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The conception of the founder of the Austrian School, in his book on the philosophy of social sciences, has been described, by the supporters of this school, as a total methodological individualism, upholding the absolute specificity of these sciences to those of nature, and as rejecting the use of mathematics in economics. In fact, the human individual was, for Carl Menger, only the fundamental element of socioeconomic structures. Economic theory was to be inspired by the "atomism" of the natural sciences and to determine the causes, effects and laws of the studied phenomena, with the aim of predicting and controlling them. Empirical study had to unite with conceptual abstraction and mathematics, in proportions determined by the simplicity or complexity of the field of research. These characteristics of the conception of C. Manger, like similar others, make us assume an important (but unconfessed) influence of A. Comte's positivism. However, to prove it, we will try to restore his true philosophy of science, warped by the neo-positivism of the energetist physicists and of the Vienna Circle.

Niniejszy artykuł jest próbą analizy i interpretacji stanowiska reprezentantów Szkoły Austriackiej wobec znaczenia i roli jednostki oraz społecznej kooperacji w rozwoju cywilizacji. Celem artykułu jest zbadanie, czy i jak według reprezentantów Szkoły Austria ckiejjednostki i społeczna kooperacja miały wpływ na rozwój cywilizacji, dając podstawy zwiększenia dobrobytu społeczeństwa oraz rozszerzenia ludzkiej wolności, zapewniając pokojowe relacje między ludźmi. Autor skupi się na myśli politycznej autorstwa reprezentantów Austriackiej Szkoły Ekonomicznej w osobach Ludwiga von Misesa, Murraya Rothbarda, Butlera Shaff era czy Thomasa DiLorenzo. Artykuł wykaże, że według reprezentantów instytucje społeczne, takie jak: prawa własności, wolność jednostek, społeczna kooperacja czy wolny rynek, są dorobkiem cywilizacji zachodniej. Omówiony zostanie także pogląd, dlaczego złe idee są główną przyczyną niszczenia cywilizacji. Autor posłużył się podejściem interpretatywnym i analizą treści, Świat Idei i Polityki, Tom 14 (2015): Świat Idei i Polityki

O presente trabalho tem como objetivo analisar a ética e a economia da tributação sob a luz dos ensinamentos desenvolvidos por Hans-Hermann Hoppe. Com supedâneo na Ética Argumentativa Hoppeana, o artigo aborda as consequências econômicas da espoliação legal, valendo-se, para tanto, da metodologia desenvolvida pela Escola Austríaca de Economia, corrente de pensamento econômico da qual Hoppe faz parte. Ademais, Hans Hoppe deixa claro que a tributação deve ser vista – acima de tudo – como um meio de destruição da propriedade e formação de riqueza. Em suma, as obras de Hans-Hermann Hoppe caracterizam-se por uma intransigente defesa moral e intelectual do direito de propriedade privada, cujas lições pouco ortodoxas sintetizam, por um lado, uma profunda crítica ética ao ato de tributar e, por outro, a destruição de riqueza que esse instituto causa.

Steven Kates, historian of economic thought, is a persistent and vocal critic of Keynesian demand side economics. His recent book, _Classical Economic Theory and the Modern Economy_, connects the dots in his critique by explaining, elaborating on, and advocating for classical economic theory. It should be a welcome addition to the reading lists of both amateurs and professional economists, whether one’s interest is in macroeconomics or the history of economic thought.

In this paper I will analyze and criticize Linsbichler’s recent proposition to interpret the fundamental axiom of Praxeology as analytic. I will first describe Linsbichler’s problem situation. I will then describe and criticize Linsbichler’s proposed solution to his problem; namely his interpretation of the fundamental axiom as analytic. I will argue that this idea does not fully utilize critical potentials that are available to improve the fundamental axiom. I will propose an alternative interpretation which I call the ‘critical interpretation’ that conserves the progressive aspects of Linsbichler’s proposal while eliminating undesirable ones.

