Category Archives: suggested reading

Management reading list

Here are a few recommendations for managers.

  1. Sowell, T., 1987, A Conflict of Visions, William Morrow
    • Sowell makes a distinction between a constrained (i.e. human nature is stable and based on self-interest) or unconstrained (human nature is good or has the potential to be good) “vision”. He argues that most political beliefs fit into one of these categories, and that people’s judgements are often determined by their existing vision.
  2. Schwartz, Peter. (1997) The Art of the Long View: Planning for Future in an Uncertain World, John Wiley & Sons
    • The pioneer of scenario planning provides a user guide to their construction and use, and demonstrates theur relevance for any decision making under uncertainty.
  3. Postrel, V., 1999, The Future and Its Enemies, Free Press
    • Postrel challenges the conventional wisdom that modern society isn’t delivering, and that we need to take coordinated action to change this trend. Instead, she articulates the case for competition and decentralised decision making, and identifies a “dynamism” world view that permits amazing innovation.
  4. Koch, Charles, G., 2007, The Science of Success, Wiley – especially SoS excerpts
    • This book outlines the concept of “Market-Based Management”, the framework that Koch credits as driving the incredible success of the American conglomerate Koch Industries. It attempts to apply the institutions of a free society and market economy within a firm, and provides an excellent case study on alternatives to hierarchical command structures.
  5. Burlingham, Bo, 2005, Small Giants, Penguin
    • A fascinating collection of case studies of companies that chose to be great rather that big. Most of them may be unfamiliar, but they are all inspirational for their pursuit of excellence as they define it.
  6. Cowen, T., 2009, Create Your Own Economy, Dutton
    • This is an eclectic look at how the internet has affected the way we engage with information. We have more choice, and more ability to cultivate our own consumption that ever before. This caters to people with autistic tendencies, and Cowen not only allows us to understand this condition, but also encourage our inner neural diversity.
  7. Deutsch, D., 2011, The Beginning of Infinity, Penguin – in particular “Optimism” (Chapter 9)
    • In a deep, mind bending work Deutsch argues that the enlightenment was built on the search for good explanations (which is different to attempts to test theories), and claims that a rediscovery of this effort will create the beginning of infinity. He touches upon his expertise as a Physicist to explain famous paradoxes and make a convincing argument in favour of the multiverse.
  8. Ridley, M., 2011, The Rational Optimist, Harper
    • Trade and specialisation have meant that things have never been better, and things will continue to be better provided we remain rational and optimistic.
  9. Poundstone, W., 2011, Priceless, Oneworld – especially the chapters on Prospect Theory and Ultimatum Games
    • Entertaining and accessible overview of behavioural economics and its impact on decision making.
  10. Ries, Eric, 2011, The Lean Startup, Penguin – especially the chapter on batches
    • The classic guide to creating a new organisation under conditions of uncertainty, including practical advice on strategy.
  11. Gleick, J., 2012, The Information, Fourth Estate
    • A somewhat daunting but wholly engrossing history of information, explaining critical innovations such as drum banging, Enigma, through to the internet.
  12. Fisman, R. and Sullivan, T., 2013, The Org: The Underlying Logic of the Office, Twelve – in particular “What Management is Good For” (Chapter 5)
    • A highly readable explanation for why organisations exist, and a defense of the important role they play in coordinating economic activity.
  13. Leighton, W.A., and Lopez, E.J., 2014, Madmen, Intellectuals and Academic Scribblers, Stanford – especially the chapter on Public Choice theory
    • A scholarly level and yet enjoyable look at how ideas shape the world around us, with excellent examples of times when they can overcome vested interests. The authors identify policy entrepreneurs as key change agents and show how social change occurs.
  14. Skarbek, D., 2014, The Social Order of the Underworld, Oxford University Press
    • One of the very best attempts to study how governance emerges without government. Skarbek presents his academic work on how prisons are organised, cutting across all of the social sciences. He draws upon fascinating fieldwork to explain the role of gangs and destroys many myths about why they form and the functions they serve. This is one of the best contemporary examples of the applicability of economic theory to broad social issues and will change how you think about how people associate.
  15. Weiner, E., 2016, The Geography of Genius, Simon and Schuster – in particular his advice to his daughter
    • A tender travel book that combines affectionate tales of interesting journeys, with a sharp identification of what causes certain locations, at certain points in history, to give rise to outrageous spells of creativity.

