Misplaced Pages

Revision as of 17:52, 21 December 2013

The topic of this article may not meet Misplaced Pages's general notability guideline. Please help to demonstrate the notability of the topic by citing reliable secondary sources that are independent of the topic and provide significant coverage of it beyond a mere trivial mention. If notability cannot be shown, the article is likely to be merged, redirected, or deleted. Find sources: "Jesús Huerta de Soto" – news · newspapers · books · scholar · JSTOR (Learn how and when to remove this message)

Jesús Huerta de Soto Ballester (Madrid, 1956) is a Spanish economist of the Austrian School and a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain. He is Senior Fellow at the Ludwig von Mises Institute.

Education and Career

Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from Complutense University. His MBA in actuarial science is from Stanford University, 1985. In 2000 he became a full professor of Political Economy at Universidad Rey Juan Carlos in Madrid. He received an Honorary Doctorate from the Finance University under the Government of the Russian Federation in 2011 with a doctor's gown and trencher cap.

Huerta de Soto was an editor of seven volumes of the Spanish language edition of the collected works of Austrian economist Friedrich Hayek, with responsibility for footnotes, bibliographies, and introductions. and a member of the editorial board of New Perspectives on Political Economy and of the Journal of Markets and Morality.

Huerta de Soto is affiliated with the Ludwig von Mises Institute and is on the editorial board of its Quarterly Journal of Austrian Economics. He was formerly a Trustee of the Madrid Institute for Advanced Studies (IMDEA) in social sciences and was a vice-president and director of the Mont Pelerin Society from 2000 to 2004.

Economic views

General equilibrium theory

Economist Leland B. Yeager has cited Huerta de Soto as an example of scorn in economics. In Soto's case, he scorns general equilibrium theory. Yeager quotes what Huerta de Soto calls the "pernicious analysis" of price equilibrium at "the intersection of mysterious curves or functions lacking any real existence...even in the minds of the actors involved."

Austrian business cycle and full reserve banking

Huerta de Soto advocates full-reserve banking.

In 2006, Huerta de Soto wrote an 876-page book on the subject, Dinero, crédito bancario y ciclos económicos, published in English by the Mises Institute as Money, Bank Credit, and Economic Cycles. Larry J. Sechrest's review of Huerta de Soto's book, in his preface to his book also published by the Mises Institute, stated that the author attempted to provide "final and decisive proof" that fractional reserve banking is incompatible with private property rights, morality, and a stable economy. Sechrest wrote that although Huerta de Soto presented a painstaking investigation of legal theory, banking history, business cycles, and medieval theological doctrine, a great deal of it is irrelevant to the book's thesis. Sechrest rejected Huerta de Soto's description of fractional-reserve depositaries as “legal aberrations” and his characterization of fractional reserve banking as “sin” which must lead to monetary inflation, excessive credit creation, malinvestment, and business cycles. Sechrest concludes "Above all, Huerta de Soto refuses to even consider the possibility that banks’ customers may have been quite willing to face some risk exposure in exchange for the benefits 100 percent reserve banks are unable to provide" and believes that "any departure from 100 percent reserve banking is automatically taken to be evidence of malfeasance by bankers, even when there is no clear data on the details of the contractual relations negotiated by depositors."

Several of Huerta de Soto's Mises Institute colleagues have praised his work. In a review for the Mises Institute's Review of Austrian Economics, Institute Associated Scholar Leland B. Yeager called the book "the most thorough treatment in print of Austrian ideas on banking and the business cycle". German economics professor and Mises Institute fellow Jörg Guido Hülsman wrote that neither Murray Rothbard nor Hans Sennholz "wrote a treatise on money that is comparable to the one written by Mises, which first appeared in 1912" but that Huerta de Soto had.

Mises Institute Senior Fellow and former United States representative Ron Paul endorsed Huerta de Soto's view that fractional reserve banking is the cause of financial instability.

Money and banking

In a Mises Institute blog post, Huerta de Soto contended that the euro should be considered a "second best to the gold standard" because, like the gold standard, the euro prevents national governments from active management of the money supply. Mises Institute Associated Scholar Gary North wrote that Huerta de Soto's argument is based on a "catastrophic conceptual error" and that Huerta de Soto does not understand the nature of the classic gold standard. North says it is "inconceivable to that any Rothbardian would promote it." North states that Huerta de Soto's second conceptual error is his misunderstanding of the Austrian view on international monetary exchange rates and rejects Huerta de Soto's defense of the euro. North's bellieves that the sooner the euro dies, the better. Commenting on Gary North's criticism on Huerta de Soto's defense of the euro, another Mises Institute associated scholar Walter Block concludes that "Professor Huerta de Soto is entirely correct on his particular dispute between them, and Doctor North is in error"

Huerta de Soto endorsed Rothbard's view that the theory of banking propounded by the sixteenth century Jesuit School of Salamanca was a precursor to Austrian School economics. Andre Azevedo Alves and Jose Moreira state that Huerta de Soto has written the "most complete and integrated analysis of the theories of banking" of the School of Salamanca.

