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===Full reserve and fractional reserve banking===
===Full reserve and fractional reserve banking===
Huerta de Soto advocates [[full-reserve banking]],<ref>{{cite journal|last=Bagus|first=Philipp|title=Austrian business cycle theory: are 100 percent reserves sufficient to prevent a business cycle?|journal=Libertarian Papers|date=January 1, 2010|accessdate=May 22, 2013 (from [[HighBeam Research]])|publisher=[[Ludwig von Mises Institute]]|location=Auburn, AL|quote=Other Austrians ... have gone further and advocate a 100 percent reserve banking system ruling out credit expansion altogether.}}</ref> arguing that [[fractional reserve banking]] "constitues fraud ... even in a free market."<ref>{{cite journal|last=Rozeff|first=Michael S.|title=Rothbard on Fractional Reserve Banking: a Critique|journal=Independent Review|date=March 22, 2010|accessdate=May 22, 2013 (from [[HighBeam Research]])|publisher=[[The Independent Institute]]|location=Oakland, CA}}</ref>{{Clarify|date=May 2013}} He also believes that Austrian economists were the only ones who predicted the stock market crash of 1929 and the stagflation of the 1970's.<ref>{{cite web|title="Financial Crisis, Banking Reform and Future of Capitalism".|url=http://en.fa.ru/university/news_events/Pages/2011.04.27%20-%20Renowned%20Spanish%20scholar%20in%20economics%20Jesus%20Huerta%20de%20Soto%20visited%20the%20Financial%20University.aspx}}</ref> However, in his 1968 Presidential Address to the American Economic Association, methodological positivist Milton Friedman foretold the 1970s stagflation. <ref>{{cite journal|last=Krugman|first=Paul|title=Who Was Milton Friedman?|journal=New York Review of Books|date=Feb. 15, 2007|url=http://www.nybooks.com/articles/archives/2007/feb/15/who-was-milton-friedman/?pagination=false|accessdate=10 June 2013}}</ref> <ref>{{cite journal|last=Friedman|first=Milton|title=The Role of Monetary Policy|journal=American Economic Review|date=March, 1968|volume=58|issue=1|pages=1-17|url=http://www.aeaweb.org/aer/top20/58.1.1-17.pdf|accessdate=10 June 2013}}</ref>
Huerta de Soto advocates [[full-reserve banking]],<ref>{{cite journal|last=Bagus|first=Philipp|title=Austrian business cycle theory: are 100 percent reserves sufficient to prevent a business cycle?|journal=Libertarian Papers|date=January 1, 2010|accessdate=May 22, 2013 (from [[HighBeam Research]])|publisher=[[Ludwig von Mises Institute]]|location=Auburn, AL|quote=Other Austrians ... have gone further and advocate a 100 percent reserve banking system ruling out credit expansion altogether.}}</ref> arguing that [[fractional reserve banking]] "constitues fraud ... even in a free market."<ref>{{cite journal|last=Rozeff|first=Michael S.|title=Rothbard on Fractional Reserve Banking: a Critique|journal=Independent Review|date=March 22, 2010|accessdate=May 22, 2013 (from [[HighBeam Research]])|publisher=[[The Independent Institute]]|location=Oakland, CA}}</ref>{{Clarify|date=May 2013}} He also believes that Austrian economists were the only ones who predicted the stock market crash of 1929 and the stagflation of the 1970's.<ref>{{cite web|title="Financial Crisis, Banking Reform and Future of Capitalism".|url=http://en.fa.ru/university/news_events/Pages/2011.04.27%20-%20Renowned%20Spanish%20scholar%20in%20economics%20Jesus%20Huerta%20de%20Soto%20visited%20the%20Financial%20University.aspx}}</ref>


In 2010 Huerta de Soto presented the [[London School of Economics#Public lectures|London School of Economics Hayek Lecture]], wherein he stated that "all the financial and economic problems we are struggling with today are the result, in one way or another, of...The Bank Charter Act of 1844" and called for a policy of [[austerity]] and various other policies including [[full-reserve banking]] and a [[gold standard]].<ref>{{cite web|last=Soto|first=Jesus Huerta de|title=Hayke Lecture at LSE|url=http://www.cobdencentre.org/2010/10/huerta-de-soto-hayek-lecture/|accessdate=31 May 2013}}</ref><ref>{{cite web|title=The LSE Hayek Lecture|url=http://www.iea.org.uk/events/the-lse-hayek-lecture|publisher=[[Institute of Economic Affairs]]|location=London|year=2010}}</ref>
In 2010 Huerta de Soto presented the [[London School of Economics#Public lectures|London School of Economics Hayek Lecture]], wherein he stated that "all the financial and economic problems we are struggling with today are the result, in one way or another, of...The Bank Charter Act of 1844" and called for a policy of [[austerity]] and various other policies including [[full-reserve banking]] and a [[gold standard]].<ref>{{cite web|last=Soto|first=Jesus Huerta de|title=Hayke Lecture at LSE|url=http://www.cobdencentre.org/2010/10/huerta-de-soto-hayek-lecture/|accessdate=31 May 2013}}</ref><ref>{{cite web|title=The LSE Hayek Lecture|url=http://www.iea.org.uk/events/the-lse-hayek-lecture|publisher=[[Institute of Economic Affairs]]|location=London|year=2010}}</ref>