Purpose: The study aimed to present the possibility of explaining fluctuations in agriculture using the theory of the business cycle of the Austrian School. The basis of this school's cycle theory is the theory of the structure of production (capital). It means that the production stages are arranged consistently with the technical and temporal process of producing and selling a consumer good. These stages in which capital goods are used are, to a different extent, distant from the final goods. Agriculture is a sector that is more distant from final goods than most of the other economic sectors. According to the Austrian School, the main reason for the cycle is the central bank's monetary expansion, leading to an increase in lending activities. Design/Methodology/Approach: In the analysis the causes and course of cyclical fluctua-tions in agriculture, the subject literature analysis, deduction, and verbal logic were pri-marily used. Findings: Credits go mainly to manufacturers producing in the early stages of the produc-tion structure. In consequence, it widens and lengthens. The result is a more dynamic than in other sectors growth in production, income, and prices, and thus also in agriculture. On the other hand, the narrowing and shortening of the production structure in the decline phase mean large drops in production, income, and agricultural prices. Practical Implications: The knowledge about dynamic changes in production and prices in agriculture enables farms to function better in the economy. While, in agricultural poli-cy, it allows for a better selection of instruments and the appropriate time of their applica-tion. Originality/Value: The research broadens the knowledge of the possibilities of using the theory of the business cycle of the Austrian School to explain the characteristics of the cy-cle in agriculture., peer-reviewed

How asset prices should be taken into account in monetary policy is a controversial question in mainstream discussion. These mainstream positions can be differentiated into two broad perspectives: the proactive and the reactive views. The proactive view advocates pricking the asset price bubble, while the reactive view argues against monetary policy targeting asset prices. In this article the relation between asset prices and the Austrian business cycle theory is examined. Following this, a critique of both the proactive and reactive views is provided and implications for monetary policy are deduced. Key words: Austrian Economics, Business Cycles, Asset Prices, Central Banks and their Policies. JEL Classification: B53, E32, E58.

Ibn Khaldun’s contributions to the development of economic thought in his great work al-Muqaddima have received almost no attention in Western academia. This paper studies the similarities between the thought of Ibn Khaldun and that of the leading authors of the liberal Austrian School, including Ludwig von Mises and Friedrich August von Hayek, and The School of Salamanca. Special attention is given to Professor Jesús Huerta de Soto’s work on the theory of the impossibility of socialism. This paper also examines how statist coercion and interventionism in areas such as trade, taxation and individual rights promote injustice and will lead to the eventual demise of civilization. The work of Ibn Khaldun captured the essence of a spontaneous order and of the evolution of institutions, and refuted the theory of the divine origin of kings well before the Age of Enlightenment. Lastly, this paper touches on important economic issues of interest to Austrian liberals such as the division of labor and specialization, cooperation, the role of markets, the price system, savings as a rationale for prosperity, the relation of wealth to population, the Laffer curve, the quantity theory of money, the subjective nature of value, and the correct interpretation of history. Key words: Liberalism, interventionism, coercion, Salamanca School, Austrian School. JEL Classification: B53. Resumen: Las contribuciones de Ibn Jaldún al desarrollo del pensamiento económico incluidas en su gran obra al-Muqaddima han pasado casi desaper - cibidos en el ámbito académico occidental. En este trabajo se examinan las similitudes entre el pensamiento de Ibn Jaldún y el de los principales autores del austro-liberalismo, como Ludwig von Mises y Friedrich August von Hayek, y con el de la Escuela de Salamanca. Prestando especial atención a Jesús Huerta de Soto y su teoría de la imposibilidad del socialismo desde el punto de vista de la coacción: los efectos negativos de la interferencia del Estado en el co-mercio, los impuestos y contra los derechos individuales que derivan en la in-justicia que causa la ruina de la civilización. Mostramos cómo Ibn Jaldún capta la esencia de un orden espontáneo y evolutivo de las instituciones, refuta la teoría del origen divino de los reyes anticipándose a la ilustración ya desde la Edad Media. Y en definitiva, aspectos económicos importantes comunes con las corrientes austro-liberales como son: la división del trabajo o especialización, la cooperación, el papel de los mercados, el sistema de precios, el ahorro como condición para la prosperidad, la riqueza de las naciones por razones de mayor o menor población, el concepto de la curva de Laffer, una intuición de la teoría cuantitativa del dinero, compresión de la naturaleza subjetiva del valor, o la interpretación correcta de la historia. Palabras clave: Liberalismo, intervencionismo, coacción, Escuela Salamanca, Escuela Austriaca. Clasificación JEL: B53.

