Best books we read ☆ The Ethics of Money ProductionBy ☆ Jörg Guido Hülsmann ✓ – wildweaves.co.uk

The Ethics of Money Production This pioneering work, in hardback, by J rg Guido H lsmann, professor of economics at the University of Angers in France and the author of Mises The Last knight of Liberalism, is the first full study of a critically important issue today the ethics of money productionHe is speaking not in the colloquial sense of the phrase making money, but rather the actual production of money as a commodity in the whole economic life The choice of the money we use in exchange is not something that needs to be established and fixed by governmentIn fact, his thesis is that a government monopoly on money production and management has no ethical or economic grounding at all Legal tender laws, bailout guarantees, tax backed deposit insurance, and the entire apparatus that sustains national monetary systems, has been wholly unjustified Money, he argues, should be a privately produced good like any other, such as clothing or foodIn arguing this way, he is disputing centuries of assumptions about money for which an argument is rarely offered People just assume that government or central banks operating under government control should manage money Hulsmann explores monetary thought from the ancient world through the middle ages to modern times to show that the monopolists are wrong There is a strong case in both economic and ethical terms for the idea that money production should be wholly privateHe takes on the stabilization advocates to show that government management doesn t lead to stability but to inflation and instability He goes further to argue against even the theoretical case for stabilization, to say that money s value should be governed by the market, and that that the costs associated with private production are actually an advantage He chronicles the decline of money once nationalized, from legally sanctioned counterfeiting to the creation of paper money all the way to hyperinflation In his normative analysis, the author depends heavily on the monetary writings of 14th century Bishop Nicole Oresme, whose monetary writings have been overlooked even by historians of economic thought He makes a strong case that paper money has never been introduced through voluntary cooperation In all known cases it has been introduced through coercion and compulsion, sometimes with the threat of the death penalty Paper money by its very nature involves the violation of property rights through monopoly and legal tender privilegesThe book is also eerily prophetic of our timesConsider the current U.S real estate boom Many Americans are utterly convinced that American real estate is the one sure bet in economic life No matter what happens on the stock market or in other strata of the economy, real estate will rise They believe themselves to have found a bonanza, and the historical figures confirm this Of course this belief is an illusion, but the characteristic feature of a boom is precisely that people throw any critical considerations overboard They do not realize that their money producer the Fed has possibly already entered the early stages of hyperinflation, and that the only reason why this has been largely invisible was that most of the new money has been exported outside of the U.S Because a paper money producer can bail out virtually anybody, the citizens become reckless in their speculations they count on him to bail them out, especially when many other people do the same thing To fight such behavior effectively, one must abolish paper money Regulations merely drive the reckless behavior into new channels Hulsmann has provided not only a primer in understanding our times, but a dramatic extension of the work of Menger, Mises, Hayek, Rothbard, and others to map ou Free Download The Ethics of Money Production Author Jörg Guido Hülsmann For Kindle ePUB or eBook – wildweaves.co.uk

Best books we read ☆ The Ethics of Money ProductionBy ☆ Jörg Guido Hülsmann ✓ – wildweaves.co.uk

    10 thoughts on “Best books we read ☆ The Ethics of Money ProductionBy ☆ Jörg Guido Hülsmann ✓ – wildweaves.co.uk

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  2. This book covers how money is produced in a theoretical historical context and the ethical implications of money production It certainly satisfied an intellectual craving and Hulsmann s religious perspective was interesting and not heavy handed After all, he s using Catholic writings to criticize the state, not his reader s personal behavior unless his reader is Bernanke However, this book was difficult it is not for beginners and I may have picked it up a little too early in my amateur s This book covers how money is produced in a theoretical historical context and the ethical implications of money production It certainly satisfied an intellectual craving and Hulsmann s religious perspective was interesting and not heavy handed After all, he s using Catholic writings to criticize the state, not his reader s personal behavior unless his reader is Bernanke However, this book was difficult it is not for beginners and I may have picked it up a little too early in my amateur studies I fully expect to read it again at a later date.The book is short, so it necessarily assumes a certain amount of background knowledge This includes libertarian theory, especially the ethics of Rothbardians basic economic theory, specifically Misesian economics I could follow the Christian reasoning, but I am unable to make an informed judgment of Hulsmann s accuracy and logic in this area The book has a narrow focus, so you will not see here a hist...