Revision as of 03:39, 10 June 2013

Jesús Huerta de Soto
File:HuertadeSoto.jpg
Jesús Huerta de Soto
Born (1956-12-23) 23 December 1956 (age 67)
Madrid
NationalitySpain
Academic career
FieldPolitical economics
School or
tradition		Austrian School
InfluencesLudwig von Mises, Carl Menger, Eugen von Böhm-Bawerk, Friedrich Hayek, Murray Rothbard, Israel Kirzner
AwardsKing Juan Carlos International Prize for Economics, Adam Smith Prize, Franz Kuechel Prize for Excellence in Economic Education[1]

Jesús Huerta de Soto Ballester (born 1956) is an Austrian School economist and Professor of applied economics at King Juan Carlos University of Madrid, Spain.[2]

Education

Huerta de Soto received a Bachelor of Laws and a Degree in Economics and Business from Complutense University, a public university in Madrid, in 1978; a Master of Business Administration in Actuary Mathematics from Stanford University in 1983;[1] and a Doctor of Laws in 1984 and a PhD in Economics and Business in 1992 from Complutense University.[3] In 2009 the Universidad Francisco Marroquín awarded Huerta de Soto an honorary doctorate.[4]

In 2011 Huerta de Soto was awarded the title Doctor Emeritus of Finance University under the Government of the Russian Federation for his work in economic theory and policy and for seeking cooperation with the Finance University. He was given a doctor's gown and trencher cap. Huerta de Soto delivered an address and said that the Federal Reserve System caused the recent financial crisis and proposed abolition of central banks.[1] Huerta de Soto exchanged letters with Murray N. Rothbard for several years.[5]

Career

In 1985, Huerta de Soto was hired by Complutense University and taught a course there based on Ludwig von Mises' book, Human Action.[6] In 2000 he became a full professor at Universidad Rey Juan Carlos.[7]

Since 1992 Huerta de Soto has been director of "Nueva Biblioteca de la Libertad" de Unión Editoria (Union Editorial's "New Library of Freedom") which has translated and published over three dozen books on Austrian economics and libertarianism. He also is founding director of the journal la revista científica Procesos de Mercado: Revista Europea de Economía Política (Journal of Market Processes: European Journal of Political Economy.)[8][9]

Huerta de Soto has worked as Spanish editor of the collected works of Austrian economist Friedrich Hayek,[8] published by University of Chicago Press.[10] Between 1995 and 2001 he edited seven volumes, all published by Union Editorial in Madrid.[11] In 2010 he translated Mises' Human Action into Catalan.[12]

Huerta de Soto is affiliated with the Ludwig von Mises Institute[6] and is on the editorial board of its Quarterly Journal of Austrian Economics[13] He was formerly a Trustee of the Instituto Madrileño de Estudios Avanzados (Madrid Institute for Advanced Studies – IMDEA).[14] and, from 2000 to 2004, a vice-president and Director of the Mont Pelerin Society.[14]

Economic views

Full reserve and fractional reserve banking

Huerta de Soto advocates full-reserve banking,[15] arguing that fractional reserve banking "constitues fraud ... even in a free market."[16][clarification needed] He also believes that Austrian economists were the only ones who predicted the stock market crash of 1929 and the stagflation of the 1970's.[17]

In 2010 Huerta de Soto presented the London School of Economics Hayek Lecture, wherein he stated that "all the financial and economic problems we are struggling with today are the result, in one way or another, of...The Bank Charter Act of 1844" and called for a policy of austerity and various other policies including full-reserve banking and a gold standard.[18][19]

Reception

Author and former United States representative Ron Paul has cited Huerta de Soto's views about fractional reserve banking as a source of financial instability.[20][21]

Andre Azevedo Alves and Jose Moreira state that Huerta de Soto is one of the main economists of the Austrian school and that he has written the "most complete and integrated analysis of the theories of banking" of the School of Salamanca.[22]

