History
250 Fall
2008
Tooley
Schedule
(The readings
listed should be read in advance of the class listed.
You should also come armed with a one-paragraph summary or precise
for each reading.)
Sept 3--Introduction
Definition
and
Theory
Sept 8—Definitions.
Bureau of
Labor
Statistics, "Overview of BLS Statistics on Inflation and Prices"
http://www.bls.gov/bls/inflation.htm
David Ranson,
"Inflation," Concise Encyclopedia of
Economics
http://www.econlib.org/library/Enc/Inflation.html
Frank Shostak,
"Defining Inflation"
http://mises.org/story/908
Sept 10--R. A. Radford, "The
Economic Organisation of a P.O.W. Camp,"
Economica, New Series, Vol. 12, No.
48 (Nov., 1945), pp. 189-201.
GET THIS ON JSTOR
Ludwig von
Mises, Human Action:
"XVI. Prices--1. The Pricing Process"
http://mises.org/humanaction/chap16sec1.asp
or the main
Human Action page: http://mises.org/resources/3250
John Kenneth
Galbraith, The Good Society (1996),
Chapter
6—"Inflation," pp. 43-49. Find this on Google Books:
http://books.google.com/books?id=RsypCJwcLtUC&pg=PA43&lpg=PA43&dq=john+kenneth+galbraith+inflation&source=web&ots=dFBSAZtTK1&sig=nLvgKklpNrhR_senat7Hb1p5-sg&hl=en&sa=X&oi=book_result&resnum=9&ct=result#PPA43,M1
Sept 15--Henry Hazlitt, "What You
Should Know About Inflation"
http://mises.org/story/2914
Ludwig von
Mises, Human Action:
"XX. Interest, Credit Expansion, and the Trade Cycle," 570-586
(from "The Difference Between Credit Expansion and Simple Inflation" to
the end of the chapter).
http://mises.org/resources/3250
Wikipedia entry
on "Keynsian Economics" (Since I am adding the article
below, feel free merely to skim the Wikipedia article (no paragraph
needed on this one: devote your time to the Raico article)
http://en.wikipedia.org/wiki/Keynesian_economics
new
addition, just out in time for class: Ralph
Raico, "Was Keynes a Liberal?" Independent
Review, Fall 2008.
http://www.independent.org/publications/tir/article.asp?a=704
Sept 17--Friedrich von Hayek,
"Choice in Currency: A Way to Stop Inflation,"
http://www.asiaing.com/choice-in-currency-a-way-to-stop-inflation-by-f.a.-hayek-1976.html
Look down to the
choices at the bottom of the screen: go either to the web version
or the pdf.
Friedman, "The
Role of Monetary Policy," The
American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17
http://www.jstor.org.webster.austincollege.edu/stable/1831652?seq=2
Ludwig von
Mises, Theory of Money and Credit,
Chapter
13 "Monetary Policy," sections 3 ("Inflationism") through 7
("Excursus: The Concepts...") (in the original 219-240).
http://mises.org/books/Theory_Money_Credit/Contents.aspx
Ludwig von
Mises, "Inflation and You," from Economic
Freedom
and Interventionism
http://mises.org/efandi/ch18.asp
Sept 22—Exam on
Concepts.
Monetary
Systems
in Early Modern Europe
Sept 24--Frederic C. Lane, "Venetian
Bankers, 1496-1533: A Study in the Early Stages of Deposit Banking," The Journal of Political Economy,
Vol. 45, No. 2 (Apr., 1937), pp. 187-206
http://www.jstor.org.webster.austincollege.edu/stable/1824517?&Search=yes&term=loans&term=fugger&term=inflation&list=hide&searchUri=%2Faction%2FdoBasicSearch%3FQuery%3Dfugger%2Binflation%2Bloans%26x%3D0%26y%3D0%26wc%3Don&item=3&ttl=30&returnArticleService=showArticle
Carla Rahn
Phillips, "Time and Duration: A Model for the Economy of Early
Modern Spain," The American
Historical Review 92 (June 1987): 531-562.
Get this
on JSTOR
Article on Henry VIII's "Great Debasement"
http://e-articles.info/e/a/title/The-Great-Debasement/
Sept 29—NO CLASS--First Paper Due at 4:30
in my hallway mailbox, SH.
