Jesús Huerta de Soto

Source: Wikipedia, the free encyclopedia.
In this
Spanish name, the first or paternal surname
is Huerta de Soto and the second or maternal family name is Ballester.
Jesús Huerta de Soto
Austrian School
Influences[citation needed] Ludwig von Mises, Carl Menger, Eugen von Böhm-Bawerk, Friedrich Hayek, Murray Rothbard, Israel Kirzner
AwardsKing Juan Carlos International Prize for Economics, Adam Smith Prize, Franz Kuechel Prize for Excellence in Economic Education[1]

Jesús Huerta de Soto Ballester (born December 23, 1956) is a Spanish

Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Mises Institute.[2][3][4]

Education and career

Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from

Complutense University. His MBA in actuarial science is from Stanford University, 1985.[1][5] In 2000 he became a full professor of Political Economy at Universidad Rey Juan Carlos in Madrid.[6] Since 2007 he is director of the Austrian Economics Master Program Master Economía de la Escuela Austríaca at the Rey Juan Carlos University.[7]

Huerta de Soto was editor of seven volumes of the Spanish-language version of the

Madrid Institute for Advanced Studies (IMDEA)[17] in social sciences and was a vice-president and director of the Mont Pelerin Society from 2000 to 2004.[17]

Economic views

Classical liberalism

An

anarcho-capitalist, Huerta argues that classical liberalism and their ideal is theoretically impossible; he also believes that classical liberals have failed to limit the power of the state.[18]

General equilibrium theory

Economist Leland B. Yeager has cited Huerta de Soto as an example of scorn in economics. Yeager states that Soto scorns general equilibrium theory, citing a passage in which Soto refers to the "pernicious analysis" of price equilibrium at "the intersection of mysterious curves or functions lacking any real existence...even in the minds of the actors involved."[19]

Austrian business cycle and full reserve banking

Huerta de Soto advocates full-reserve banking, a system in which 100% reserve requirements for banks would prevent any expansion of credit.[20][21]

In 2006, Huerta de Soto wrote an 876-page book on the subject, published in English by the Mises Institute as Money, Bank Credit, and Economic Cycles.[22] Samuel Gregg reviewed the book writing that "[t]he sheer length of this text will demand much time and concentration of readers wishing to fully absorb its insights. Certainly there is an element of repetition at different points. This tends, however, to reflect De Soto's determination to demonstrate that the moral, legal, and economic dimensions of money, credit, and banking cannot be artificially separated from each other without risking the loss of a sound understanding of the subject."[23] In the journal New Perspectives on Political Economy, Ludwig van den Hauwe suggested that "[e]ven if it may be difficult at this time to gauge in any precise manner the effect the book will have on the economics profession at large, there can be no doubt the book is destined to become a classic, both by virtue of the subject matters that are treated and in virtue of the manner in which they are treated: thoroughly and authoritatively."[24]

Larry J. Sechrest's review of Huerta de Soto's book, also published by the Mises Institute, stated that the author attempted to provide "final and decisive proof" that fractional reserve banking is incompatible with private property rights, morality, and a stable economy. Sechrest wrote that although Huerta de Soto presented a painstaking investigation of legal theory, banking history, business cycles, and medieval theological doctrine, a great deal of it is irrelevant to the book's thesis. Sechrest concludes "Above all, Huerta de Soto refuses to even consider the possibility that banks' customers may have been quite willing to face some risk exposure in exchange for the benefits 100 percent reserve banks are unable to provide" and believes that "any departure from 100 percent reserve banking is automatically taken to be evidence of malfeasance by bankers, even when there is no clear data on the details of the contractual relations negotiated by depositors."[25]

In his chapter on "Attempts to Legally Justify Fractional-Reserve Banking", Huerta de Soto considers the possibility "that a certain group of bank customers (or for the sake of argument, all of them) enter into a deposit contract aware and fully accepting that banks will invest (or loan, etc.) a large portion of the money they deposit". In this case, argues Huerta de Soto, "the supposed authorization from the depositors lacks legal validity" because few lay-persons understand the instability inherent in fractional-reserve banking: they believe their deposit is guaranteed, which Huerta de Soto considers a (near universal) misconception. As evidence of the true wishes of depositors, he cites the riots that resulted when banks suspended payments during the 1998–2002 Argentine great depression.[26]