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

  4. 2 stars for gold nuggets found in an otherwise chaotic disappointmentWith precious little written on the topic, and billed as a pioneering work, I was excited to get my hands on this book.Overall I found this book hard to follow and not completely organized Much of the material is explainedclearly and concisely in other works It is an introduction, yet it is a poor summary Both the organization of the monetary technical concepts, and the emphasis and categorization of ethical problem 2 stars for gold nuggets found in an otherwise chaotic disappointmentWith precious little written on the topic, and billed as a pioneering work, I was excited to get my hands on this book.Overall I found this book hard to follow and not completely organized Much of the material is explainedclearly and concisely in other works It is an introduction, yet it is a poor summary Both the organization of the monetary technical concepts, and the emphasis and categorization of ethical problems, the point of the book, are lacking The poor format and loose discussion were disappointing.That said, this book is still valuable These merits make it worth the read There are a few new thoughts, and a smattering of interesting points are made The introduction to Nicholas Oresme Ch13 is the highlight The Cultural and Spiritual Legacy of Fiat Inflation Note Exclusively Catholic ethics considered This is fine overall since ethically Catholi...

  5. A quote which is often attributed to Einstein is that, if you can t explain it simply enough, then you don t understand it In this book Jorg Guido Hulsman takes the complex subject of money, how it is comes into being, and how it circulates in the economy and what happens when human action interferes with t...

  6. It is a work written by representative of the Austrian school of economics on the production of money by the banks and the state The author presents different problems associated with these issues from the point of view of his economic school and Christianity H lsmann presents throughout the book the economic problems and quotes popes and theologians The book therefore concerns of both economics and ethics The first c...

  7. This is one of the gems of monetary theory This book cleared so many concepts that were nagging my mind for a long time As the articles and paraphernalia available on monetary system seemed to confuse methan illuminate about the subject.Pros 1 Start the topics from the basic of money production right to use of metals as money.2 Takes from the advent of metallic money Gold Silver to paper notes and involvement of government and bankers at each step.3 While reading this book it appears This is one of the gems of monetary theory This book cleared so many concepts that were nagging my mind for a long time As the articles and paraphernalia available on monetary system seemed to confuse methan illuminate about the subject.Pros 1 Start the topics from the basic of money production right to use of metals as money.2 Takes from the advent of metallic money Gold Silver to paper notes and involvement of government and bankers at each step.3 While reading this book it appears conspicuous why centralization of Banks occur and also the cause of hyperinflation in our society As this book was written before sub prime crises so the authors stand vindicated.4 Easy explanation of all concepts based on people s interaction in free markets and free from economic jargon, which is a basic tenant of Austrian School of Economics.Cons 1 Lack ofexamples to clear every concept It could have drive the point homethoroughly I have to make mind maps along the way to keep ...

  8. The Ethics of Money Production is a fantastic integration of Austrian economics and Catholic moral teachings as it relates to the production of money The book consists of three parts 1 the natural production of money on the free market, 2 the production of money through inflation and 3 applying the earlier theoretical work towards the analysis of monetary orders, which is the total network of persons, firms, and other organizations involved in the production of money Hulsmann s conclu The Ethics of Money Production is a fantastic integration of Austrian economics and Catholic moral teachings as it relates to the production of money The book consists of three parts 1 the natural production of money on the free market, 2 the production of money through inflation and 3 applying the earlier theoretical work towards the analysis of monetary orders, which is the total network of persons, firms, and other organizations involved in the production of money Hulsmann s conclusion is that modern day capitalism is not based built upon respect for the institutions of private property, freedom of association, and the division of labor, but rather relies, in far too great an extent, on paper money and fractional reserve banking, both of which rely on government dictate instead of the voluntary decisions of individuals through the nexus of economic exchange Hulsmann s prose is patient, straightforward, and understandable to the layman interested in understanding the effects of...

  9. I do wish the author went a little deeper on some of the historical discussions, but this is still an excellent read I have never really thought about the ethics of how money is produced It seems obvious to me the importance now after having read this The book is ...

  10. Asks questions about monetary policy not usually addressed Is is stealing to simply print money and buy real things with it