From the Firm to Economic Integration
New Thinking in Political Economy series
Chapter 12: The monetary economics of the Austrian school and the Chicago school
Although we are convinced that “Austrian economics” offer the best approach to economic and social problems, we also believe that it is a fundamental task of economists in our time to try to evaluate to which extent there is some possible convergence between some parts of Austrian economics and other approaches, such as the Chicago school. Comparing extensively the Austrian school and the Chicago school as regards monetary theory would need several books and, obviously, there have already been a lot of articles and books concerning this topic. We have, therefore, to make choices and to focus on some specific aspects of the monetary theories of both schools. Just because they play a crucial role in the foundations of both approaches, we have chosen to focus first on the problem of neutrality and stability of money and, second, on the balance of payments. Moreover, we are mainly concerned with the works of Ludwig von Mises as regards the Austrian school and those of Milton Friedman and Robert Mundell as regards the Chicago school.
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