The essay starts positioning Simmel as a bridge between the money value theories of Menger and Mises, and claiming that his contribution is important in its own right; notably, his idea that money evolves towards more abstract forms as society becomes more complex. It states that this trend exists and that its course has not yet been completed. After that, the theories of money value of Menger, Mises and Simmel are succinctly described, with emphasis on the contributions to Mises’ theory of money value that can be traced back to Simmel. About Simmel’s theory of money value, it is argued that Simmel went one step further than Menger in stating that value is not only subjective but also inter-subjective; such a move is understood as a necessary step in his argument that there is a trend towards more abstract forms of money as society evolves. Key words: Value Theory, Austrian School, Definition of Money, Payment Systems. JEL Classification: B10, B13, E40, E42. Resumen: Este trabajo empieza planteando que Simmel es un puente de unión entre las teorías de valor del dinero de Menger y Mises, y que su contribución es importante por sí misma. En este sentido, destaca su idea de que el dinero se vuelve más abstracto con el desarrollo de la sociedad. Posteriormente, describe sucintamente las teorías del valor del dinero de Menger, Mises y Simmel, poniendo énfasis en las contribuciones de Simmel acerca de la teoría de valor del dinero de Mises. Respecto a la teoría del valor del dinero de Simmel, se plantea que supuso un paso adelante en relación a Menger, al afirmar que el valor del dinero no es solamente subjetivo sino ínter-subjetivo. Esta afirmación es un paso necesario en su argumento de que existe una tendencia hacia formas más abstractas de dinero conforme la sociedad se torna más compleja. Palabras clave: Teoría del valor, Escuela Austriaca, definición de dinero, sistema de pagos. Clasificación JEL: B10, B13, E40, E42.

How to determine how much and what to produce? This is one of the great unknowns in economics. This paper proposes to study the recipes offered by the conventional economics, the keynesian Economics, and the Austrian school of economics, questioning the use of assumptions and the mathematical tools. In addition, we will analyze the concept of dynamic efficiency, which provides a contribution to the debate. The importance of analyzing the various recipes focuses on highlight that the misuse of assumptions may lead to erroneous conclusions by very logical they seem. Key words: Technical Efficiency, Economic Efficiency, Dynamic Efficiency, Production Possibilities Frontier, Indifference Curves. JEL Classification: B10, B25, B41, C61, D24, D50, O12, O33. Resumen: ¿Cómo determinar qué y cuánto producir? Esta es una de las gran-des incógnitas de la economía. El presente trabajo propone estudiar las rece-tas ofrecidas por la economía convencional, el keynesianismo y la Escuela Austriaca de Economía poniendo en tela de juicio el uso de los supuestos y de las herramientas matemáticas. Además, se analizará el con cepto de Eficiencia Dinámica, el cual brinda un aporte al debate. La importancia de analizar las distintas recetas se centra en resaltar que el uso erróneo de supues-tos pueda llevar a conclusiones equivocadas por muy lógicas que parezcan. Palabras clave: Eficiencia Técnica, Eficiencia Económica, Eficiencia Dinámica, Frontera de Posibilidades de Producción, Curvas de Indiferencia. Clasificación JEL: B10, B25, B41, C61, D24, D50, O12, O33.

Kvasnicˇka (2007) attempts to demonstrate that the gold standard may be an unlikely alternative for small economies to revert to. The crux of his argument deals with supply considerations that could prove fatal to a fledgling currency. An influx of gold from the world’s existing gold stock, or its new production could prove to be a destabilising supply-side factor undermining the usability, and hence, adoption, of such a monetary system. We find fault with this for two main theoretical reasons. First, a distinction must be made between gold stock, and monetary gold. Second, the mechanism that creates monetary gold works as a natural break on unrestrained supply growth. Several additional clarifications are necessary as well, among them the role money supply plays in the trade cycle, and the casual relationship that exists between supply and price. Finally, an insightful comparison used linking monetary gold in a small economy to the use of cigarettes in a Second World War P.O.W. camp must be slightly altered to make a true comparison. Kvasnicˇka does a great service to free-marketers by providing a theoretical attack on the choice of gold as a medium of exchange, however, in light of this paper’s theoretical conclusions, the free-market defence of commodity money endures. JEL Classification: B53 – Austrian Economics, E42 – Monetary Systems, E51 – Money Supply.

Faustino Ballvé Pallisé (1887-1958), like almost all the economists of Spanish republican exile of 1939, continues being a great unknown in his own country, in spite of his influential Ten Lessons of Economics, published in several languages and in numerous editions, and at present a classic work of the Austrian School of economics. This article offers a short biography of this Catalan economist, personally and intellectually linked to Mises, and analyses the sources, the structure, the contents and the internacional reception of his Lessons. Key words: Faustino Ballvé; Austrian School of Economics; Spanish Republican Exile. JEL Classification: B31. Resumen: Faustino Ballvé Pallisé (1887-1958), como casi todos lo economistas del exilio republicano español de 1939, sigue siendo un gran desconocido en su propio país, pese a sus influyentes Diez Lecciones de Eco nomía (1965), publicadas en varias idiomas y en numerosas ediciones, y actualmente un clásico de la escuela austriaca de economía. En este trabajo se ofrece una amplia semblanza de este economista catalán, personal e intelectualmente vinculado a Mises, y se analizan las fuentes, la estructura, el contenido y la recepción internacional de sus Lecciones. Palabras clave: Faustino Ballvé; escuela austriaca de economía; exilio republicano español. Clasificación JEL: B31.

