Lawrence H. White

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Lawrence H. White
F. A. Hayek
Information at IDEAS / RePEc

Lawrence Henry White (born November 27, 1954) is an American economics professor at

Federal Reserve System[failed verification] and the promotion of private and competitive banking.[1]

Career

White earned his

Economic History with the University of Missouri–St. Louis Economics department from 2000 to 2009, teaching American Economic History, Monetary Theory, and Money and Banking. Previously, he was assistant professor at New York University and Associate Professor at The University of Georgia in Athens, Georgia.[2]

Articles by White on monetary theory and banking history have appeared in the

Journal of Money, Credit, and Banking as well as other professional journals.[3] White is an associate editor of the "Review of Austrian Economics",[4] a contributing editor to the Foundation for Economic Education's magazine The Freeman, and an adjunct scholar of the Cato Institute.[5]

Economic views

White has been influenced by

Austrian School of Economics and considers himself an "economist who values the Austrian tradition."[7][8] He has analyzed the theory and history of free banking, a system under which commercial banks and market forces control the provision of banking services.[9] He supports "depoliticizing the supply of money," considers "free market monetary arrangements" feasible and argues that market monetary institutions "can more credibly be found by contract to perform as desired."[10]

White's Free Banking in Britain analyzes the efficient systems of free banking in Scotland for 128 years until it was suppressed by the British Parliament which was having problems with its own banking system.[11] The book brought respectability in academic economics to the idea of free banking. However, some supporters of free banking who prefer commodity backed currency to private fractional reserve currency disagree with his portrayal of the Scottish banking system as truly free.[12][13] White has countered their arguments.[6] However, White does not dismiss the possibility that in a free market people might prefer a commodity standard, such as the gold standard.[14]

White's 1999 book The Theory of Monetary Institutions is a theoretical and historical account of both existing and alternative monetary regimes used as an advanced undergraduate and graduate-level economics text. Professor Steve Hanke writes that "White provides a uniquely insightful perspective into a difficult and controversial area, and his arguments and analysis are unbeatable."[15]

White, who has been a visiting scholar at the

Federal Reserve System.[16] He has written that the economics profession is greatly influenced by the Federal Reserve because of the millions of dollars in research grants it supplies to academics.[17][18] White has been quoted as saying that nationalized banks "divert money to the most vote-productive uses rather than the most economically productive uses."[19] White's view on the usefulness of transferring digital money via cellphone[20] and on his criticism of Limited Purpose Banking have been mentioned in mainstream publications.[21]

White received an Honorary Doctoral Degree at Universidad Francisco Marroquín in 2011 due his research on monetary policy and monetary history.[22]

Books

References

  1. Richard M. Ebeling, Book review Archived 2010-11-22 at the Wayback Machine
    , Freedom Daily, November 2001.
  2. ^ a b Lawrence H. White Curriculum Vitae Archived 2010-05-30 at the Wayback Machine
  3. ^ Lawrence H. White faculty page Archived 2009-05-20 at the Wayback Machine at the Mercatus Center, George Mason University.
  4. ^ Review of Austrian Economics Editorial Board
  5. ^ Lawrence H. White faculty page Archived 2011-02-22 at the Wayback Machine, George Mason University.
  6. ^
    ISSN 0889-3047
    .
  7. ISBN 978-1-84855-330-9
  8. Ludwig Von Mises Institute
    , 1988.
  9. ^ Lawrence H. White, Competitive Money, Inside and Out Archived 2011-02-16 at the Wayback Machine, Cato Institute Journal 3, Spring 1983, 281–99.
  10. ISBN 978-0-8223-0842-3
  11. Lew Rockwell.com
    , January 29, 2008.
  12. ^ Larry J. Sechrest, Whites Free-Banking Thesis: A Case of Mistaken Identity, The Review of Austrian Economics.
  13. ^ Murray N. Rothbard, The Myth of Free Banking in Scotland Archived 2011-07-22 at the Wayback Machine, The Review of Austrian Economics.
  14. ISBN 978-0-945466-11-6
    .
  15. ^ The Theory of Monetary Institutions information page Archived 2010-06-02 at the Wayback Machine at the University of Missouri–St. Louis web site.
  16. ^ See several articles at Lawrence H. White page at Cato Institute website and White letter on the Federal Reserve Archived 2010-11-28 at the Wayback Machine, July 22, 2009.
  17. Lew Rockwell.com
    , September 28, 2009.
  18. ^ Lawrence H. White, "The Federal Reserve’s Influence on Research in Monetary Economics", Econ Journal Watch, 2005.
  19. Orange County Register
    editorial, January 27, 2009.
  20. New York Times
    , November 15, 2009
  21. Christian Science Monitor
    , October 6, 2010.
  22. ^ Honorary Doctoral Degrees, November 2011 at the Universidad Francisco Marroquín

External links

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