Business One Pagers

Sometimes I read a book and it leaves a big impression on me, but I worry that it will be transient. I already utilise “One Pagers” for recording brief thoughts on interesting books or articles, but thought I could create a template that focuses on business implications.

Although teachers like myself often think that providing a list of excellent resources is sufficient to aid someone’s learning, genuine learning needs to be reflective. Therefore my advice is to read the book and then write a Business One Pager.

The basic format is as follows:

  • Key information: (i.e. title of the book, name of the company, industry, era, etc)
  • Situation analysis/context
  • Key challenges faced
  • Legal and regulatory context
  • Sources of value creation
  • Successes
  • Failures
  • Lessons I can implement

Of course, this is incomplete and should be treated as a work in progress. But I hope you find it helpful.

Resources

Web essays

Also, see the Best Online Essays of 2016.

Enlightened Management

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“Progress is sustainable, indefinitely. But only by people who engage in a particular kind of thinking and behaviour – the problem-solving and problem-creating kind characteristic of the Enlightenment. And that requires the optimism of a dynamic society” (Deutsch, 2011, p.423)


Management is the process by which people control resources, and the ultimate resource is people. So management is predominantly about how we try to influence and affect the actions of other people, typically in an organisational setting. If you want to develop your skills as managing people, you need to understand those people and how they do their jobs. Therefore a critical prerequisite for management is a broad understanding of business. This is the value of an MBA education – it gives managers the background knowledge to improve their management skills.

One of the biggest misconceptions with management is that it is a necessary component of career progression. This is because companies tend to have hierarchical structures and promotion involves moving upwards. Therefore you advance my taking on more managerial responsibilities. This is a critical mistake because there is a difference between (i) creating organisational value; and (ii) being a good manager. Good managers create organisational value, but there are plenty of other ways to create value that don’t require management. Although management requires a broad knowledge base it is a specialist skillset and not everyone wants to be or should be managers. The goal of a manager should be to develop a team that excels at their job. This will create value for the organisation, reflected in compensation for the team members, and compensation for the manager. Managers should see themselves as an enabler and developer of talent (i.e. a coach). If you are a good manager you will assemble a superb team of superstar employees who probably create more value than you do. You shouldn’t expect to earn more money than team members, or enjoy a higher status. Your broad skillset which is in large part intangible and multifaceted is adept at cultivating a winning team, but you are not the hero.

I believe that management matters, and that we can teach it. There is strong evidence that MBA programmes generate social value. [1] The purpose of this article is to assemble some resources to argue that management can and should more fully incorporate the principles of scientific discovery and the optimistic outlook upon which the enlightenment occurred.

According to David Deutsch the basic regulating principle of the enlightenment is the quest for good explanations. This implies that we should not judge scientific merit as being akin to accurate predictions, and also that we need should cultivate a tradition of criticism and the rejection of authority. He advocates that we deem something to be real if it is part of our best explanation of something.

The mark of a good theory is that it is hard to vary, and not if it is testable, “bad explanations are equally useless whether they are testable or not” (p.25) and “we do not test every testable theory, but only the few that we find are good explanations. Science would be impossible if it were not for the fact that the overwhelming majority of false theories can be rejected out of hand without any experiment, simply for being bad explanations” (p.25). We cannot know what constitutes truth, but we can know that it exists:

“Scientific theories are hard to vary because they correspond closely with an objective truth, which is independent of our culture, our personal preferences and our biological make-up” (p.353)

These methodological positions resonate with me because of my background in Austrian economics, and there are very important interplays between Austrian economics and strategic management.

Seeking good explanations is what constituted the enlightenment – it was “how they began to think. It is what they began to do, systematically for the first time. It is what made the momentous difference to the rate of progress of all kinds” (p.23).

The implication for management: seek good explanations and cultivate a tradition of criticism. 

Deutsch presents an optimistic scenario of where a focus on finding good explanations might lead. He refers to the beginning of infinity as “the possibility of the unlimited growth of knowledge in the future” (p.164).

Some insights for management

  1. Go easy on motivation

I like motivational sayings but mainly the ones that I have written for myself. Ones that are meaningful. I sometimes hear other people’s sayings and they resonate with me, but this is rare. I feel that corporate slogans are worrying purely because they seek to impose their meaning on you. And I have a deeper concern, which is that slogans are a form of propaganda, and serves to stifle freedom of thought. In Imperium, Ryszard Kapuscinski writes about how “interrogative language was appropriated by the police” (p.146), leading to people asking fewer and fewer questions:

“In their place appeared an infinite number of sayings, catch words, and turns of phrase expressing approval of that which is, or at least indifference, lack of surprise, humble consent, resignation… A civilization that does not ask questions, one that banishes from within its compass the entire world of anxiety, criticism, and exploration – the world that expresses itself precisely through questions – is a civilization standing in place, paralyzed, immobile. And that is what the people in the Kremlin were after, because it is easiest to rule over a motionless and mute world” (p.146)

2. Go easy on meetings

Why do large companies have so many meetings?

