Overview

In his Critique of Mainstream Austrian Economics, math professor Antal Fekete concisely formulates a number of arguments, not so much against Austrian Economics, but rather in favour of them. His critique ought to be interpreted as a way of fortifying and improving on Carl Menger and Ludwig von Mises and their concepts, heterodox as they were in Central Europe, before World War I. Some arguments take position against Mises who seemed locked into conclusions, inspired by unfortunate assumptions like the Quantity Theory of Money. Overcoming these limitations improves coherence in economic theory. The title should not fool the reader, the arguments are crafted against those who took Menger and Mises and hammered their concepts forcefully into mainstream of economic science. Whatever their motives, their move stunted independent development of Austrian Economic thinking. Antal Fekete sets out to correct this unfortunate situation. He feels this work should be the beginning, not the end, of a renewal in Austrian economic thinking.

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9789082065527

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Reviews

When we met, Antal E. Fekete was hardly known. Today, he is read around the world, as he fully deserves to be. I am proud to call this man my friend. His thinking is as fresh and profound as ever; his erudition is classic, hard to be found in economic circles today. - Hugo Salinas Price, President, Mexican Civic Association Pro Silver, A.C. Mexico City, Mexico There is no one on the planet who describes the gold issue better than you, nor anyone who better expresses visceral indignation against our fraudulent monetary system. While we disagree on some matters, on issues relating to gold you are the best of the best. It is an honor to have an association with you. - Larry Parks, Executive Director, FAME (Foundation for the Advancement of Monetary Education) His thinking has extended and complemented the work of Mises, Roepke, Bohm-Bawerk et all. Of course, many true believers in the Austrian school continue to call his work 'heresy' and refuse to accept the true, positive impact of the Professor's ideas. Too bad! It seems Professor Fekete is a heretic visionary! - Rudy Fritsch, Canada The depths of Professor. Feketea (TM)s insights into golda (TM)s role in the modern (and classical) monetary system are breathtaking, yet his writing style is very straightforward and readable. His essays are a rare treat for the amateur scholar or industry professional. A thorough study of his complete body of work is absolutely essential to anyone attempting to make rational investment decisions today. If you dona (TM)t believe me on that last point, market events will change your mind soon enough. - Nathan Narusis, CFA I highly recommend that everyone attend as many of the professor's live seminars as possible because the full effect of his greatness is best appreciated in person, especially for the layman. You never know, the experience may turn out to be as priceless in retrospect as having attended a lecture by Adam Smith, Sir Isaac Newton or Albert Einstein before they were recognized for their greatness. Whether you get a chance to catch the professor live or not, all of his writings are must reading for the serious student of money, gold, finance and economics. - Tom Szabo The so-called study of economics has devolved into a justification of debt-based economies in the guise of free-markets. Serious students could do no better than to stop at Professor Feketea (TM)s door for a refreshing repast of truth instead of the self-serving cant and opinion being ladled out by the supporters of paper money. - Darryl Robert Schoon, Author Professor Fekete is the man to listen to if you want to find out what is really going on in this crazy financial circus that masquerades as our global economy. - Tom Cash

When we met, Antal E. Fekete was hardly known. Today, he is read around the world, as he fully deserves to be. I am proud to call this man my friend. His thinking is as fresh and profound as ever; his erudition is classic, hard to be found in economic circles today. - Hugo Salinas Price, President, Mexican Civic Association Pro Silver, A.C. Mexico City, Mexico There is no one on the planet who describes the gold issue better than you, nor anyone who better expresses visceral indignation against our fraudulent monetary system. While we disagree on some matters, on issues relating to gold you are the best of the best. It is an honor to have an association with you. - Larry Parks, Executive Director, FAME (Foundation for the Advancement of Monetary Education) His thinking has extended and complemented the work of Mises, Roepke, Bohm-Bawerk et all. Of course, many true believers in the Austrian school continue to call his work 'heresy' and refuse to accept the true, positive impact of the Professor's ideas. Too bad! It seems Professor Fekete is a heretic visionary! - Rudy Fritsch, Canada The depths of Professor. Fekete (TM)s insights into gold (TM)s role in the modern (and classical) monetary system are breathtaking, yet his writing style is very straightforward and readable. His essays are a rare treat for the amateur scholar or industry professional. A thorough study of his complete body of work is absolutely essential to anyone attempting to make rational investment decisions today. If you don (TM)t believe me on that last point, market events will change your mind soon enough. - Nathan Narusis, CFA I highly recommend that everyone attend as many of the professor's live seminars as possible because the full effect of his greatness is best appreciated in person, especially for the layman. You never know, the experience may turn out to be as priceless in retrospect as having attended a lecture by Adam Smith, Sir Isaac Newton or Albert Einstein before they were recognized for their greatness. Whether you get a chance to catch the professor live or not, all of his writings are must reading for the serious student of money, gold, finance and economics. - Tom Szabo The so-called study of economics has devolved into a justification of debt-based economies in the guise of free-markets. Serious students could do no better than to stop at Professor Fekete (TM)s door for a refreshing repast of truth instead of the self-serving cant and opinion being ladled out by the supporters of paper money. - Darryl Robert Schoon, Author Professor Fekete is the man to listen to if you want to find out what is really going on in this crazy financial circus that masquerades as our global economy. - Tom Cash

