The Fluttering Veil: Essays on Monetary Disequilibrium

by Leland B. Yeager, George Selgin (Editor)

Money’s unique and essential role in a free market and monetary disequilibrium as the root cause of the business cycle are principles central to the work of economist Leland Yeager. For three decades he has extolled the preeminent importance of money as a source of economic fluctuations whose influence goes well beyond mere changes in interest rates or the price level. Yeager’s work discloses the disruptive consequences of “monetary disequilibrium,” or an imbalance of money supply and money demand. Consequently, he argues that well-designed monetary arrangements and policies are important to the success of any free-market economic system. Similarly, he insists that defects in the existing monetary arrangements in “capitalist” countries are manifestly not inherent in capitalism but are “alterable consequences” of the misguided or even mischievous interventions of government.

Genres: Economics, Money

462 pages, Paperback

First published June 1, 1997

Reviews

[Margaret McCartney · Rating 4 out of 5]

The Fluttering Veil is a collection of essays that explores the philosophical and methodological foundations of economics. Yeager, a renowned economist, delves into topics such as the nature of economic knowledge, the role of government in the economy, and the relationship between economics and ethics.

The essays are written in a clear and engaging style, making them accessible to a wide audience. Yeager's work is known for its intellectual rigor and its commitment to sound economic principles. Yeager argues that economics is a science of human action, not just of material things. He emphasizes the importance of individual choice and the role of subjective values in economic decision-making. He also critiques government intervention in the economy, arguing that free markets are the most efficient way to allocate resources.

Yeager believes that the government's role in the economy should be limited to protecting individual rights, enforcing contracts, and providing for national defense. He argues that government intervention in the market often leads to unintended consequences, such as distortions in resource allocation and a decline in economic efficiency.

[Argy Skondras · Rating 5 out of 5]

One of the most interesting books about deflation and inflation and how they might be solved on a systemic basis!