I think it has something to do with a movements from hierarchical organisation to network organisation, and (clumsy) efforts to maintain monitoring because incentive structures have become anachronistic. Here are some excellent comments from the team at 37 signals.

3. Make time for quiet

4. Be a Secular Hermit

As Tim Harford says in Chapter 3 of Messy, “People flourish when they control their own space”. It’s all about autonomy. The chapter is called “Workplaces”.

5. Be grumpy, sometimes

“An Australian psychology expert who has been studying emotions has found being grumpy makes us think more clearly.

In contrast to those annoying happy types, miserable people are better at decision-making and less gullible, his experiments showed.” Source.

6. Don’t be afraid to contradict yourself

7. Encourage dissent

“Groups that tolerate dissent generate more ideas, and good ideas, than groups that don’t… This holds true even if those dissenting views turn out to be completely wrong. The mere presence of dissent – even if wrongheaded – improves creative performance.” Weiner, 2016, p.171

8. Plan

I tend to dislike plans but I like the mental clarity that comes when planning. Behaviour gap have a wonderful article on the distinction between the two:

Think of this as the difference between a flight plan and the actual flight. Flight plans are really just the pilot’s best guess about things like the weather. No matter how much time the pilot spend planning, things don’t always go according to the plan.

In fact, I bet they rarely go just the way the pilot planned. There are just too many variables. So while the plan is important, the key to arriving safely is the pilot’s ability to make the small and consistent course corrections. It is about the course corrections, not the plan.

9. Choose the right filters

We are living in an information age, and as T.S. Eliot said,

Where is the wisdom we have lost in knowledge?

Where is the knowledge we have lost in information?

According to James Gleick, “Strategies emerge for coping. There are many, but in essence they all boil down to two: filter and search”  (see Gleick, 2011, p.409-412). The blog I co founded in January 2004 was called “The Filter” and our slogan was “the Liver on the web”. This was a homage to the city of our adoption and affection, but also the function we intended to provide. One of my best academic publications was on the differences between search and browse. The main point was that search theory was trivial because people actually acquire information through browsing. But you can only browse things that have been filtered.

Note that Apple music is about curating. Newspapers are about editing. We wish to browse content that has been filtered. We don’t search for information, we browse.

As Clay Shirkey has pointed out, the modern problem is not information overload but filter failure. We need to spend time choosing the right filters.

Final thought:

Management is important because it improves organisational performance, and creative enterprise creates wealth.


The key texts for Enlightened Management are here.


Footnotes:

[1]

  • “companies that use the most widely accepted management techniques, of the sort that are taught in business schools, outperform their peers in all the measures that matter, such as productivity, sales growth and return on capital.” The Economist
  • Some 98% of corporate employers report that they are satisfied with their MBA hires, a figure that has not changed since 1998.” The Economist

Updated: August 2017; previous version cross posted to LinkedIn.

Monetary Theory and Policy Workshop

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The purpose of this workshop is to understand basic models in contemporary Monetary Theory and Policy.

Background readings:

  • Patinkin, D. (1956) Money Interest and Prices Row, Peterson & Co
  • Woodford, M., (2003) Interest and Prices, Princeton
  • Friedman, M., and Schwartz, A., (1963) A Monetary History of the United States 1867-1960, Princeton

Textbook:

Introductions to DSGE models:

Problem sets:

Courses:

Training programs:

Conferences:

Other readings:


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Software links:

Methods of assessing unconventional policies on financial markets:

  • (i) Event studies
  • (ii) Regressions (VAR)
  • (iii) Model simulation

 

Categories

caravaggio


This is a complete list of the posts that appear on this website. The ones in bold are longer essays which I intend to publish on Medium.

Economics is a mystery, January 2017

The Faculty Roundtable, September 2017

MBA Library

This is a list of books that I recommend, organised by topic. My original plan is to have 2 per topic, but this is a work in progress.

