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'''Joseph T. Salerno''' is an [[Austrian School]] | '''Joseph T. Salerno''' (born 1950) is an [[Austrian School]] economist in the [[United States]]. He is academic vice president of the [[Mises Institute]], professor emeritus of economics at Pace University, and editor of the ''[[Quarterly Journal of Austrian Economics]]''.<ref name="bio">[https://freecapitalists.org/authors/joseph-t-salerno/ Joseph T. Salerno] at the Liberty Archive.</ref> He received his Ph.D. in economics from Rutgers University. | ||
His work is chiefly in monetary theory, the history of economic thought, and the interpretation of [[Ludwig von Mises]]. | |||
==Mises and Hayek de-homogenized== | |||
Salerno is best known for arguing that the views of [[Ludwig von Mises]] and [[Friedrich Hayek]] on [[economic calculation]] have been wrongly merged into a single position. On the standard reading, both were making an argument about the dispersal of knowledge, and Hayek's version is taken as the mature statement of it. | |||
Salerno's contention is that the two arguments are distinct. Mises's objection to [[socialism]] is that without exchangeable ownership of the factors of production there are no money [[price]]s for them, and therefore no way to perform the arithmetic by which competing production plans are compared. That is a claim about calculation and it does not depend on knowledge being dispersed; it would hold even for a planner who knew everything. Hayek's argument, by contrast, concerns the tacit and dispersed character of knowledge and the impossibility of assembling it centrally. | |||
Treating the second as a restatement of the first, on this reading, concedes ground Mises never conceded, and it made the calculation debate look settled by the market-socialist proposals of Oskar Lange in a way that Salerno argues it was not.<ref name="dehom">Joseph T. Salerno, "Mises and Hayek Dehomogenized", ''[https://freecapitalists.org/journals/rae/ Review of Austrian Economics]'', 1993.</ref> | |||
The interpretation is contested, and the resulting literature on how far Mises and Hayek differ is now substantial. | |||
==Money and banking== | |||
Salerno has written extensively on [[money]], on the definition of the [[money supply]] appropriate to Austrian theory, on [[deflation]], and on the case for a [[gold standard]] with fully backed reserves. He is among the leading modern proponents of the view that [[fractional reserve banking]] is inherently destabilising, and his collected monetary writings appear as ''Money: Sound and Unsound''. | |||
==See also== | |||
* [[Austrian School]] | |||
* [[Economic calculation]] | |||
* [[Ludwig von Mises]] | |||
* [[Quarterly Journal of Austrian Economics]] | |||
* [[True Money Supply]] | |||
* [[Fractional reserve banking]] | |||
==References== | |||
{{reflist}} | |||
==Links== | |||
* [https://freecapitalists.org/authors/joseph-t-salerno/ Works by Joseph T. Salerno] at the Liberty Archive | |||
{{DEFAULTSORT:Salerno, Joseph}} | {{DEFAULTSORT:Salerno, Joseph}} | ||
[[Category: | [[Category:Economists]] | ||
Latest revision as of 05:50, 16 August 2026
Joseph T. Salerno (born 1950) is an Austrian School economist in the United States. He is academic vice president of the Mises Institute, professor emeritus of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics.[1] He received his Ph.D. in economics from Rutgers University.
His work is chiefly in monetary theory, the history of economic thought, and the interpretation of Ludwig von Mises.
Mises and Hayek de-homogenized
Salerno is best known for arguing that the views of Ludwig von Mises and Friedrich Hayek on economic calculation have been wrongly merged into a single position. On the standard reading, both were making an argument about the dispersal of knowledge, and Hayek's version is taken as the mature statement of it.
Salerno's contention is that the two arguments are distinct. Mises's objection to socialism is that without exchangeable ownership of the factors of production there are no money prices for them, and therefore no way to perform the arithmetic by which competing production plans are compared. That is a claim about calculation and it does not depend on knowledge being dispersed; it would hold even for a planner who knew everything. Hayek's argument, by contrast, concerns the tacit and dispersed character of knowledge and the impossibility of assembling it centrally.
Treating the second as a restatement of the first, on this reading, concedes ground Mises never conceded, and it made the calculation debate look settled by the market-socialist proposals of Oskar Lange in a way that Salerno argues it was not.[2]
The interpretation is contested, and the resulting literature on how far Mises and Hayek differ is now substantial.
Money and banking
Salerno has written extensively on money, on the definition of the money supply appropriate to Austrian theory, on deflation, and on the case for a gold standard with fully backed reserves. He is among the leading modern proponents of the view that fractional reserve banking is inherently destabilising, and his collected monetary writings appear as Money: Sound and Unsound.
See also
- Austrian School
- Economic calculation
- Ludwig von Mises
- Quarterly Journal of Austrian Economics
- True Money Supply
- Fractional reserve banking
References
- ↑ Joseph T. Salerno at the Liberty Archive.
- ↑ Joseph T. Salerno, "Mises and Hayek Dehomogenized", Review of Austrian Economics, 1993.
Links
- Works by Joseph T. Salerno at the Liberty Archive