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Money, banks and competition
Haloun, Martin ; Žamberský, Pavel (advisor) ; Šaroch, Stanislav (referee)
This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.
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Support of Consumption Through Economic Transfers Viewed by Optic of Austrian School and Its Consequences for Example of Current Crisis in the U.S.
Šolc, Jan ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.
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Analysis of impact of legalization of precious metal coins in Utah
Šimák, Vojtěch ; Havel, Jan (advisor) ; Šťastný, Daniel (referee)
This thesis deals with the law, which was enacted in Utah and makes gold and silver coins legal tender in this state. Goal of this thesis is to show how individuals will change their actions, especially regarding their selection of medium of exchange. The thesis shows deficiencies in an acted law and of feral alternative, which could enable more spread use of gold and silver coins. Thesis uses metodology of austrian school, which deals with monetary policy.
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The Reform of Financial Markets after the Financial Crises in USA and the Rest of th World
Bohoněk, Jakub ; Jílek, Josef (advisor) ; Munzi, Tomáš (referee)
This thesis deals with the problem of recent financial crisis and possible ways to prevent it from returning in the future. The basic document here deals with the changes made by US government and their comparison with set of laws from the time of the Great Depression. This comparison results into proposal of some further changes. The last part deals with the systematic flaw of credit expansion a offers a solution based on principles of the Austrian school modified to correspond more closely with current system
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Is Hayek's Road to Serfdom inevitable?
Lukschová, Veronika ; Holman, Robert (advisor) ; Rotschedl, Jiří (referee)
This paper analyzes Hayek's central idea of the book The Road to Serfdom, which says that the implementation of socialist ideas in the economy leads to a totalitarian state. This trend is not inevitable, though it was often interpreted as follows. Therefore, the work examines the argument that Hayek did not take his journey into slavery into account the conservation of consumer sovereignty. It was also pointed out that in practice, for example, socialist Sweden did not rise to the totalitarian state. Hayek was also attacked, misinterpreted the concept of the journey into slavery by Hilaire Belloc. These arguments have been challenged. None of them did not pay enough to the central core of Hayek's argument in the causes and consequences, or the unintended consequences of central planning under socialism. Hayek's journey into slavery on the basis of the arguments surveyed is not inevitable.
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Austrian business cycle theory and its application to the Great Depression
Svatek, Jakub ; Dočkal, Dalibor (advisor) ; Loužek, Marek (referee)
This thesis deals with the Austrian business cycle theory. At the beginning it introduce methodology of the Austrian School. It also describes the Austrian structures of the capital and production based on time preference, which are necessary to understand this whole theory. One of goals is to show the possible causes of the business cycle, which the Austrian economists see in the monetary expansion. This causes a reduction in interest rates, disorientation of investors and the spread of investment demand. Furthermore, the task is to verify the viability of this theory in practice, applications to the Great Depression in the U.S.. Here this thesis analyzes the anti-crisis measures of the government of presidents Hoover and Roosevelt. Results are compared with the assumptions of Austrian theory and based on this comparison it draws conclusions.
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Implications, causes and possible reform of the current financial crisis by the Postkeynesian and Austrian view
Vondruška, Tomáš ; Tajovský, Ladislav (advisor) ; Chytil, Zdeněk (referee)
This diploma thesis is trying to describe implications of current financial crisis by the Postkeynesian and Austrian view. The introduction section focuses on course of events in the United States of America after the September 11 attacks on World Trade Center till outbreak of mortgage crisis in 2007. After 9/11 the Federal Reserve System started to unprecedentedly increase the money supply. Large amount of these new resources flowed to the real estate market. Incurred conditions and implications to other financial sectors till the bankruptcy of Lehman Brothers in September 2008 are thoroughly studied. The causes of the crisis are being looked through the Postkeynesian and Austrian perspective in this thesis, because the major representatives of these two economic branches were able to predict the crisis coming. By using the works of the Postkeynesian and Austrian economists, possible solutions how to avoid this negative economic event in the future are being mentioned in the final part of this diploma thesis. Their suggestions and proposals contrast each other. Nevertheless I reach certain recommendation here, which shows government's interventions are inappropriate and functionless. These interventions have also harmful influence on the free-market economy function. Moreover they tend to deepen recessions. These arguments are being demonstrated on real cases.
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The Theory of Competition: Austrian and Neoclassical approach
Chmelík, Pavel ; Holman, Robert (advisor) ; Šťastný, Daniel (referee)
The paper compares Austrian and Neoclassical approach to the theory of competition. It finds an answer to the question, which of the two compared theories is more realistic. The comparison is based mainly on the approach to the role of competition in the formation of diverse market structures, on the view of the role of entrepreneur on the market and the role of market in the dispersion of information in the economy. The positions of the two schools to the above mentioned problems are very different and form the core of controversy between the two theories.
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Great Depression and its causes from the perspective of economic theories
Pýcha, Ondřej ; Sirůček, Pavel (advisor) ; Nečadová, Marta (referee)
The Great Depression was the greatest economic downturn in 20th century. In my work I describe a period before the crisis, and the collapse of the American Stock Exchange, which is often wrongly considered as the beginning of crisis. Main economical theories saw different reasons of crisis. Keynesians saw the biggest problem in the lack of aggregate demand and the solutions they saw in government stimulation of demand. Austrian school with this theory completely disagreed and saw just the biggest mistake of the government interventions that deepened the crisis. Monetarists saw the biggest problem in the failure of the Federal Reserve, which failed at the time of distress, when it should get adequate amount of money to banks. Saw a possible solution in reducing the interest rate and Federal reserve should purchase government bonds held by commercial banks. The United States got out of the crisis thanks to government spending during the World War II.
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