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Free Banking Theory and Theoreticians: A comment on Le Maux

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  • Hülsmann Jörg Guido

    (Université de l’Etat de New York à Buffalo & Ludwig von Mises Institute)

Abstract

Cette réaction est suscitée par larticle de Laurent Le Maux, récemment publié dans ce Journal. Le Maux affirme que Ludwig von Mises était le défenseur dun système de réserves fractionnaires et un précurseur des économistes contemporains partisans des réserves fractionnaires (tels Dowd, Selgin, White). Nous critiquons la manière dont Le Maux utilise la littérature ancienne dans ce domaine, et nous montrons quil nest pas suffisamment au fait des travaux de Mises et des problèmes qui divisent les défenseurs et les opposants du système de réserves fractionnaires. Les écrits de Ludwig von Mises fournissent la preuve accablante quil était, et il le disait lui-même, un économiste qui développait lapproche de la Currency School dans le domaine des problèmes bancaires.This paper takes issue with an article by Laurent Le Maux that recently appeared in this journal. Le Maux claims that Ludwig von Mises was an advocate of fractional-reserve banking and a precursor of presentday economists defending fractional reserves (e.g., Dowd, Selgin, White). We criticise Le Mauxs treatment of previous literature in the field, and show that he is insufficiently acquainted with Mises work and with the problems that divide advocates and opponents of fractional reserves. Ludwig von Mises writings provide overwhelming evidence that he was, and saw himself as, an economist who developed the approach of the Currency School toward problems of banking.

Suggested Citation

  • Hülsmann Jörg Guido, 2000. "Free Banking Theory and Theoreticians: A comment on Le Maux," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 10(1), pages 1-13, March.
  • Handle: RePEc:bpj:jeehcn:v:10:y:2000:i:1:n:5
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