Publications

Books

• Planes de pensiones privados (in Spanish). Madrid: Editorial San Martin. 1984. p. 294. ISBN 9788471402226. OCLC 11783782. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
• Lecturas de economía política (in Spanish). Madrid: Unión Editorial. 1986–1987. ISBN 9788472092013. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) 3 volumes: OCLC 434819610, 632702538, 632702507
• La escuela austríaca: mercado y creatividad empresarial (in Spanish). Madrid: Editorial Síntesis. 2000. p. 203. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) Series: Historia del pensamiento económico. OCLC 247910035, 45036015, 644714015
• Estudios de economía política (in Spanish) (2a ed.). Madrid Unión Editorial. 2004. p. 342. ISBN 9788472094086. OCLC 433538594. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
• Nuevos estudios de economía política (in Spanish) (2a ed.). Madrid Unión Editorial. 2007. p. 494. ISBN 9788472094406. OCLC 733682262. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) Series: Nueva biblioteca de la libertad
• The Austrian School: Market Order and Entrepreneurial Creativity. Cheltenham (UK); Northampton (MA, USA): E. Elgar. 2008. p. 129. ISBN 9781847207685. OCLC 494726098. Presents an exposition of the main tenets of the Austrian School of Economics. This book also explains the differences between the Austrian and the neoclassical (including the Chicago School) approaches to economics. It covers reviews of the contributions of the main Austrian economists, and analysis of the major objections to Austrian economics. (WorldCat summary)
• The Theory of Dynamic Efficiency. London: Routledge. 2009. p. 359. ISBN 9780415427692. OCLC 488049275.
• Peníze, Banky a Hospodářské Krize (in Czech). Prague: ASPI a Liberální institut (ASPI and the Liberal Institute). 2009. p. 865. ISBN 9788073574116. OCLC 320215103. {{cite book}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help) (with Martin Froněk)
• Socialism, Economic Calculation, and Entrepreneurship. Cheltenham (UK); Northampton (MA, USA): E. Elgar. 2010. p. 310. ISBN 9781849800655. OCLC 781201845. (Originally as Socialismo, cálculo económico y función empresarial; part of the New Thinking in Political Economy series by the Institute of Economic Affairs)
• Dinero, Crédito Bancario y Ciclos Económicos (in Spanish) (5a ed.). Madrid: Unión Editorial. 2011. p. 685. ISBN 9788472095472. OCLC 828532975.
  • Money, Bank Credit, and Economic Cycles (3d ed.). Auburn, AL: Ludwig von Mises Institute. 2012. p. 881. ISBN 9781610161893. OCLC 807678778. (with Melinda A. Stroup, translator) Also available as a PDF here.

Journals

For a list of articles published in Spanish and other languages, see the Huerta de Soto website.

• "A critical analysis of central banks and fractional-reserve free banking from the Austrian school perspective". The Review of Austrian Economics (Kluwer Academic Publishers) 8 (2):25-38. 1995.
• “New Light on the Prehistory of the Theory of Banking and the School of Salamanca”. The Review of Austrian Economics 9 (2): 59–81. 1996.
• “The Ongoing Methodenstreit of the Austrian School”. Journal des Économistes et des Études Humaines. 8 (1):75–113 1998.
• “Conjectured History and Beyond,” Humane Studies Review. 6 (2):10. Winter, 1998–1999.
• "A Critical Note on Fractional-Reserve Free Banking,” Quarterly Journal of Austrian Economics. 1 (4):25-49. Winter, 1998.
• "The Ethics of Capitalism". Journal of Markets & Morality, (Acton Institute) 2 (2):150-163. 1999. ISSN: 1098 – 12
• "Hayek’s Best Test of a Good Economist". Procesos de Mercado: Revista Europea de Economía Política. I (2):121-124. 2004. ISSN: 1697 – 6797
• "The Essence of the Austrian School". Economic Affairs. 29 (2). Blackwell Publishing: 42–45. 2009. doi:10.1111/j.1468-0270.2009.01892.x. ISSN 0265-0665. OCLC 439651091.
• "The Fatal Error of Solvency II". Economic Affairs. 29 (2). Blackwell Publishing: 74–77. 2009. doi:10.1111/j.1468-0270.2009.01900.x. ISSN 0265-0665. OCLC 439651128.
• "Economic Recessions, Banking Reform and the Future of Capitalism I". Economic Affairs. 31 (2). Blackwell Publishing. 2011. ISSN 0265-0665. OCLC 729292944.

