KI s podporou Penta Investments a Nadácie Tatra banky v spolupráci s ďalšími partnermi organizoval dňa 26. septembra 2011 v Bratislave a dňa 27. septembra 2011 v Banskej Bystrici ďalšiu z cyklu prednášok CEQLS. Tentoraz bol našim hosťom ekonóm Robert P. Murphy, ktorý spolupracuje s Ludwig von Mises Institute (USA). Viac informácií nájdete na www.konzervativizmus.sk.

3. I. “Austrian” Economics Carl Menger (1840- 1921) Eugen von Böhm-Bawerk (1851-1914) Ludwig von Mises (1881- 1973) Friedrich von Hayek (1899- 1992)

4. II. Origin of Money

5. A. Money Not “Invented”

6. B. Carl Menger ’s Theory

7. III. The Value of Money

8. A. Difficulties Even though Menger, Jevons, and Walras had developed modern subjective value theory in the early 1870s to explain RELATIVE prices, economists still used an entirely different approach—a “macro” framework based on MV=PT—to explain ABSOLUTE money prices. They thought it would be a “circular argument” to use subjective value theory to explain the purchasing power of money.

9. B. Ludwig von Mises ’ Solution

10. IV. Banking

12. B. Goldsmiths and Fractional Reserve Banking (FRB)

13. C. Market Constraints on FRB

14. V. Gov’t Interventions FOR MORE:

15. A. Central Banking Establishment of a “central bank” as “lender of last resort” supposedly in order to stop financial panics. But many Austrian Economists argue that this removed obstacles to a coordinated inflation by the private banks.

16. B. Fiat Money Governments gradually monopolized the issue of bank-notes (through the central bank), but originally the notes were still tied to the market’s commodity money. Eventually all ties with gold and silver broken.

17. VI. Consequences of Government Intervention

18. A. (Hyper)inflation

19. B. Business Cycle