Credit And The Two Sources From Which It Springs: The Propensity To Save And The Propensity To Consume - Volume I

AUTHOR "When we met, Antal E. Fekete was hardly known. Today, he is read around the world, as he fully deserves to be. I am proud to call this man my friend. His thinking is as fresh and profound as ever; his erudition is classic, hard to be found in economic circles today." - Hugo Salinas Price, President, Mexican Civic Association Pro Silver, A.C. Mexico City, Mexico"There is no one on the planet who describes the gold issue better than you, nor anyone who better expresses visceral indignation against our fraudulent monetary system. On issues relating to gold you are the best of the best. It is an honor to have an association with you." - Larry Parks, Executive Director, FAME (Foundation for the Advancement of Monetary Education) " I highly recommend that everyone attend as many of the professor's live seminars as possible because the full effect of his greatness is best appreciated in person, especially for the layman. You never know, the experience may turn out to be as priceless in retrospect as having attended a lecture by Adam Smith, Sir Isaac Newton or Albert Einstein before they were recognized for their greatness. Whether you get a chance to catch the professor live or not, all of his writings are must reading for the serious student of money, gold, finance and economics." - Tom Szabo - Silveraxis. Money and Credit - Volume I. Austrian economist Prof. Antal Fekete has published his Opus Magnum in 4 volumes or about 900 pages. This first volume reads the easiest ( about the level of Bachelor) but the contents contain the foundations for the three other volumes. His out-of-print earlier works such as the prize-winning essay Whither Gold? has been added as well as the Pillars of Sound Money and Credit told in the form of a tale. His style is erudite - yet clear and concise. The mainstream economics student and other readers may expect a mathematical exposition. But Fekete, being a math professor, denies economics is a field of purely mathematical science. He maintains it always has been and will be a human science (a science of Human Action). At the end of this volume has been added a small section on 'fractional banking'. Here you encounter some light mathematics and it will not burden the non-mathematicians. On the occasion of this reprint, many endnotes have been added, as well as a bibliography and index. You also may enjoy the tongue-in-cheek glossary.This is Volume I of a never published Treatise on Gold, Interest and Discount and the hitherto undiscovered links between them, necessary for the distributed decision making on interest rates or discount rates. A penetrating study of the inner working of the gold standard. Additionally, social cooperation in a free market makes for distributed economic wisdom.Academic work with bibliography, notes and illustrations in 4 volumes, based on the seminal work of the founder of the Austrian School of Economics Prof. Carl Menger and his important later disciples like Ludwig von Mises and F. Hayek yet without phenomenology or dogmatic liberalism ideology.