Economics Dictionary of ArgumentsHome
| |||
|
| |||
| Central bank: A central bank is a government-appointed independend institution responsible for overseeing a country's monetary system and financial stability. It manages the currency supply, regulates commercial banks, and sets interest rates to achieve economic objectives such as price stability and full employment._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
| Author | Concept | Summary/Quotes | Sources |
|---|---|---|---|
|
Jeremy Bentham on Central Bank - Dictionary of Arguments
Rothbard II 52 Central bank/Bentham/Rothbard: (…) in an unpublished ‘Proposal for the Circulation of a [New] Species of Paper Currency’ (1796)(1), Bentham happily wedded his ‘projecting’ and constructivist spirit to his new-found inflationism. Instead of floating bonds and paying interest on them, the government, he proposed, should simply monopolize all issue of paper notes in the kingdom. Rothbard II 53 It could then issue the notes, preferably non-interest bearing, ad libitum and save itself the interest. Bentham was scarcely at his best answering the question of what limit there might be to this government paper issue. The limit, he answered, would obviously be ‘the amount of paper currency in the country’.(1) In his later writings on the subject, Bentham searched for some limits to paper issue, if unsuccessfully. But his commitment to a broadly inflationist course deepened further. In his unfinished ‘Circulating Annuities’ (1800)(2), he developed his government paper scheme further, and hailed the serviceability of inflation in wartime. BenthamVsSmith, Adam: Indeed, Bentham makes an all-out assault on the Turgot-Smith-Say insights and actually declares that employment of labour is directly proportional to the quantity of money: ‘No addition is ever made to the quantity of labour in any place, but by an addition made to the quantity of money in that place... In this point of view, then, money, it should seem, is the cause, and the cause sine qua non, of labour and general wealth.’ Quantity of money is all; so much for Smithian doctrine! 1. Bentham, J. 1796. Proposal for the Circulation of a [New] Species of Paper Currency. 2. Bentham, J. 1800. Circulating Annuities._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Benth I J. Bentham An Introduction to the Principles of Morals and Legislation Mineola, NY 2007 Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
||
Authors A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Concepts A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
