The Austrian Theory of Money and Its Implications for Contemporary Monetary Policy
Abstract
The aim of this article is to present the Austrian theory of money in relation to the challenges of contemporary monetary policy, as well as to compare this theory with selected macroeconomic schools (Keynesianism, monetarism). The work is theoretical and analytical in nature. According to the Austrian school of economics, changes in supply are not neutral for the economy, as they spread unevenly, modify price reations and influence decisions about saving and investing. Artificial lowering of interest rates by the central bank seds the wrong signal, lengthens the production structure, and encourages misguided investments, which ultimately leads to crisis. In order to alleviate these problems, the Austrian school proposes eliminating the possibility of credit money creation by commercial banks, introducing currency competition, and restoring a rigid standard - most often the gold standard - as a guarantor of a stable money supply. A comparison of Austrian monetary theory with Keynesianism and monetarism highlights problems such as the ineffectiveness of stabilizing average price levels, the failure to take into account the heterogeneous nature of capital, and the long-term nature of production.
Keywords:
Austrian School of EconomicsReferences
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This work is licensed under a Creative Commons Attribution 4.0 International License.