1. Incentives matter

  • Becker, Gary, (1998) The Economics of Life, McGraw Hill

2. Cost and choice

  • Levinson, Marc (2006) The Box, Princeton University Press

3. Market exchange

  • Klemperer P., (2004) Auctions: Theory and Practice, Princeton University Press

4. Prices and economic calculation

  • Swedberg, R., (2000) Entrepreneurship: The Social Science View, Oxford University Press
  • Fisman, R., and Sullivan, T., (2013) The Org: The Underlying Logic of the Office, Twelve Books

5. Competition and the market process

  • Mathews, John (2007) Strategizing, Disequilibrium and Profit, Stanford University Press
  • Dixit, A.K., Nalebuff, B.J. (1993) Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life, W.W. Norton

6. Capital theory and recalculation

  • Lachmann, L., (1956) Capital and its Structure, Sheed Andrews and McMeel

7. Public finance

  • Ferguson, Niall, (2002) The Cash Nexus: Money and Politics in Modern History, 1700 – 2000 ,Penguin

8. Monetary theory

  • Friedman, M., (1994) Money Mischief, Harcourt
  • Whalen, C.R., (2010) Inflated: How Money and Debt Built the American Dream, Wiley
    • I liked the historical perspective, focus on monetary theory, and link to public finance. But I felt it was one sided, US centred, and badly written. Am still trying to find a better option.

9. Fiscal policy

  • Buchanan, J., and Wagner, R.E., (1977) Democracy in Deficit: The Political Legacy of Lord Keynes, Liberty Fund

10. International economics

  • Blustein, P., (2006) And the money kept rolling in (and out), Public Affairs
  • Yeager, L., (1954) Free trade: America’s opportunity Liberty Fund.

11. Behavioural economics

  • Poundstone, William (2010) Priceless: The Hidden Psychology Of Value Oneworld
  • Kindleberger, Charles (2000) Manias, Panics, and Crashes: A History of Financial Crises Wiley Investment Classics (4th Ed)
  • Ookstaber, Richard, (2007) A Demon of Our Own Design: Markets, Hedge funds, and the Perils of Financial Innovation Wiley
  • Thaler, Richard (1994) The Winners Curse Princeton University Press
  • Taleb, Nassem (2001) Fooled by Randomness W. W. Norton & Company

12. Global prosperity

  • Bauer, Peter (2000) From Subsistence to Exchange Princeton University Press
  • De Soto, Hernando (1989) The Other Path Basic Books
  • Aslund, Anders (2007) How Capitalism was Built: The Transformation of Central and Eastern Europe, Russia, and Central Asia Cambridge University Press
  • Skidelsky, Robert (1996) The Road from Serfdom: The Economics and Political Consequences of the End of Communism New York: Viking Penguin

And don’t forget: Markets for Managers!

The Economist: an MBA reader

This version: August 2011

One of the best ways to learn economics is by regularly reading ‘The Economist’, but for those who want to develop a more comprehensive understanding this approach can seem a little hit and miss. This anthology contains articles spanning the last decade, selected for their ability to do one of two things: (i) provide a concise and understandable explanation of an important concept; or (ii) as an application that could be used as the basis for discussion.

For students: Printing out the complete list might seem daunting but will serve as an excellent primer. Alternatively, you could view this list as a menu rather than a recipe and simply pick and choose topics that are of interest to you.

For teachers: Whilst I have compiled it with my own students in mind, the structure should allow you to customise it to tie into your own classes.

Instructions: Simply scroll down the list and open each link in a new tab. Then go through each in turn printing them out (I suggest printing on both sides). Put them in a folder and voila – a primer. At some point I will try to link to the print version, to make it even easier, but consider this a beta version.

If you use this anthology and have any comments please do get in touch so that I can continue to modify it

Note: This anthology is not endorsed by ‘The Economist’ in any way and I am assuming that people who follow the links below have their own subscription. For Special Reports (in bold face) I have only linked to the first article, but the whole report is recommended.


1. Microeconomics

Price theory & comparative statics [1,2,3]

Entrepreneurship & information [4]

Prediction markets [5]

Competition policy [5]

Regulation [5]

Manufacturing [5]

2. Monetary policy

Causes of inflation

Inflation expectations & credibility

Inflation or price level targeting

Deflation

Interest rates and capital misallocations

Fluctuations

3. Output and employment

Aggregate demand & output gap

Price rigidity

Unemployment

Sovereign debt

4. Macroeconomics models

5. International trade

Forex determination [10]

Trade balance [10]

Balance of Payments [10]

Big Mac Index [10]

Trade policy [10]

Globalisation [12]

FDI [12]

6. Financial markets

Anomalies & applications [11]

EMH/news [11]

Investment vehicles [11]

CAPM [11]

7. Prosperity & development

Pre industrial growth [12]

Growth & productivity [12]

Poverty & inequality [12]

Migration [12]

Aid & microfinance [12]

Transition [12]

8. Country cases

9. Economic history

10. The state of economics & the role of economists

Colloquium on J.B. Say

Dates and location TBA

Attendance is strictly by invitation only. Suggestions/feedback welcome – please email me.