The triangle is an integral part of the history of economic thought. It has been used by writers such as Jevons (1871), Taussig (1896), Wicksell (1934, 1969) to illustrate and to help us understand capital theory. Since Hayek (1931) this geometrical figure has been used as a basic pedagogical device to explain the Austrian Business Cycle Theory (ABCT). The purpose of the present paper is to argue that the triangle is highly problematic, if not fatally flawed, and that if ABCT is to be made intelligible this tool of analysis must be either completely jettisoned, or heavily supplemented with a list (see below) of its shortcomings. Moreover in some ways the triangle has been responsible for the relative lack of development of ABCT for over a half century. Key words: Austrian economics, business cycle theory, praxeology, economic geometry, triangles. Clasificación JEL: E3, E32. Resumen: El triángulo es una parte integral de la historia del pensamiento económico. Ha sido utilizado por escritores como Jevons (1871), Taussig (1896), Wicksell (1934, 1969) para ilustrar y ayudarnos a comprender la teoría del capital. Desde Hayek (1931) esta figura geométrica se ha utilizado como un instrumento pedagógico básico para explicar la teoría austriaca del ciclo económico. El propósito de este trabajo es sostener que el triángulo es altamente problemático, sino fatalmente defectuoso, por lo que si deseamos que la teoría austriaca del ciclo económico sea comprendida debemos desecharlo comple-tamente, o complementarlo fuertemente con una lista de sus limitaciones. Además, en algunos casos el triángulo ha sido responsable de la relativa falta de desarrollo de la teoría austriaca del ciclo durante un periodo de medio siglo. Palabras clave: Economía austriaca, teoría del ciclo económico, praxeología, geometría económica, triángulos.

This paper offers a critique of the Austrian theory according to which social time preference determines the proportion between aggregate consumption and aggregate saving, and therefore also the volume of total investment expenditure. We argue that there is no such necessary relationship between the (pure) interest rate and the volume of aggregate investment. Then we discuss the implications of our thesis for growth theory and business-cycle theory, stressing in particular the need to distinguish between two types of growth and two corresponding types of inter-temporal misallocation. Key words: Time Preference, Time Market, Investment Expenditure, Growth Types, Inter-Temporal Mis-allocation, Austrian Business-Cycle Theory, Austrian Macroeconomics. JEL classification: B53, D01, D40, D92, E22, E32, E43. The purpose of this paper is to offer a critique of the theory according to which social time preference determines the proportion between aggregate consumption and aggregate saving, and therefore also the volume of total investment expenditure. This theory is held by virtually all Austrian economists past and present. We will first present it based on Rothbard’s Man, Economy, and State, where it is stated in the clearest and most detailed form. Then we will examine its shortcomings and discuss some implications of our findings.

