On not doing due diligence: Bagus and Howden on free banking |
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Authors: | Anthony J Evans Steven Horwitz |
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Institution: | (1) ESCP Europe, 527 Finchley Rd, London, NW3 7BG, UK;(2) St. Lawrence University, Canton, NY, USA |
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Abstract: | In their recent article in the Quarterly Journal of Austrian Economics, Bagus and Howden (2010) present “quibbles” with fractional-reserve free banking. Specifically, they raise what they call “unaddressed issues” in
this system, with a particular emphasis on Selgin (1988). We deem their arguments to be more substantial than “quibbles” and see them as part of a longstanding debate about fundamental
aspects of monetary theory. We respond to their objections and attempt to specify how debate between the two sides might proceed
more productively. |
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