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Source link: http://archive.mises.org/10524/the-school-of-salamanca-saw-this-coming/

The School of Salamanca Saw This Coming

August 26, 2009 by

The arguments of both schools of thought — the School of Salamanca on the one hand and the Austrian school of economics on the other — are powerful critiques against the central banks’ role in regulating interest rates (the price of the product) and money supply (the quantity of the product). For the priests writing in Spain, to regulate the interest rate through a centralized authority would be to presume that one man could know that of which only God has certain knowledge. FULL ARTICLE by Jerzy Strzelecki

{ 11 comments }

fundamentalist August 26, 2009 at 8:47 am

Thanks for the acknowledgement of the School of Salamanca. I wish I could attend the Austrian conference coming up there. In addition to supporting the free market, Church scholars also upheld the sanctity of private property.

Harry Valentine August 26, 2009 at 8:58 am

Politicians (with the exception of Dr Ron Paul) have chosen to adhere to the teachings of an Anti-Christ who has misled many with his very perverted economic theories (Keynes). The so-called economic miracles that developed courtesy of Keynesian theory could give rise to a major economic tribulation as national economies collapse due to excess printing of paper currency, The US economy is on shaky ground with hyper-inflation on the horizon and the threat of money markets dumping the US dollar in favor of a more reliable currency.

Karlos August 26, 2009 at 9:16 am

I’m an atheist but this is just a great article!

Bruce Koerber August 26, 2009 at 9:41 am

To all of you that are able to go to the Supporters Summit 2009 in Salamanca, Spain:

With the globe as one community and individuals from all over attending this intellectual event of major importance, remember how freedom and liberty rang true there in the past, and now in the present, and necessarily in the future.

Lucky, blessed, chosen: whatever the reason, congratulations, enjoy every moment, and bring it all home with you!

doug August 26, 2009 at 10:34 am

Windmills grind flour to make gingerbread?

George August 26, 2009 at 11:38 am

In Greenspans book, The Age of Turbulence, there’s a passage on page 297 where Greenspan describes his debate with Li Peng and says that the US tried price controls (under Nixon) but learned that they don’t work.

This conversation was during the period when Greenspan was head of the Fed and controlling US interest rates….

Juliusz August 26, 2009 at 12:26 pm

Dobrze zobaczyc polskiego autora na madrej stronie internetowe z madrym i ciekawym artykulem. Good to see polish author at last…especially that Poles don’t participate much in libertarian/free market thought much unfortunatelly.

Abhilash Nambiar August 26, 2009 at 2:44 pm

To Karlos
I am an atheist and this is a great article.

I will go one further step and declare, if spreading the belief that private property is sacred, is necessary to further the cause for liberty; then so be it. Unfortunately, most religious people usually prefer to live in states where their kind of values are enforced. Living among people who willingly abide by values they hold dear is considered a second best option. Despite this noteworthy example, the reason most religious people fear liberty is precisely because they do not want anyone to use their liberties to do what their religion forbids. The gulf between paleo-libertarians and paleo-conservatives may be deeper than it looks. But it will be one worth bridging.

tadeusz August 27, 2009 at 2:55 am

People from different backgrounds come to exactly the same conclusions if they study nature of human interactions with the same strong attention to detail and great intelectual courage. I wonder how many times was Mises’ praxeology discovered before XX’th century.

(polish proverb ,,Co ma piernik do wiatraka?” looks silly in english translation)

Old Hop August 27, 2009 at 7:23 am

I’m a Christian, so articles like this are a delight. One of the uphill battles the minority of believers face is convincing our brethren of the thesis of this piece — that a just price is the market price. Most Christians I know subscribe to the labor theory of value because they believe work is intrinsically valuable. What they miss is the is that the subjective nature of value compliments one of the basic tenets of our faith — that mankind is made in the image and likeness of God. Only humans assign ordinal value to things.

Ethan August 29, 2009 at 12:22 pm

I know a growing number of Christians who are increasingly willing to recognize that the State has constantly threatened rather than preserved their christian ideals. While religious Statists obviously believe in using the state to impose their will on others, it is not fair to characterize all religious people who support government in this way. From my conversations it is clear that many simply fear the chaos of the unknown should the current State collapse. Many are also worried that it would be disobedient to ignore the idea of “rendering unto Cesar”.
Pragmatically speaking it is ridiculous for atheists, agnostics or Christians to keep arguing about who are the “real” advocates of liberty, if their goal is to further the cause of freedom.

I have found it very effective to suggest to freedom-inclined Christians that rationally derived economic law is simply the naturally observable facet of the Divine Providence operating on the civil plane. If they accept that then it is a great deal easier to make the case that Statist intervention is in conflict with the operation of the Divine, and that regular reliance on the State (in times of crisis even) exhibits at best.a lack of faith.

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