The centennial of the publication of the first German edition of Ludwig von Mises’s The Theory of Money and Credit offers an excellent opportunity to reconsider a long-standing controversy within modern Austrian economics. This revolves around the question of whether Ludwig von Mises favored 100-percent gold reserve banking imposed by law or free banking based on gold as the ideal monetary system. In this paper, I suggest that this debate is fundamentally misfocused and conflates means and ends. I argue that Mises advocated free banking as the most suitable means for achieving the goal of suppressing the issue of fiduciary media, in the form of bank notes and demand deposits. This goal was first enunciated by the nineteenth-century British currency school and embodied in its famous «currency principle.» My thesis is that Mises was a proponent of both the currency principle and free banking and that he viewed the latter as the indispensable means to regulate the behavior of the money supply according to the former. In defending this thesis, I seek to reframe the debate on Mises’s monetary views in a more meaningful way and to contribute to its resolution. Key words: Mises, Currency School, Free Banking, Currency Principle, Monetary Equilibrium. JEL Classification: B31, B53, E42, E52. Resumen: El centenario de la publicación de la primera edición alemana de The Theory of Money and Credit de Ludwig von Mises, ofrece una exce-lente oportunidad para reconsiderar una controversia duradera dentro de la economía austriaca moderna. Ésta gira en torno a la cuestión de si Ludwig von Mises apoyó una banca de reserva en oro del 100% impues-ta por ley o una banca libre basada en el oro como su sistema monetario ideal. En este trabajo, sugiero que este debate está fundamentalmente mal enfocado y confunde medios y fines. Sostengo que Mises defendió un siste-ma de banca libre como el medio más adecuado para lograr el objetivo de suprimir la emisión de dinero fiduciario en forma de billetes bancarios y depósitos a la vista. Este objetivo fue inicialmente enunciado por la Escue-la Monetaria del siglo XIX e incorporado en su famoso «principio mone-tario.» Mi tesis es que Mises fue proponente del principio monetario y de la banca libre, y que observó a esta última como el medio indispensable para regular el comportamiento de la oferta monetaria conforme al prime-ro. En la defensa de esta tesis, trato de replantear el debate sobre las ideas monetarias de Mises de una forma más relevante y contribuir de este modo a su resolución. Palabras clave: Mises, Escuela Monetaria, Banca Libre, Principio Monetario, Equilibrio Monetario. Clasificación JEL: B31, B53, E42, E52.

Hedge funds and funds of hedge funds are some of the preferred ways to access capital market opportunities by institutional investors and high net worth individuals seeking vehicles of absolute return. Risks and returns are difficult to assess because of skewness and kurtosis so that traditional mean and variance analyses are inappropriate. I assess the possible implications of high leverage finance and financial innovations from an Austrian economic viewpoint on the basis of an econometric analysis of hedge fund risk adjusted returns and a historical consideration of asset price shocks in Thailand and Japan. Key words: Hedge funds, leveraged finance, Austrian economics, monetary policy, risk. JEL classification: B53, C01, E58, D53.

Inside the «economics of war» field of study, very few economists have tried to build a systematic theory of the consequences of the different methods of financing wars. Even fewer economists have ever attempted to elaborate a theory that meets both efficiency and ethical criteria. The first studies in this field can be traced back to the late scholastics. Francisco Suarez (1548-1617) and Francisco de Vitoria (1486-1546) are well known as founders of international law studies. The latter, using his characteristic juridical approach to ethical problems, concludes that the prince can use no neutral person or private property in order to wage a war1. But it was Juan de Mariana (1536-1623) who first tried to unite the ethical and the economic dimension of war finance. Mariana started by analyzing the question of the resources the prince is allowed to use for waging a war. His answer could be described as a libertarian answer; the king is not the owner of the properties of his subjects, and thus, he cannot dispose of them at his whim but only after having gained the acceptance of the owner. Then he turned to the different financial tools, and he described the economic consequences of their use. After dealing with the effects of taxation, inflation and the king’s credit, he recommended that both the king and the citizens be aware of the ethical and practical point of views2. After Mariana, very few thinkers have worked on war finance combining both approaches. In this last century the Austrian School of Economics has contributed to the development of the war finance theory by the hand of Ludwig von Mises and Murray N. Rothbard. The first, concentrated his analysis on the possible use of the means to wage a war, and their consequences. On the contrary Rothbard´s approach is known for its focus on the ethical approach to war finance.

This survey represents a recollection of the contributions of prominent Austrian economists on the subject of the exchange rate determination (Mises, Hayek and Haberler). We review the theoretical fundaments that allow for a comprehensive understanding of the microeconomic forces that determine exchange rates. Then we examine the Purchasing Power Parity Theory, both from a neoclassical and Austrian viewpoint. Finally we inspect the international movements of money and the associations of these with the dynamics of the balance of payments and exchange rate. We leave open the door for future investigations over the idea of incorporating the notion of the Interest rates Parity, intended as a «tendency law», in the Austrian theory. Key words: Exchange rate, Austrian theory, purchasing power parity, balance of payments, international capital movements. Clasificación JEL: F31. Resumen: El presente ensayo representa una recopilación de las con-tribuciones de prominentes economistas austriacos sobre la de-terminación del tipo de cambio (Mises, Hayek, Haberler). En la pri-mera parte se repasan los fundamentos teoréticos que permiten una comprensión exhaustiva de las fuerzas microeconómicas que deter-minan el tipo de cambio. A continuación se examina la teoría de la paridad de poder adquisitivo, tanto desde un punto de vista austriaco como neoclásico. Finalmente se inspeccionan los movimientos inter-nacionales de dinero y las asociaciones de los mismos con las diná-micas de la balanza de pagos y del tipo de cambio. Se deja abierta la puerta para futuras investigaciones sobre la idea de incorporar la noción de la paridad de tipo de interés, entendida como «ley de ten-dencia», dentro de la teoría austriaca. Palabras clave: Tipo de cambio, análisis austriaco, paridad del poder adquisitivo, balanza de pagos, movimientos internacionales de capital.