Money and banking

Andre Azevedo Alves and Jose Moreira state that Huerta de Soto has written the "most complete and integrated analysis of the theories of banking" of the School of Salamanca.[27]

Reception

In a review for the Mises Institute's Review of Austrian Economics, Institute Associated Scholar

United States representative Ron Paul endorsed Huerta de Soto's view that fractional reserve banking is the cause of financial instability.[29][30] An Institute of Economic Affairs review described The Theory of Dynamic Efficiency as "[a] major new collection in the field of Austrian economics" and called Huerta de Soto "a leading Spanish scholar".[31]

Honorary doctorates

Publications

Books

Journals

For a list of articles published in Spanish, English, and other languages, see the Huerta de Soto website.[39]

See also

References

  1. ^
    Finance University under the Government of the Russian Federation
    , April 27, 2011.
  2. Universidad Rey Juan Carlos
    website.
  3. ^ ""Faculty Members." Archived 2013-07-28 at the Wayback Machine Ludwig von Mises Institute.
  4. The Austrian Economics Newsletter
    . (Summer 1997; Volume 17, Number 2.)
  5. ^ Jesús Huerta de Soto website Archived 2005-10-25 at the Wayback Machine, see Curriculum Vitae, Titulos Academicos.
  6. ^ Jesús Huerta de Soto website Archived 2005-10-25 at the Wayback Machine, see Curriculum Vitae, Actividad Docente Desempeñada.
  7. ^ "Master Economía de la Escuela Austríaca URJC". Archived from the original on 2021-03-26. Retrieved 2017-12-23.
  8. ^ Jesús Huerta de Soto website Archived 2005-10-25 at the Wayback Machine, see Curriculum Vitae, Labor Editorial; section includes information on the Complete Works of F.A. Hayek, pp. 1–2; New Library of Liberty, pp. 3–4; Journal of Market Processes, pp. 4–5.
  9. ^ "Plan of the Collected Works of Hayek". U of Chicago Press. Archived from the original on 11 July 2014. Retrieved 26 February 2014.
  10. ISBN 1135630755
  11. Bruce Caldwell, General Editor, University of Chicago Press
    , 19 Volumes.
  12. Bruce Caldwell, 1996; Hayek sobre Hayek: Un Diálogo Autobiográfico, La Fatal Arrogancia: Los Errores del Socialismo Archived 2014-01-01 at the Wayback Machine, editor with Stephen Kresge, Leif Wenar, 1997; Socialismo y Guerra: Ensayos, Documentos y Reseñas Archived 2014-01-01 at the Wayback Machine, editor with Bruce Caldwell, 1998; Ensayos de Teoría Monetaria (two volumes in 2000, with Stephen Kresge and José Antonio de Aguirre Archived 2016-06-01 at the Wayback Machine and 2001. For more details see Jesús Huerta de Soto website Archived 2005-10-25 at the Wayback Machine
    , Curriculum Vitae, Labor Editorial, A. Compete Works of F.A. Hayek, pp. 1–2.
  13. ^ New Perspectives on Political Economy board listing Archived 2013-09-21 at the Wayback Machine at its website.
  14. ^ Editorial Board listing of the Journal of Markets and Morality Archived 2014-01-09 at the Wayback Machine at its website.
  15. ^ "Faculty and Staff". Archived from the original on 2013-07-28. Retrieved 2014-09-13.
  16. ^ Editorial Board Listing Archived 2014-09-14 at the Wayback Machine of Quarterly Journal of Austrian Economics
  17. ^ a b Jesús Huerta de Soto website Archived 2005-10-25 at the Wayback Machine, see Curriculum Vitae, Otros Meritos.
  18. ^ Jesús Huerta de Soto (October 24, 2017). "Classical Liberalism versus Anarchocapitalism". Mises Institute. Archived from the original on October 21, 2020. Retrieved October 7, 2019.
  19. ISBN 978-1610164214. Archived
