000			03143cam a2200277Ii 4500
001			9781315168296
008			180706s2018 nyuad ob 001 0 eng d
020			_a9781315168296 _q(e-book : PDF)
020			_a9781351685511 _q(e-book: Mobi)
020			_z9781138051416 _q(hardback)
024	7		_a10.4324/9781315168296 _2doi
035			_a(OCoLC)1004350652
050		4	_aHB98 _b.M39 2018
082	0	4	_a330.157 _bM468
100	1		_aMayer, Thomas, _d1954-, _eauthor.
245	1	0	_aAustrian economics, money and finance / _cThomas Mayer.
250			_aFirst edition.
264		1	_aNew York : _bRoutledge, _c2018.
300			_a1 online resource (203 pages)
505	0		_aIntroduction -- Money -- The functions of money and money creation -- The nature of inflation -- The concept of interest -- The order of money and its consequences -- Blueprints for monetary reform -- Finance -- Debt and ownership -- The building blocks of modern finance -- The failures of modern finance -- How modern finance has contributed to financial crises -- Building blocks of a theory of austrian finance -- From theory to practice- applications of austrian finance -- Epilogue.
520			_a"The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the 19th century Austrian economist Carl Menger and was developed further by Eugen von Beohm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. From this follows the need to develop a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation."--Provided by publisher.
650		0	_aAustrian school of economics.
650		0	_aMonetary policy.
650		0	_aFinance.
776	0	8	_iPrint version: _z9781138051416 _w(DLC) 2017034774
856	4	0	_uhttps://www.taylorfrancis.com/books/9781315168296 _zClick here to view.
999			_c130903 _d130903