True Money Supply: Difference between revisions
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'''True Money Supply''' (TMS), what Austrian economists call “money in the broader sense,” is based on the definition of [[money]] as originally formulated by [[Ludwig von Mises]] in his [[Theory of Money and Credit]]. | '''True Money Supply''' (TMS), what Austrian economists call “money in the broader sense,” is based on the definition of [[money]] as originally formulated by [[Ludwig von Mises]] in his ''[[The Theory of Money and Credit]]''. | ||
Algebraically, TMS = Standard Money (held by the public) + Money Substitutes | Algebraically, TMS = Standard Money (held by the public) + Money Substitutes | ||
Revision as of 21:28, 14 December 2010
True Money Supply (TMS), what Austrian economists call “money in the broader sense,” is based on the definition of money as originally formulated by Ludwig von Mises in his The Theory of Money and Credit.
Algebraically, TMS = Standard Money (held by the public) + Money Substitutes
TMS was further developed / brought current with varying degrees of differences and interpretations by economists Murray Rothbard, Joseph Salerno and Frank Shostak, differences one author has attempted to resolve in the essay Money Supply Metrics, the Austrian Take [1]
The TMS consists of the following: Currency Component of M1, Total Checkable Deposits, Savings Deposits, U.S. Government Demand Deposits and Note Balances, Demand Deposits Due to Foreign Commercial Banks, and Demand Deposits Due to Foreign Official Institutions.