Main reading: Say, J.B., ([1803] 1855) A Treatise on Political Economy (translation of the 4th Edition) – print copy at Amazon, or see this free pdf, or Library of Economics and Liberty.

1. Entrepreneurship

  • Schumpeter, Joseph (1954) History of Economic Analysis p.556-557?
  • Say, Ch. on “The profits of the entrepreneur”
  • Rothbard, M, “J.B. Say Salvages the Entrepreneur” excerpted from An Austrian Perspective on the History of Economic Thought (1995), volume 2, chapter 1: “J.B. Say: the French tradition in Smithian clothing.”
  • NB: the 1821 edition translated “entrepreneur” as “adventurer” which is clumsy. Perhaps contrast with Kirzner and Foss/Klein.

2. Utility vs. the labour theory of value

  • (1803) p.24, Vol 1 (page 3 of the second edition)
  • Verify from the beginning of 1819 (4th ed) onwards, e.g., “production is not creation, it is the production of utility”, consumption = the destruction of utility, “immaterial products” = services [uses the example of doctors and medicine to criticise Smith]
  • Some Adam Smith on “immaterial products” (see above)

3. International trade and public choice

  • Smith, Adam (1766) Wealth of Nations, Book IV
  • Ricardo David — section on international trade
  • Chaptal, Jean-Antoine (1819) L’industrie Francaise (covers infant industries in Vol II, see pp. 430-431, 434, 450, 456
  • Say Ch.17, Book 1 “The effects of the administrations regulations having the goal of influencing production”, Vol 1, pp.179-81 and pp.206-208 (on special interests)

4. Classical business cycle theory

  • Harberler (1937) Prosperity and Depression [sections?] (free pdf)
  • Hayek’s “Paradox of Saving” (see Prices and Production)

5. Keynes on ‘Says Law’

  • Keynes, John Maynard (1936) The General Theory, Ch. 2 ‘Postulates of Classical Economics (pp.18-22 of CW VII), Ch. 3 ‘Effective Demand” (pp.25-26 of CW VII)
  • Kates (1998) Say’s Law and the Keynesian revolution, Elgar, Ch 1 pp.10-19
  • Kates (1998) Say’s Law and the Keynesian revolution, Elgar, Ch 7 pp. 130-145

6. The generally accepted view

  • Lange ([1942] 1970) “Say’s Law: a restatement and criticism” in Papers in Economics and Sociology, Oxford: Pergamon Press
  • Becker and Baumol (1952) “Classical Economic Theory”, Economica, Vol. 19, pp. 355-376
  • Schumpeter ([1954] 1986) History of Economic Analysis, pp. 617, 618, 619 & 739
  • Patinkin ([1956] 1965) Money, interest and prices, New York University Press p. 193
  • Blaug, Mark (1958) Ricardian economics, a history study, Yale University Press, section on ‘Defense of the law of markets’ (pp.89-93)

7. The response

  • Hutt (1974) A rehabilitation of Says Law, Ohio University Press, the ‘Introduction’, pp.1-12
  • Sowell, Thomas, ([1974] 1994] Classical economics reconsidered, Princeton section on ‘Say’s Law’ (pp.35-52)
  • Clower and Leijonhvud (1973) “Say’s Principle: What it does mean and what it doesn’t mean” Intermountain Economic Review, Vol 4., pp. 1-16
  • Kates (1998) Say’s Law and the Keynesian revolution, Elgar, Appendix B, pp.223-225

8. Say and the Austrians

  • Mises, “Lord Keynes and Says Law” in ‘Planning for Freedom’, pp.64-71
  • Hazlitt (1959) Failure of the New Economics, pp.31-42 (approx.)
  • Horwitz, S “Say’s Law of markets: an Austrian appreciation” in Kates (ed) Two Hundred Years of Say’s Law: Essays on Economic Theory’s Most Controversial Principles