This article presents an analysis of the current tenets of the Social teachings of the Catholic Church and their possible compatibility with the free market theory and practice. According to the Author, the teachings of the Austrian School of Economics, around creative entrepreneurship and dynamic efficiency, can provide a new and fruitful nexus between the Catholic Church and the free market. Key words: Catholic Social Doctrine, market, classical liberalism, entrepre-neurship, Austrian School. JEL Classification: A10, D40, E24, I30, O10. Resumen: En el presente trabajo se efectúa un repaso a la Doctrina Social de la Iglesia Católica (DSI) analizándose su posible compatibilidad con el liberalismo económico y proponiendo a la Escuela Austriaca de eco-nomía (con su énfasis en la creatividad y la función empresarial) como punto de encuentro más prometedor entre la moral católica y el mercado libre. Palabras clave: Doctrina Social de la Iglesia, mercado, liberalismo, función empresarial, Escuela Austriaca. Clasificación JEL: A10, D40, E24, I30, O10.

The election of Pope Francis reanimated the intellectual debate about capitalism and socialism in the Catholic Church. This paper starts from this discus­ sion in order to analyze the economic thinking of the Austrian School in relation to Christian anthropology. It defends capitalism considering the fundamental principles of a free society and the institutional poliarchy. Following Hayek this paper refutes the critics of socialism toward traditional morality. Finally, it defends the point of view that Christianism and socialism are incompatible. Keywords: capitalism, socialism, dynamic efficiency, Catholic Social Teaching, morality. JEL Classification: B53, H11, P17, Z12 Resumen: Con la elección del papa Francisco se ha reavivado el debate intelec­ tual sobre capitalismo y socialismo en el seno de la Iglesia Católica. El presente artículo parte de esta discusión para analizar el pensamiento económico de la Escuela Austríaca en relación con la antropología cristiana. Defiende el capita­ lismo teniendo en cuenta los principios fundamentales de una sociedad libre y la poliarquía institucional. Asimismo —siguiendo a Hayek— refuta la crítica del socialismo a la moral tradicional. Finalmente defiende la incompatibilidad del cristianismo con el socialismo. Palabras clave: capitalismo, socialismo, eficiencia dinámica, Doctrina Social de la Iglesia, moral. Clasificación JEL: B53, H11, P17, Z12.

Seven years after the outset of the Great recession, the debate continues as to which economic policies are necessary to return to a state of balanced and sustainable growth. In this context, many voices demand more active participation of central banks, including more forceful implementation of monetary policy measures. The Austrian school of economic thought maintains that monetary and financial systems play a key role, but it does so from a foundation that is radically opposed to that of other economic schools. The goal of this article is to analyze Euro Area monetary policy, not only highlighting the benefits of the Euro for its member countries, but also emphasizing the fundamental errors in foundation and design of this policy from the perspective of the Austrian school. Key words: Monetary Policy, Economic and Monetary Union,The Austrian School of Economics, Jesus Huerta de Soto. JEL Classification: B53, E4, E5, E52, E58, E61. Resumen: Tras casi siete años desde el inicio de la Gran Recesión, el debate sobre cuáles son las medidas de política económica necesarias para volver a una senda de crecimiento equilibrado y sostenible todavía no ha cesado. En este contexto, son muchas las voces que reclaman un papel más activo de los bancos centrales, con medidas de política monetaria más contundentes. La Escuela Austriaca de Economía considera que el sistema monetario y finan - ciero juega un papel fundamental, pero lo hacen con unos fundamentos radi-calmente opuestos a los del resto de escuelas. El objetivo de este artículo es analizar la política monetaria única, llamando la atención sobre los bene-ficios que el euro ha supuesto para los países miembros, al mismo tiempo que se destacan los errores de diseño y fundamentación que tal sistema pre - senta desde un punto de vista de la economía austriaca. Palabras clave: Política Monetaria, Unión Económica y Monetaria, Escuela Austriaca de Economía, Jesus Huerta de Soto. Clasificación JEL: B53, E4, E5, E52, E58, E61.