    from the original on 3 January 2014. Retrieved 15 June 2013.
  20. Ludwig von Mises Institute. Archived
    (PDF) from the original on September 27, 2013. Retrieved May 22, 2013. Other Austrians such as ... de Soto (2006) have gone further and advocate a 100 percent reserve banking system ruling out credit expansion altogether.
  21. ISSN 1086-1653. Archived
    (PDF) from the original on September 27, 2013. Retrieved May 22, 2013.
  22. ISBN 978-1610163880
    . Retrieved 4 August 2013.
  23. ^ Gregg, Samuel (Spring 2007). "Review of "Money, Bank Credit, and Economic Cycles"". Markets and Morality. 10 (1): 185–187. Archived from the original on 2014-08-26. Retrieved 2014-08-22.
  24. SSRN 2399403
    .
  25. ^ Larry J. Sechrest, Larry J. Sechrest Book “Free Banking: Theory, History, and a Laissez-Faire Model” Archived 2014-12-16 at the Wayback Machine, Larry J. Sechrest Preface to June 2008 edition published by Ludwig Von Mises Institute, pp. 1–3; originally published by Quorum Books, 1993.
  26. ^ Huerta de Soto, 2012, pp. 141–142.
  27. ISBN 978-0826429827
  28. S2CID 152548080. Archived
    (PDF) from the original on 2013-12-03. Retrieved 2013-08-05.
  29. ^ Paul, Ron (October 1, 2009). "The Money Monopoly: How the Federal Reserve Rips You Off". The American Conservative. American Ideas Institute.[dead link]
  30. ISBN 978-0446568180
  31. ^ "Review of Theory of Economic efficiency Archived 2014-01-09 at the Wayback Machine", Institute of Economic Affairs website, November 12, 2008.
  32. ^ Federico Bauer Rodríguez ¿Por qué la libertad? (I) Archived 2014-01-06 at the Wayback Machine (in Spanish) El Periódico. Retrieved 5 January 2014
  33. ^ LAUDATIO in honour of Professor Jesús Huerta de SOTO from Rey Juan Carlos University, Madrid Archived 2013-10-30 at the Wayback Machine Alexandru Ioan Cuza University. Retrieved 4 January 2014
  34. OCLC 690811169
    . (trans. from the Spanish by Rosine Létinier; part of the Collection Science économique et liberté series)
  35. ^ Reviewed in: Grassl, Wolfgang (March 22, 2010). "Theory of Dynamic Efficiency. (Book review)". Journal of Markets & Morality. Acton Institute for the Study of Religion and Liberty. Archived from the original on November 6, 2013. Retrieved 14 June 2013. This book contains twenty essays, sixteen of which have already appeared elsewhere during the period 1994–2004. Topics include the methodology and history of economics, entrepreneurship, socialism, nationalism, central banks and free banking, ethics, and liberal social thought (in the European sense of the term).
  36. ^ Reviewed in: Hladík, René (July 1, 2010). "Peníze, Banky a Hospodářské Krize" [Money, Banking and Economic Crisis]. E+M: Ekonomie a Management (in Czech). Technical University Liberec. Archived from the original on November 6, 2013. Retrieved 23 May 2013.
  37. ^ Reviewed in: "Socialism, economic calculation and entrepreneurship (Book review, brief article)". Reference & Research Book News. Portland, OR: Book News, Inc. November 1, 2010.
  38. OCLC 494633680. (with Melinda A. Stroup, translator) (Reviewed in: Gregg, Samuel (March 22, 2007). "Money, Bank Credit and Economic Cycles (Book Review)". Journal of Markets & Morality. Acton Institute
    for the Study of Religion and Liberty.
  39. ^ Jesús Huerta de Soto website Archived 2015-07-08 at the Wayback Machine, see Curriculum Vitae, Actividad Investigadora Publicaciones I and II and Otras publicaciones.

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