Publications

Books

  • Planes de pensiones privados (in Spanish). Madrid: Editorial San Martin. 1984. p. 294. ISBN 9788471402226. OCLC 11783782. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
  • Lecturas de economía política (in Spanish). Madrid: Unión Editorial. 1986–1987. ISBN 9788472092013. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) 3 volumes: OCLC 434819610, 632702538, 632702507
  • La escuela austríaca: mercado y creatividad empresarial (in Spanish). Madrid: Editorial Síntesis. 2000. p. 203. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) Series: Historia del pensamiento económico. OCLC 247910035, 45036015, 644714015
  • Estudios de economía política (in Spanish) (2a ed.). Madrid Unión Editorial. 2004. p. 342. ISBN 9788472094086. OCLC 433538594. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
  • Nuevos estudios de economía política (in Spanish) (2a ed.). Madrid Unión Editorial. 2007. p. 494. ISBN 9788472094406. OCLC 733682262. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) Series: Nueva biblioteca de la libertad
  • The Austrian School: Market Order and Entrepreneurial Creativity. Cheltenham (UK); Northampton (MA, USA): E. Elgar. 2008. p. 129. ISBN 9781847207685. OCLC 494726098. Presents an exposition of the main tenets of the Austrian School of Economics. This book also explains the differences between the Austrian and the neoclassical (including the Chicago School) approaches to economics. It covers reviews of the contributions of the main Austrian economists, and analysis of the major objections to Austrian economics. (WorldCat summary)[23]
  • The Theory of Dynamic Efficiency. London: Routledge. 2009. p. 359. ISBN 9780415427692. OCLC 488049275.[24]
  • Peníze, Banky a Hospodářské Krize (in Czech). Prague: ASPI a Liberální institut (ASPI and the Liberal Institute). 2009. p. 865. ISBN 9788073574116. OCLC 320215103. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) (with Martin Froněk)[25]
  • Socialism, Economic Calculation, and Entrepreneurship. Cheltenham (UK); Northampton (MA, USA): E. Elgar. 2010. p. 310. ISBN 9781849800655. OCLC 781201845. (Originally as Socialismo, cálculo económico y función empresarial; part of the New Thinking in Political Economy series by the Institute of Economic Affairs)[26]
  • Dinero, Crédito Bancario y Ciclos Económicos (in Spanish) (5a ed.). Madrid: Unión Editorial. 2011. p. 685. ISBN 9788472095472. OCLC 828532975.[27]