Oct 1--Jesus Huerta de Soto, "New
Light on the Prehistory of the Theory of Banking and the School of
Salamanca," The Review of Austrian
Economics (1996)
http://mises.org/journals/rae/pdf/RAE9_2_4.pdf
Read Emmanuel Le
Roy Ladurie, The Ancien Regime (1998),
280
(from mid-page, "How, briefly..." to end of p. 301. On Google
Books.
http://books.google.com/books?id=p_-uaitmEv8C&pg=PA287&lpg=PA287&dq=john+law+affair+france&source=web&ots=xEvezg3ZuI&sig=XYL7YIsSDY9iHN2cZIT72eYPYWw&hl=en&sa=X&oi=book_result&resnum=1&ct=result#PPA280,M1
Oct 6--Charles Mackay, Memoirs of Extraordinary Popular Delusions
and the Madness of Crowds, chapter 1, "The Money Mania.--The
Mississippi Scheme," pp. 1-75 (the full chapter).
http://www.econlib.org/library/Mackay/macEx.html
Oct
8—NO
CLASS. Second Paper Due at 4:30 Friday (Oct 10) in my
hallway box in SH.
Oct 13--Antoin E. Murphy, "Law and
Turgot: The Importance of Money" (2004).
http://library.stanford.edu/depts/hasrg/frnit/pdfs_gimon/murphy.pdf
Andrew Dickson
White. Fiat Money Inflation in France
http://www.gutenberg.org/etext/6949
Murray Rothbard,
Conceived in Liberty, vol. 2
(1999), pp. 123-140.
http://www.mises.org/books/conceived2.pdf
Murray Rothbard,
Conceived in Liberty, vol. 4
(1999), pp. 373-383.
http://www.mises.org/books/conceived4.pdf
From
the
Nineteenth Century to World War I
Oct 15—Murray Rothbard, What Has Government Done to Our Money?
excerpt: http://mises.org/money/4s1.asp
Wesley C.
Mitchell, "Greenbacks and the Cost of the Civil War," The Journal of Political Economy
(1897).
GET THIS ON JSTOR
Bruce G.
Carruthers and Sarah Babb, "The Color of Money: Greenbacks and
Gold in Postbellum America," The
American Journal of Sociology v. 101 (1996).
GET THIS ON JSTOR
Oct 20--Wikipedia entry on "Gold
Standard"
http://en.wikipedia.org/wiki/Gold_standard
Michael D.
Bordo, "Gold Standard" entry in the Concise
Encyclopedia
of Economics
http://www.econlib.org/library/Enc/GoldStandard.html
Be reading
Murray Rothbard, The Case Against
the Fed.
Download pdf
from Mises.org, the first title listed:
http://mises.org/literature.aspx?action=author&Id=299
Oct 22—Murray Rothbard, The Case Against the Fed, 70-129.
http://mises.org/literature.aspx?action=author&Id=299
The World Wars: Inflation, Boom,
Depression
Oct 27--Russell Ally, "War and
Gold--The Bank of England, the London Gold Market and South Africa's
Gold, 1914-19," Journal of Southern
African Studies, Vol. 17, No. 2 (Jun., 1991)
GET THIS ON JSTOR
T. Hunt Tooley,
"Merchants of Death Revisited: Armaments, Bankers, and the First
World War," Journal of Libertarian
Studies, 2005
http://mises.org/journals/jls/19_1/19_1_4.pdf
Oct 29--Hans F. Sennholz,
"Hyperinflation in Germany"
http://mises.org/story/2347
Anton Kaes,
Martin Jay, Edward Dimendberg, The
Weimar Republic Sourcebook, pp. 60-68.
Please
read this on Google Books:
http://books.google.com/books?id=J4A1gt4-VCsC&dq=weimar+republic+sourcebook&pg=PP1&ots=VUck7giG25&sig=1VtJ4RDQsWGxAwtyuZqLv6OBP6Y&hl=en&sa=X&oi=book_result&resnum=1&ct=result#PPA60,M1
Wikipedia entry
for Keynes, The Economic
Consequences of the Peace
http://en.wikipedia.org/wiki/The_Economic_Consequences_of_the_Peace
John Maynard
Keynes, The Economic Consequences of
the Peace (read chapter VI.: "Europe After the Treaty")
http://www.gutenberg.org/files/15776/15776-8.txt
Nov 3--Frank Graham, Exchange, Prices, and Production in
Hyper-Inflation: Germany 1920-1923, "Part I: Historical
Background," pp. 1-48.
http://www.mises.org/books/hyperinflation.pdf
Nov 5--Frank Graham, Exchange, Prices, and Production in
Hyper-Inflation: Germany 1920-1923, "Part I: Historical
Background," pp. 48-94.
