One of the more important monetary theorists of the mid to late 1900s, Leland Yeager, Ludwig von Mises Professor of Economics, Emeritus, at Auburn University, recently turned 90. The Mises Institute last week hosted a reception his honor. Multiple tributes to Professor Yeager are available at the free banking blog. Well worth reading to anyone interested in monetary economics.
Steve Horwitz has referred to Yeager as “one of the most underappreciated economists.” Horwitz summarizes, quite correctly, the importance of Yeager’s contributions thusly, “Everyone who finds Austrian economics valuable and wants to comment on monetary matters should not do so until they have read and digested Yeager’s work.” I would add more broadly, ANYONE, Austrian leaning or not, who wants to comment on monetary matters should not do so until they have read and digested Yeager’s insightful work. The Fluttering Veil is a great collection of Yeager’s major contributions.
For those who might be interested, Credit Creation or Financial Intermediation?: Fractional-Reserve Banking in a Growing Economy, provides a quibble with some aspects of Yeager’s work relative to ABCT.