9. The EEJ Symposium

Other works to possibly incorporate:

Kates (ed) Two Hundred Years of Say’s Law: Essays on Economic Theory’s Most Controversial Principles

Some excellent blog posts and comments:

Steve Horwitz has two Freeman articles for the general reader:

Also [see photos]:

  • A footnote in the 1814 second edition of Treatise foresaw rail roads
  • Letter to Jefferson – Say didn’t seem to realise that he’d be a neighbour, and didn’t seem to realise that he’d most probably own slaves were he to emigrate

Colloquium on Sound Money

20th-21st November 2009, London

1.    What is Money?

  • Menger, Carl, 1976, “The Theory of Money” (Chapter 8, in Principles of Economics, p.257-286)
  • Salerno, Joseph T., 1987, “The “True” Money Supply: A Measure of the Supply of the Medium of Exchange in the U.S. economy” Austrian Economics Newsletter, Ludwig von Mises Institute
  • Shostak, Frank, 2000, “The Mystery of the Money Supply Definition” The Quarterly Journal of Austrian Economics, Vol. 3, No. 4, pp.69-76

2.    The Interest Rate and Intertemporal Coordination

  • Mises, Ludwig von, 1953 [1912], The Theory of Money and Credit Yale University Press (Excerpts: Chapter 19, pp.339-367)
  • Hayek, Friedrich A., 2008 [1931], Prices and Production Mises Institute (Excerpts: Lecture 2, pp. 223-252; Lecture 3, pp.253-276)
  • Sweeny, Joan and Richard James Sweeny.  1977, Monetary Theory and the Great Capitol Hill Baby Sitting Co-op Crisis: Comment, Journal of Money, Credit and Banking, Volume 9, Feb., pp. 886-89

3.    The Gold Standard and the Great Depression

  • Rothbard, Murray, 2005 [1963], What has government done to our money? Mises Institute (Excerpts: pp.159-170)
  • Reed, Lawrence, 2005, “Great Myths of the Great Depression” Mackinac Center for Public Policy
  • White, Lawrence H.  2008, “Is the Gold Standard Still the Gold Standard among Monetary Systems?” Cato Institute Briefing Papers, No. 100

4.    Deflation and Prosperity

  • Rothbard, Murray, 2005 [1962], The Case for a 100% Reserve Dollar Mises Institute (Excerpts: Chapter 10, pp.180-186)
  • Selgin, George, 1997, Less than Zero: The Case for a Falling Price Level in a Growing Economy Institute of Economic Affairs, Hobart Paper No. 132 (Excerpts: pp.9-41; 70-72)

5.    Free Banking vs 100% reserves

  • Mises, Ludwig von, 1953 [1912], “Peel’s Act” in The Theory of Money and Credit Yale University Press (Excerpts: Chapter 20, pp. 368-373)
  • White, Lawrence H. 2009 [1984], Free Banking in Britain: Theory, Experience, and Debate, 1800-1845, Institute of Economic Affairs (Excerpts: Chapter 5, pp.89-135)
  • Selgin, George, 1997, Less than Zero: The Case for a Falling Price Level in a Growing Economy” Institute of Economic Affairs, Hobart Paper No. 132 (Excerpts: pp. 67-69)
  • De Soto, Jesus Heurta, 2006, Money, Bank Credit and Economic Cycles Mises Institute (Excerpts: Chapter 8, pp.675-714)

6. Central banking

  • Smith, Vera, 1990 [1936], The Rationale of Central Banking, Liberty Fund (Excerpts Chapter XII, pp.167-196)
  • Hayek, Friedrich A., 1990, Denationalisation of Money – The Argument Refined, Institute of Economic Affairs, Hobart Paper Special, No. 70 (Excerpts: pp.23-28, 46-55, 130-131)
  • Congdon, Tim, 2009, Central Banking in a Free Society, Institute of Economic Affairs, Hobart Paper No. 166 (Excerpts Chapter 1, pp.34-43; Chapter 8, pp.178-189)

7.    Proposals for Reform

  • Salsman, Richard, 1990, Breaking the Banks, American Institute for Economic Research (Excerpts: Chapter IX, pp. 125-141)
  • De Soto, Jesus Heurta, 2006, Money, Bank Credit and Economic Cycles Mises Institute (Excerpts: Chapter 9, pp.736-787)
  • De Soto, Jesus Heurta, 2006, Money, Bank Credit and Economic Cycles Mises Institute (Excerpts: Chapter 9, pp.788-805)