973) . , . , .

. . ,
, , .

:

.

(264 .)
( : )

(144 .)
( : )
(18011950) , , , ,
. , , , ,
.
.
.
,
.
,
, .
, ,
, ,
, , , .

(423 .)
( : )

.
,
: ,
, , , , .. , , ,
, .

. .

(384 .)
( : )
, , , ...
, .
, : ,
, , .
( ),
, , .

(206 .)
( : )
(17481832) , .
. ,
. , , . 1816 ., 1820 .
-. 1990-
.
1789 . - .
175 , . .
: , , ,
.


(240 .)
( : )
(18041864) ,
XIX .
. 1839 ., 1845 .
, . 1846 . .
,
, , 1860.
,


.
, XIX . . . . ,
, .

. .

(180 .)
( : )
(18351882) ( . . ).
, . , , ,
, (final degree of utility).

. . (18351882)
. 1875 . , ,
- . (. VII), (. VI), - (. XII).
...
, . ( )

(196 .)
( : )
(18811973) .,
, . , .
,
.

,
,
.
.

, ( ).
- :
- ,
, . , ,
.

. .

(494 .)
. .
- .
: XIX . XX
. . ,
,
, ,
.
,
,
, XIX .,
. 30-
XX . .
,
, -
, , ,
.
,
, ,
.
.

.

. , , ,
, .
1900 . , .
. 1903 .
. .


:
11001800
.
., . 2, . 1
. (495) 246-05-48

-.

. 2 . 1