See also

• Classical Liberalism
• Libertarianism
• Anarcho-capitalism

References

1. ^ Announcement regarding Jesús Huerta de Soto, Finance University under the Government of the Russian Federation, April 27, 2011.
2. Jesús Huerta de Soto listing, Faculty of Law and Social Sciences, Universidad Rey Juan Carlos website.
3. ""Faculty Members." Ludwig von Mises Institute.
4. ^ An Interview with Jesús Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.)
5. Jesús Huerta de Soto website, see Curriculum Vitae, Titulos Academicos.
6. Jesús Huerta de Soto website, see Curriculum Vitae, Actividad Docente Desempeñada.
7. Jesús Huerta de Soto website, see Curriculum Vitae, Labor Editorial; section includes information on the Compete Works of F.A. Hayek, pp. 1-2; New Library of Liberty, pp. 3-4; Journal of Market Processes, pp. 4-5.
8. Jesús Huerta de Soto edited these volumes of the series F.A. Hayek, Obras Completas (in Spanish), all published by Unión Editorial, Madrid: La Tendencia del Pensamiento Económico: Ensayos, editor with William Warren Bartley, Stephen Kresge, 1995; Las Vicisitudes del Liberalismo: Ensayos sobre Economía Austriaca y el Ideal de la Libertad, editor with Peter G. Klein, 1996; Contra Keynes y Cambridge: Ensayos, Correspondencia, editor with Bruce Caldwell, 1996; Hayek sobre Hayek: Un Diálogo Autobiográfico, La Fatal Arrogancia: Los Errores del Socialismo, editor with Stephen Kresge, Leif Wenar, 1997; Socialismo y Guerra: Ensayos, Documentos y Reseñas, editor with Bruce Caldwell, 1998; Ensayos de Teoría Monetaria (two volumes in 2000, with Stephen Kresge and José Antonio de Aguirre and 2001. For more details see Jesús Huerta de Soto website, Curriculum Vitae, Labor Editorial, A. Compete Works of F.A. Hayek, pp. 1-2.
9. New Perspectives on Political Economy board listing at its website.
10. Editorial Board listing of Journal of Markets and Morality
11. Editorial Board Listing of Quarterly Journal of Austrian Economics
12. ^ Jesús Huerta de Soto website, see Curriculum Vitae, Otros Meritos.
13. Leland B. Yeager (2011). Is the Market a Test of Truth and Beauty?: Essays in Political Economy. Ludwig von Mises Institute. pp. 13–. ISBN 978-1-61016-421-4. Retrieved 15 June 2013.
14. Bagus, Philipp (January 1, 2010). "Austrian Business Cycle Theory: Are 100 Percent Reserves Sufficient to Prevent a Business Cycle?" (PDF). Libertarian Papers. 2 (2). Auburn, AL: Ludwig von Mises Institute. Retrieved May 22, 2013. Other Austrians such as ... de Soto (2006) have gone further and advocate a 100 percent reserve banking system ruling out credit expansion altogether.
15. Rozeff, Michael S. (Spring 20101). "Rothbard on Fractional Reserve Banking: a Critique" (PDF). Independent Review. 14 (4). Oakland, CA: The Independent Institute: 497–512. ISSN 1086-1653. Retrieved May 22, 2013. {{cite journal}}: Check date values in: |date= (help)
16. Jesús Huerta de Soto (2012). Money, Bank Credit, and Economic Cycles (3rd ed.). Ludwig von Mises Institute. ISBN 978-1-61016-388-0. Retrieved 4 August 2013.
17. Larry J. Sechrest, Larry J. Sechrest Book “Free Banking: Theory, History, and a Laissez-Faire Model”, Larry J. Sechrest Preface to June 2008 edition published by Ludwig Von Mises Institute, pp. 1-3; originally published by Quorum Books, 1993.
18. Yeager, Leland B. (2001). "The Perils of Base Money" (PDF). The Review of Austrian Economics. 14 (4): 251–266.
19. Hülsman, Jörg Guido (2000). "Dinero, crédito bancario y ciclos económicos (book review)" (PDF). The Quarterly Journal of Austrian Economics. 3 (2): 85–88. {{cite journal}}: Unknown parameter |month= ignored (help)
20. Paul, Ron (October 1, 2009). "The Money Monopoly: How the Federal Reserve Rips You Off". The American Conservative. American Ideas Institute. Retrieved May 23, 2013 (from HighBeam Research). {{cite journal}}: Check date values in: |accessdate= (help)
21. Ron Paul, End the Fed, Hachette Digital, Inc., 2009, Chapter, "Origin and Nature of the Fed ISBN 044656818X, ISBN 9780446568180
22. Huerta de Soto, Jesus. "An Austrian Defense of the Euro". Mises Institute of Alabama. Retrieved 14 June 2013.
