Monetary Competition, Whereto?
Interview taken by Ionuţ Bălan for the Săptămâna financiară periodical.
Content in Romanian only.
Institutul Ludwig von Mises Romania
Marius Spiridon
romanian
Interview taken by Ionuţ Bălan for the Săptămâna financiară periodical.
Content in Romanian only.
© Institutul Ludwig von Mises - România

„Neither the price level, nor any money aggre-
gate gives us the key for a proper understanding of inflation.
Rather, the most useful approach is to focus on the legal rules
of money production. Are the market participants free to use
and produce money as they see fit? Or are they prevented
from doing this? These are the relevant questions. They lead
straight to the moral-institutional definition of inflation that
we have espoused above. Inflation is that part of the money
supply that comes into being because of the invasion of pri-
vate property rights.”
Jörg Guido Hülsmann : The Ethics of Money Production, p. 88