Joseph T. Salerno: Money, Sound and Unsound

After you have read The Ethics of Money Production, by Jörg Guido Hülsmann, you might find you have a little energy left over for another excellent recent book on money, to make sense of the madness of quantitative easing. This one is authored by Joseph Salerno and was published in August; it is freely available as a 672-page PDF, at the link below:

Here are two articles about the book:

The contents are below:


  • Introduction
  • Acknowledgements

Part One: Foundations of Monetary Theory

  • Two Traditions in Modern Monetary Theory: John Law and A.R.J. Turgot
  • Ludwig von Mises’s Monetary Theory in Light of Modern Monetary Thought
  • The “True” Money Supply: A Measure of the Supply of the Medium of Exchange in the U.S. Economy
  • A Simple Model of the Theory Of Money Prices
  • International Monetary Theory
  • Ludwig von Mises and the Monetary Approach to the Balance of Payments: Comment on Yeager

Part Two: Inflation, Deflation and Depression

  • The Concept of Coordination in Austrian Macroeconomics
  • Ludwig von Mises on Inflation and Expectations
  • War and the Money Machine: Concealing the Costs of War beneath the Veil of Inflation
  • An Austrian Taxonomy of Deflation— with Applications to the U.S.
  • Comment on Tullock’s “Why Austrians Are Wrong About Depressions”

Part Three: The Gold Standard

  • The 100 Percent Gold Standard: A Proposal for Monetary Reform
  • Gold Standards: True and False
  • The Gold Standard: An Analysis of Some Recent Proposals
  • The International Gold Standard: A New Perspective

Part Four: Applications

  • Money and Gold in the 1920s and 1930s: An Austrian View
  • Inflation and Money: A Reply to Timberlake
  • A Monetary Explanation of the October Stock Market Crash: An Essay in Applied Austrian Economics
  • Beyond Calculational Chaos: Sound Money and the Quest for Capitalism and Freedom in Ex-Communist Europe
  • Preventing Currency Crises: The Currency Board Versus The Currency Principle

Part Five: Commentary

  • Greenspan’s Empty Talk
  • Did Greenspan Deserve Support for Another Term?
  • The Role of Gold in the Great Depression: A Critique of Monetarists and Keynesians
  • Comment on “A Tale of Two Dollars: Currency and Competition and the Return to Gold, 1865 – 1879” by Robert L. Greenfield and Hugh Rockoff
  • Money Matters No More?
  • Deflation and Depression: Where’s the Link?
  • Index

Tags from the story
Written By
More from Andy Duncan
Philipp Bagus: Currency and Economic Collapse
Professor Philipp Bagus, who has recently joined our Cobden Centre Advisory Board,...
Read More
0 replies on “Joseph T. Salerno: Money, Sound and Unsound”