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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (29369)5/5/2005 6:09:38 AM
From: Elroy Jetson  Read Replies (2) of 116555
 
The only practical problem with monetary velocity is that it is difficult to measure accurately, particularly in real time. The Fed focuses on measuring total money and credit because it is easy to do so. The Fed unfortunately combines these two and calls them "money supply" as is common among Monetarists and Keynesians.

Economists who are sometimes called "Austrian" today, were in their own day were referred to as "hard money" economists. They understood that money and credit, although similar, are two very different things especially during periods of economic stress. Because of this unfortunate confusion between money and credit only three economists predicted the Great Depression:

1.) Charles Rist, of France;
2.) Ludwig von Mises, of Austria;
3.) and Gustav Cassel, of Sweden.

This website dedicated to economist Robert Mundell explains what these three economists understood. It is contained in Mundell's Nobel Prize lecture "A Reconsideration of the Twentieth Century".

robertmundell.net

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