James Oliver recently e-mailed me a shortlist of people I could consider adding to the “Too Brittle to Sustain” club:
- Bill Woolsey
Bill Woolsey is an excellent monetary economist who (as far as I can tell) favors free banking, and private currency issue. On his blog, he has advocated price level targeting to stabilize the growth rate of NGDP, and has outlined many monetary concepts (from Austrian to Keynesian). It is well worth a read!
- James Buchanan
The famous Nobel laureate, public choice expert, and GMU professor.
- George Selgin
Famous (at least in my mind) for his work on the history of money systems. See here and here, as well.
Mr. Oliver has also commented on money on his blog as well, in a post that could echo my own sentiment:
I think that the monetary system is not robust because it did not evolve or at least its evolution was stopped when central banks were created. From your (econtalk) Free Banking Pod Cats with George Selgin I got the idea that free banking was evolving toward a system where money was backed in nothing but assets of the bank. The evidence is that they had gotten to the point where they held 30 capital but only 2 percent gold. The money was backed in bank capital not gold to dump the gold backing all together would be only a crisis plus one innovation away. IMO such a system would be robust.
I have a few comments on this, but they’ll have to wait for now.Advertisements