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REDISCOVERING MISES-HAYEK MONETARY AND BUSINESS CYCLE THEORY IN LIGHT OF THE CURRENT CRISIS: CREDIT EXPANSION AS A SOURCE OF ECONOMIC BOOM AND BUST

100%
Mrowiec M.
Finansowy Kwartalnik Internetowy e-Finanse
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2013
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vol. 9
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issue 2
64-74
EN
The article starts with a brief description of Mises’ monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is described how Mises’ insights constituted the kernel of Austrian Business Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises’ views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan), and how this plan is being “rediscovered” now. The following sections deal with observations of one of the preeminent current macroeconomic researches, Mr. Claudio Borio, on the elasticity of credit as the source of the current crisis, and on the importance of the financial cycle in analysing the current economic crisis. The author of this text demonstrates that Austrian Business Cycle Theory gave the same answer regarding the sources of economic crises that now modern macroeconomic theory seems to be approaching, and that the postulates for successful financial cycle modeling are already included in the ABCT. Finally, some observations on the current crisis, as well as proposals of avenues of further research are proposed.
2

Koncepcja pieniądza i kredytu Ludwiga von Misesa – pieniądz fiducjarny jako forma interwencji w mechanizm wolnego rynku

100%
Mrowiec M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2013
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issue 914
5-19
EN
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.
3
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Ekonomia jako nauka o celowym działaniu. Paradygmat szkoły austriackiej oraz krytyka keynesizmu i monetaryzmu

100%
Mrowiec M.
Ekonomia - Uniwersytet Ekonomiczny we Wroclawiu
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2013
|
issue 3 (24)
11-25
EN
The article presents key assumptions of the research paradigm of the Austrian School of Economics (ASE), pointing to their logical cohesion and interdependence, and then highlights the key differences between ASE and Keynesian economics and monetarism. The article starts with methodological considerations; in ASE approach economics is praxeology, a science of purposeful human action, and methodological individualism – looking at economic actions from the point of view of the acting man – is a basic feature of the Austrian method. The axiom of purposeful action is extended using verbal deduction, which allows to build a whole system of economic statements. The ASE approach to economic goods, and their role in the economic system is highlighted then, which leads to the conclusion that in a free, unhampered market economy the key determinant of allocation of resources and income in the economy are decisions of the consumer. The key elements of the Mises monetary theory are then discussed, including the regulatory role of interest rate. These considerations lead to displaying of mechanics of Austrian Business Cycle Theory (ABCT), where the key driving force behind business fluctuations are interventions into the regulatory mechanism of interest rate via credit expansion. The following part of the text highlights the key similarities and differences between ASE and economics of Keynes and monetarism. The key critique of ASE vs. Keynes’ theory regards the interest rate mechanism (concept of liquidity preference), which – in his theory - was devoid of its role of intertemporal coordination. Another point of critique is too high a level of aggregation (of economic data), which – according to Hayek (as well as many other members of ASE) does not allow to see critically important interdependencies in economic phenomena. The critique of monetarism is based on Bellante and Garrison, who pointed to numerous similarities between the two approaches, which stem from putting monetary considerations in the center of attention. When it comes to the differences, monetarism puts different mechanism of monetary impulse’s impact on the economy. It is hard for conclusive, quantitative verdict on the merits of these methodologies, due to lack of relevant statistical data. The article concludes with pointing out to the elements of ASE paradigm that could be especially interesting in the context of the current economic crisis, as well as in the context of crisis in ”mainstream” economic theory. According to the author of this article, methodological individualism of ASE could be a very interesting concept. One example of that could be the development of “economics of complexity”, which perceives acting agents in a way which is very similar to ASE, and at the same time shares several other key methodological assumptions.
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