The Misesian Concept of Money and Credit - Fiduciary Media as a Form of Intervention in the Mechanism of the Free Market
DOI:
https://doi.org/10.15678/krem.749Keywords:
Austrian school of economics, monetary theory, money, Ludwig von MisesAbstract
The first aim of the article is to analyse the views of Ludwig von Mises on the origin, functions and types of money, and to highlight the advantages of using his approach over a number of contemporary ones. A very tight correlation between the genesis of money with its primary function, and the logical derivation of the secondary functions, should be counted among these benefits. The paper analyses the Misesian typology of money, along with types of credit and corresponding types of banking activity. The Menger-Mises paradigm of the interest rate as a coordinating mechanism of the economy may at the same time be perceived as a system of interdependent prices, which remains sensitive to signals from the monetary sphere. Using Mises' approach, one can conclude that monetary expansion interferes with the market's equilibrium, which in turn can provide an interesting paradigm for analysing the current global economic crisis, which was largely facilitated by money and the expansion of credit over the last few decades. Discussing the analytical perspective is the aim of the second part of the text. In other words, the theoretical considerations analysed here may constitute the theoretical foundations for empirical analyses regarding mechanisms of the current economic crisis, and be an alternative to mainstream macroeconomic theories.
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