Journals

See also

References

  1. ^ a b c Announcement regarding Jesús Huerta de Soto, Finance University under the Government of the Russian Federation, April 27, 2001.
  2. ^ Jesús Huerta de Soto listing, Faculty of Law and Social Sciences, Universidad Rey Juan Carlos website.
  3. ^ Jesús Huerta de Soto website, see Curriculum Vitae, Titulos Academicos.
  4. ^ Honorary Doctoral Degrees listing, Universidad Francisco Marroquín.
  5. ^ Jesús Huerta de Soto, In memoriam M.N. Rothbard, (English translation). New Journal, No. 42, December 1995, p. 98 - 103. An English version of this paper was published in the Journal des Economists et des Etudes Humaines in Volume 6, Number 1, March 1995, p. 15-20. Another Spanish version was incorporated as "Introductory Note" to the issue "Spanish Book of Murray N. Rothbard: The Ethics of Liberty", published by Union Editorial, Madrid 1995, p. 13-17
  6. ^ a b An Interview with Jesús Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.)
  7. ^ Jesús Huerta de Soto website, see Curriculum Vitae, Actividad Docente Desempeñada.
  8. ^ a b Jesús Huerta de Soto website, see Curriculum Vitae, Labor Editorial; section includes information on the Compete Works of F.A. Hayek, pp. 1-2; New Library of Liberty, pp. 3-4; Journal of Market Processes, p. 4-5.
  9. ^ la revista científica Procesos de Mercado: Revista Europea de Economía Política website, accessed May 23, 2013.
  10. ^ The Collected Works of F. A. Hayek web page, University of Chicago Press listing of English language versions, accessed May 21, 2012.
  11. ^ Jesús Huerta de Soto edited these volumes of the series F.A. Hayek, Obras Completas (in Spanish), all published by Unión Editorial, Madrid: La Tendencia del Pensamiento Económico: Ensayos, 1995; Las Vicisitudes del Liberalismo: Ensayos sobre Economía Austriaca y el Ideal de la Libertad, 1996; Contra Keynes y Cambridge: Ensayos, Correspondencia, 1996; Hayek sobre Hayek: Un Diálogo Autobiográfico, La Fatal Arrogancia: Los Errores del Socialismo, 1997; Socialismo y Guerra: Ensayos, Documentos y Reseñas, 1998; Ensayos de Teoría Monetaria (two volumes in 2000 and 2001). For more details see Jesús Huerta de Soto website, see Curriculum Vitae, Labor Editorial, A. Compete Works of F.A. Hayek, pp. 1-2.
  12. ^ Ludwig Von Mises, L' Accio Humana, Ediciones Destino, 2010 ISBN 9788466411813; OCLC 804943479
  13. ^ Editorial Board Listing of Quarterly Journal of Austrian Economics at its website.
  14. ^ a b Jesús Huerta de Soto website, see Curriculum Vitae, Otros Meritos.
  15. ^ Bagus, Philipp (January 1, 2010). "Austrian business cycle theory: are 100 percent reserves sufficient to prevent a business cycle?". Libertarian Papers. Auburn, AL: Ludwig von Mises Institute. Other Austrians ... have gone further and advocate a 100 percent reserve banking system ruling out credit expansion altogether. {{cite journal}}: |access-date= requires |url= (help); Check date values in: |accessdate= (help)
  16. ^ Rozeff, Michael S. (March 22, 2010). "Rothbard on Fractional Reserve Banking: a Critique". Independent Review. Oakland, CA: The Independent Institute. {{cite journal}}: |access-date= requires |url= (help); Check date values in: |accessdate= (help)
  17. ^ ""Financial Crisis, Banking Reform and Future of Capitalism"".
  18. ^ Soto, Jesus Huerta de. "Hayke Lecture at LSE". Retrieved 31 May 2013.
  19. ^ "The LSE Hayek Lecture". London: Institute of Economic Affairs. 2010.
  20. ^ Paul, Ron (October 1, 2009). "The Money Monopoly: How the Federal Reserve Rips You Off". The American Conservative. American Ideas Institute. Retrieved May 23, 2013 (from HighBeam Research). {{cite journal}}: Check date values in: |accessdate= (help)
  21. ^ Ron Paul, End the Fed, Hachette Digital, Inc., 2009, Chapter, "Origin and Nature of the Fed ISBN 044656818X, ISBN 9780446568180
  22. ^ Andre Azevedo Alves, Jose Moreira, The Salamanca School, from series "Major Conservative and Libertarian Thinkers", Continuum International Publishing Group, 2009, p. 131, ISBN 0826429823, ISBN 9780826429827
  23. ^ Also published in German as: Die österreichische Schule der Nationalökonomie : Markt und unternehmerische Kreativität. Wien: Hayek Institut. 2007. p. 152. ISBN 9783902466037. OCLC 759028166. (trans. from the Spanish by Ingolf Günter Krumm; The international library of Austrian economics series); and in French as: L'école autrichienne : marché et créativité entrepreneuriale. Paris: Institut Charles Coquelin. 2008. p. 157. ISBN 9782915909166. OCLC 690811169. (trans. from the Spanish by Rosine Létinier; part of the Collection Science économique et liberté series)
  24. ^ Reviewed in: Grassl, Wolfgang (March 22, 2012). "Theory of Dynamic Efficiency. (Book review)". Journal of Markets & Morality. Acton Institute for the Study of Religion and Liberty. {{cite journal}}: |access-date= requires |url= (help); Check date values in: |accessdate= (help)
  25. ^ Reviewed in: Hladík, René (July 1, 2010). "Peníze, Banky a Hospodářské Krize". E+M: Ekonomie a Management (in Czech). Technical University Liberec. Retrieved May 23, 2013 (from HighBeam Research). {{cite journal}}: Check date values in: |accessdate= (help); Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
  26. ^ Reviewed in: "Socialism, economic calculation and entrepreneurship (Book review, brief article)". Reference & Research Book News. Portland, OR: Book News, Inc. November 1, 2010. {{cite journal}}: |access-date= requires |url= (help); Check date values in: |accessdate= (help)
  27. ^ Also published in Dutch as: Geld, krediet en crisis. Leuven, Den Haag: Acco. 2011. p. 718. ISBN 9789033480942. OCLC 723961802.; in German as: Geld,Bankkredit und Konjunkturzyklen. Stuttgart: Lucius & Lucius. 2011. p. 624. ISBN 9783828205321. OCLC 731159974.; in Polish as: Pieniądz, kredyt bankowy i cykle koniunkturalne. Warszawa: Instytut Ludwiga von Misesa. 2011. p. 671. ISBN 9788392616054. OCLC 804342687. (with coauthors Grzegorz Łuczkiewicz & Mateusz Machaj); and in French as: Monnaie, crédit bancaire et cycles économiques. Paris: l'Harmattan. 2011. p. 558. ISBN 9782296544512. OCLC 758332334. (trans. from the Spanish by Rosine Létinier; L'Esprit économique. Série Économie formelle.) and Money, bank credit, and economic cycles (in French). Auburn, AL: Ludwig von Mises Institute. 2006. p. 876. OCLC 494633680. (with Melinda A. Stroup, translator) (Reviewed in: Gregg, Samuel (March 22, 2007). "Money, Bank Credit and Economic Cycles (Book Review)". Journal of Markets & Morality. Acton Institute for the Study of Religion and Liberty. {{cite journal}}: |access-date= requires |url= (help); Check date values in: |accessdate= (help)

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