23. North, Gary. "Let the Euro Die ... Soon". Retrieved 21 June 2013.
24. Procesos de Mercado, vol. 10, no. 1, spring 2013, pp. 318 - 319
25. Huerta de Soto, Jesus (1996). "New Light on the Prehistory of the Theory of Banking and the School of Salamanca." The Review of Austrian Economics Vol. 9, No. 2 (1996): 59-81
26. http://archive.mises.org/10881/rothbards-dream-in-salamanca/. {{cite web}}: Missing or empty |title= (help)
27. Andre Azevedo Alves, Jose Moreira, The Salamanca School, from series "Major Conservative and Libertarian Thinkers", Continuum International Publishing Group, 2009, p. 131, ISBN 0826429823, ISBN 9780826429827
28. Also published in German as: Die österreichische Schule der Nationalökonomie : Markt und unternehmerische Kreativität. Wien: Hayek Institut. 2007. p. 152. ISBN 9783902466037. OCLC 759028166. (trans. from the Spanish by Ingolf Günter Krumm; The international library of Austrian economics series); and in French as: L'école autrichienne : marché et créativité entrepreneuriale. Paris: Institut Charles Coquelin. 2008. p. 157. ISBN 9782915909166. OCLC 690811169. (trans. from the Spanish by Rosine Létinier; part of the Collection Science économique et liberté series)
29. Reviewed in: Grassl, Wolfgang (March 22, 2010). "Theory of Dynamic Efficiency. (Book review)". Journal of Markets & Morality. Acton Institute for the Study of Religion and Liberty. Retrieved June 14, 2013 from HighBeam Research. This book contains twenty essays, sixteen of which have already appeared elsewhere during the period 1994–2004. ...opics ... include the methodology and history of economics, entrepreneurship, socialism, nationalism, central banks and free banking, ethics, and liberal social thought (in the European sense of the term). {{cite journal}}: Check date values in: |accessdate= (help)
30. Reviewed in: Hladík, René (July 1, 2010). "Peníze, Banky a Hospodářské Krize". E+M: Ekonomie a Management (in Czech). Technical University Liberec. Retrieved May 23, 2013 (from HighBeam Research). {{cite journal}}: Check date values in: |accessdate= (help); Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
31. Reviewed in: "Socialism, economic calculation and entrepreneurship (Book review, brief article)". Reference & Research Book News. Portland, OR: Book News, Inc. November 1, 2010.
32. Also published in Dutch as: Geld, krediet en crisis. Leuven, Den Haag: Acco. 2011. p. 718. ISBN 9789033480942. OCLC 723961802.; in German as: Geld,Bankkredit und Konjunkturzyklen. Stuttgart: Lucius & Lucius. 2011. p. 624. ISBN 9783828205321. OCLC 731159974.; in Polish as: Pieniądz, kredyt bankowy i cykle koniunkturalne. Warszawa: Instytut Ludwiga von Misesa. 2011. p. 671. ISBN 9788392616054. OCLC 804342687. (with coauthors Grzegorz Łuczkiewicz & Mateusz Machaj); and in French as: Monnaie, crédit bancaire et cycles économiques. Paris: l'Harmattan. 2011. p. 558. ISBN 9782296544512. OCLC 758332334. (trans. from the Spanish by Rosine Létinier; L'Esprit économique. Série Économie formelle.) and Money, bank credit, and economic cycles (in French). Auburn, AL: Ludwig von Mises Institute. 2006. p. 876. OCLC 494633680. (with Melinda A. Stroup, translator) (Reviewed in: Gregg, Samuel (March 22, 2007). "Money, Bank Credit and Economic Cycles (Book Review)". Journal of Markets & Morality. Acton Institute for the Study of Religion and Liberty.
33. Jesús Huerta de Soto website, see Curriculum Vitae, Actividad Investigadora Publicaciones I and II and Otras publicaciones.

External links

• Huerta de Soto's website
• Jesús Huerta de Soto listings at Ludwig von Mises Institute website: Author listing; Mises Daily article listing; Faculty spotlight interview.
• An Interview with Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.)
• Audiovisual Media, UFM NewMedia
• Financial Crisis and Economic Recession
• Lecciones de Economía en la Universidad Rey Juan Carlos de Madrid
• Huerta de Soto interviewed by GoldMoney Foundation

Template:Persondata

• 1956 births
• Living people
• People from Madrid
• Spanish economists
• Austrian School economists
• Mont Pelerin Society members