Leland B. Yeager
Encyclopedia
Leland B. Yeager is an American economist and an expert on monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...

 and international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...

. He graduated from Oberlin College in 1948 with an A.B. and was granted an M.A. from Columbia University in 1949 and a Ph.D. from there in 1952. He had previously served in the United States Army in World War II, translating Japanese codes. He temporarily served as the Vice President of the Interlingua
Interlingua
Interlingua is an international auxiliary language , developed between 1937 and 1951 by the International Auxiliary Language Association...

 Institute from 1997 to 1998 after Deanna Hammond
Deanna Hammond
Deanna L. Hammond was a Canadian-American translator and linguist. She led the Linguistic Services section of the US Library of Congress. During the 1990s, she taught Spanish translation at George Mason University and at American University. She was president of the American Translators...

 died. He was a regular contributor to Liberty Magazine
Liberty (1987)
Liberty is a leading libertarian journal founded in 1987 by R. W. Bradford in Port Townsend, Washington, and currently edited from San Diego, California, by Stephen Cox...

. He is a Professor Emeritus at both Auburn University
Auburn University
Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts...

 and the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...

. His monetary writings have strongly opposed Keynesian orthodoxy and have emphasized the crucial role of money in business cycles. His 1956 essay, "A Cash-Balance Interpretation of Depression" (Southern Economic Journal 22, pp 438-47), maintained that depression was caused by "...an excess demand for money, in the sense that people want to hold more money than exists." In this, he is a member of the Monetarist school exemplified by Milton Friedman. His subsequent writings have tilted towards a laissez-faire approach to monetary reform: in his 1989 paper, "Can Monetary Disequilibrium Be Eliminated" (Cato Journal 9, pp.405-19), he advocates that government "...be banished from any role in the monetary system other than that of defining a unit of account or numeraire."

See also

  • Cato Institute
    Cato Institute
    The Cato Institute is a libertarian think tank headquartered in Washington, D.C. It was founded in 1977 by Edward H. Crane, who remains president and CEO, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries, Inc., the largest privately held...

  • Interlingua
    Interlingua
    Interlingua is an international auxiliary language , developed between 1937 and 1951 by the International Auxiliary Language Association...

  • Journal of Libertarian Studies
    Journal of Libertarian Studies
    The Journal of Libertarian Studies is a scholarly journal published annually by the Ludwig von Mises Institute and Lew Rockwell. It was established in the spring of 1977 by Murray Rothbard who also served as its editor until his death in 1995...

  • Ludwig von Mises Institute
    Ludwig von Mises Institute
    The Ludwig von Mises Institute , based in Auburn, Alabama, is a libertarian academic organization engaged in research and scholarship in the fields of economics, philosophy and political economy. Its scholarship is inspired by the work of Austrian School economist Ludwig von Mises...

  • Monetary-disequilibrium theory
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