http://www.mises.org/books/hyperinflation.pdf
Nov 10—Constantino
Bresciani-Turroni, The Economics of
Inflation: A Study of Currency Depreciation in Postwar Germany
(pp. 287-360)
http://mises.org/books/economicsofinflation.pdf
Nov 12--William H. Hubbard, "The New
Inflation History," The Journal of
Modern History, (Sep., 1990), pp. 552-569
GET THIS ON JSTOR
Blog comment by
a civilian—summary of Adam Fergusson's When Money Dies.
http://cunningrealist.blogspot.com/2006/11/mark-gleich-mark_19.html
Nov 17—Murray Rothbard, America's Great Depression, 3-29,
85-116.
http://mises.org/rothbard/agd.pdf
Nov 19—Murray Rothbard, America's Great Depression, 185-207
http://mises.org/rothbard/agd.pdf
Robert Higgs,
"War Prosperity? A Reassessment of the U.S. Economy in the
1940s," The Journal of Economic
History, Vol. 52, No. 1 (Mar., 1992),
pp. 41-60
GET THIS ON JSTOR
World War II and After
Nov 24--Heinz Sauermann, "The
Consequences of the Currency Reform in Western Germany," The Review of Politics, Vol. 12,
No. 2 (Apr., 1950)
GET THIS ON JSTOR
Peter R. Senn,
"Cigarettes As Currency," The
Journal of Finance, Vol. 6, No. 3 (Sep., 1951), pp. 329-332
GET THIS ON JSTOR
Gail E.
Makinen. "The Greek Hyperinflation and Stabilization of
1943-1946," The Journal of Economic
History, Vol. 46, No. 3 (Sep., 1986)
GET THIS ON JSTOR
Wikipedia entry
on "Stagflation"
http://en.wikipedia.org/wiki/Stagflation
Brad DeLong,
"The Inflation of the 1970s"
http://econ161.berkeley.edu/Econ_Articles/theinflationofthes.html
High
Inflations
in the eighties/nineties/2000s
Dec 1--Read this straight
description of the Argentine inflationary waves from an Economics
course:
http://academic.reed.edu/economics/course_pages/201_f06/Cases/money_and_inflation_in_arg.htm
Another Report
on current Argentinian problems:
http://www.euromonitor.com/Mounting_inflation_in_Argentina_threatens_business_environment
Yonca Ozdemir,
"A study in
comparative inflation in Argentina Brazil Israel Mexico and Turkey," a
paper from the International Studies Association meeting, 2004.
http://www.allacademic.com/one/isa/isa04/index.php?cmd=isa04_search&offset=0&limit=5&multi_search_search_mode=publication&multi_search_publication_fulltext_mod=fulltext&textfield_submit=true&search_module=multi_search&search=Search&search_field=title_idx&fulltext_search=Politics+of+Inflation%3A+A+Comparative+Study+of+Argentina%2C+Brazil%2C+Israel%2C+Mexico+and+Turkey
(HIT THE PDF IN
PARENTHESES BELOW THE TITLE)
News Item from Business News, 21 Aug. 08:
"Crippled by inflation, Zimbabwe doctors strike for better pay"
http://www.monstersandcritics.com/news/business/news/article_1425981.php/Crippled_by_inflation_Zimbabwe_doctors_strike_for_bettter_pay
Official take on
Zimbabwe inflation from the (Zimbabwe) Herald: "Zim's inflation not
that bad"
http://www.herald.co.zw/inside.aspx?sectid=778&cat=8
(comment: the Zimbabwe Herald
[a government newspaper] apparently erased this story from their
website. It was an extended attempt to downplay Zimbabwe's
devasting inflationary regime by saying, in effect, "well, it was worse
in Weimar Germany... so it is not really that bad here."
Inflation in modern times:
Considerations
Dec 3--Raj M. Desai, Anders
Olofsgard, and Tarik M. Yousef, "Democracy, Inequality, and Inflation,"
American Political Science Review
97 (Aug. 2003).
FIND THIS ON
JSTOR
Guido
Hülsmann, "The Cultural and Spiritual Legacy of
Inflation"
http://mises.org/story/1570
Hans Sennholz,
"The Many Evils of Inflation"
http://mises.org/story/1846
Llewellyn H.
Rockwell, "War and Inflation"
http://mises.org/story/3010
Final
Paper
due at 4:30 on Friday, Dec. 5, in my hallway box in SH
Final
is:
Dec. 10 at 3:00.
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