Author Information

Antal E. Fekete, Professor, Memorial University of Newfoundland, was born in Budapest, Hungary, in 1932. He graduated from the Lor�nt E�tv�s University of Budapest in mathematics in 1955. He left Hungary in the wake of the 1956 anti-Communist uprising that was brutally put down by the occupying Soviet troops. He immigrated to Canada in the following year and was appointed Assistant Professor at the Memorial University of Newfoundland in 1958. In 1993, after 35 years' of service he retired with the rank of Full Professor. During this period he also had tours of duty as visiting professor at Columbia University in the City of New York (1961), Trinity College, Dublin, Ireland (1964), Acadia University, Wolfville, Nova Scotia (1970), Princeton University, Princeton, New Jersey (1974). Since 2005 he has been Professor at Large of Intermountain Institute for Science and Applied Mathematics (IISAM), Missoula, Montana. Professor Fekete is an autodidactic expert on monetary economics. During his associations with various universities and institutions he has done research and lectured on economics. On one such occasion, in 1974, he gave a talk on gold in the seminar of Paul Volcker, then Senior Fellow at Princeton University, soon to be named as President of the Federal Reserve Bank of New York and, later, as Chairman of the Federal Reserve Board. In 1984 Professor Fekete was invited by the American Institute for Economic Research in Great Barrington, Massachusetts, to spend a year there as Visiting Fellow. He served as Editor of the Monograph Series of the Committee for Monetary Research and Education, then headquartered in Greenwich, Connecticut, while contributing several monographs to the Series, reproduced on his website. He also acted as Senior Editor for the American Economic Foundation in Cleveland, Ohio, and produced the popular pamphlet series Ten Pillars of Sound Money, also reproduced in Volume I of this series. When in 1984 South Africa celebrated the 100th anniversary of discovering gold in the Wit- watersrand, at the conference Gold 100 commemorating that event in Johannesburg, Professor Fekete delivered the keynote address entitled Gold in the International Monetary System, also reproduced on his website. In 1985 Congressman William E. Dannemeyer of Fullerton, California, invited Professor Fekete to join his staff in Washington, D.C., to work on fiscal and monetary reform. While on this assignment, lasting for five years, he gave numerous lectures on Capitol Hill as well as in California. Ultimately the proposals hammered out in Congressional offices under his chairmanship were taken to the White House by a delegation of ten Republican Congressmen led by Congressman Dannemeyer. According to these proposals the runaway government deficit could be reined in by refinancing the entire U.S. government debt through issuing gold bonds. The historic meeting took place in the Oval Office in October, 1989, and was duly reported by The New York Times. Having listened attentively to the presentation of Mr. Dannemeyer, President George Bush, Sr., instructed his Treasury Secretary, also present at the meeting, to let the Congressional and Treasury staff meet and put forward a joint proposal. This initiative came to nought as the Treasury deliberately derailed negotiations through procrastination Peter van Coppenolle has been an assistant lecturer of Prof. Antal Fekete since 2001. His expertise is predominantly in the establishment of solid protection devices for succession planning, especially suited for needy or disabled loved ones. He is also fellow and honorary board member of Fekete Research Ltd. in London. His predilection is for Greek philosophy and philosophy of mind.

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