Richard Salsman
Encyclopedia
Richard M. Salsman is an American economist and lecturer. His work incorporates Objectivist philosophy and supply-side economics
. In particular, Salsman admires the ideas of economists such as Jean-Baptiste Say
and Carl Menger
, as opposed to more modern supply-siders such as Arthur Laffer
. Salsman is most known for his support of the gold standard
and free banking
, his opposition to central banking, his critiques of the philosophy of Austrian economists such as Ludwig von Mises
and Friedrich Hayek
, his work on the causes and consequences of the Great Depression, and his homages to the ideas of Jean-Baptiste Say
.
Supply-side economics
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing...
. In particular, Salsman admires the ideas of economists such as Jean-Baptiste Say
Jean-Baptiste Say
Jean-Baptiste Say was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business...
and Carl Menger
Carl Menger
Carl Menger was the founder of the Austrian School of economics, famous for contributing to the development of the theory of marginal utility, which contested the cost-of-production theories of value, developed by the classical economists such as Adam Smith and David Ricardo.- Biography :Menger...
, as opposed to more modern supply-siders such as Arthur Laffer
Arthur Laffer
Arthur Betz Laffer is an American economist who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board . Laffer is best known for the Laffer curve, an illustration of the theory that there exists some tax rate between 0% and 100% that will...
. Salsman is most known for his support of the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
and free banking
Free banking
Free banking refers to a monetary arrangement in which banks are subject to no special regulations beyond those applicable to most enterprises, and in which they also are free to issue their own paper currency...
, his opposition to central banking, his critiques of the philosophy of Austrian economists such as Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Mises was an Austrian economist, philosopher, and classical liberal who had a significant influence on the modern Libertarian movement and the "Austrian School" of economic thought.-Biography:-Early life:...
and Friedrich Hayek
Friedrich Hayek
Friedrich August Hayek CH , born in Austria-Hungary as Friedrich August von Hayek, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought...
, his work on the causes and consequences of the Great Depression, and his homages to the ideas of Jean-Baptiste Say
Jean-Baptiste Say
Jean-Baptiste Say was a French economist and businessman. He had classically liberal views and argued in favor of competition, free trade, and lifting restraints on business...
.
Work
- 2000–present: InterMarket Forecasting, Inc. (Chapel Hill, NCNorth CarolinaNorth Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
): founder, president, chief market strategist. - 1993–2000: H.C. Wainwright Economics, Inc. (Boston, MAMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
): senior vice president and senior economist. - 1989–1992: CitibankCitibankCitibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
(New York, NYNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
): corporate finance and capital-markets analyst. - 1984–1989: The Bank of New York (New York, NYNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
): corporate lending officer.
Publications (books and chapters)
- 2009. "Altruism: The Moral Root of the Financial Crisis" in "The Objective Standard",
- 2005. “The False ProfitsProfit (economics)In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
of AntitrustAntitrustThe United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
”, chapter in The Abolition of AntitrustAntitrustThe United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
, edited by Dr. Gary Hull (New Brunswick, NJNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
: Transaction Publishers). - 2004–2005. “The Cause and Consequences of the Great Depression” in The Intellectual Activist, .
- “Part 1: What Made the Roaring ’20s Roar”, June, 2004, pp. 16–24.
- “Part 2: Hoover’s Progressive Assault on Business”, July, 2004, pp. 10–20.
- “Part 3: Roosevelt's Raw Deal”, August, 2004, pp. 9–20.
- “Part 4: Freedom and Prosperity”, January, 2005, pp. 14–23.
- 1996. “Using Market Prices to Guide Sector Rotation”, chapter in Economic Analysis for Investment Professionals (Charlottesville, VAVirginiaThe Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
: Association for Investment Management and ResearchCFA InstituteCFA Institute is headquartered in the United States of America at Charlottesville, Virginia, with offices in Hong Kong and London. Formerly known as the Association for Investment Management and Research , CFA Institute awards the Chartered Financial Analyst designation...
). - 1995. Gold and LibertyLibertyLiberty is a moral and political principle, or Right, that identifies the condition in which human beings are able to govern themselves, to behave according to their own free will, and take responsibility for their actions...
(Great Barrington, MAMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
: American Institute for Economic ResearchAmerican Institute for Economic ResearchAmerican Institute for Economic Research , located in Great Barrington, Massachusetts, is one of the oldest economic research organizations in the United States. Founded in 1933, AIER is an independent 501 organization that, according to its website, represents no fund, concentration of wealth, or...
). - 1993. “Bankers as ScapegoatScapegoatScapegoating is the practice of singling out any party for unmerited negative treatment or blame. Scapegoating may be conducted by individuals against individuals , individuals against groups , groups against individuals , and groups against groups Scapegoating is the practice of singling out any...
s for GovernmentGovernmentGovernment refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
-Created Banking Crises in U.S. History”, chapter in The Crisis in America Banking, edited by Dr. Lawrence H. WhiteLawrence H. WhiteLawrence H. White is an Economics Professor at George Mason University who teaches graduate level Monetary Theory and Policy. He is considered an authority on the history and theory of free banking...
(New York, NYNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
: New York UniversityNew York UniversityNew York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
Press, 1993). - 1993. “‘Corporate EnvironmentalismEnvironmentalismEnvironmentalism is a broad philosophy, ideology and social movement regarding concerns for environmental conservation and improvement of the health of the environment, particularly as the measure for this health seeks to incorporate the concerns of non-human elements...
’ and Other Suicidal Tendencies”, chapter in EnvironmentalismEnvironmentalismEnvironmentalism is a broad philosophy, ideology and social movement regarding concerns for environmental conservation and improvement of the health of the environment, particularly as the measure for this health seeks to incorporate the concerns of non-human elements...
: What Does It Mean for Business?, edited by Jaana Woiceshyn (Faculty of Management Lecture Series, The University of CalgaryUniversity of CalgaryThe University of Calgary is a public research university located in Calgary, Alberta, Canada. Founded in 1966 the U of C is composed of 14 faculties and more than 85 research institutes and centres.More than 25,000 undergraduate and 5,500 graduate students are currently...
). - 1993. “BankBankA bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing without the ‘Too-Big-to-Fail’ Doctrine”, chapter in Bankers and Regulators, edited by Hans SennholzHans SennholzHans F. Sennholz was an economist of the Austrian school of economics who studied under Ludwig von Mises. After serving in the Luftwaffe in World War II, he took degrees at the universities of Marburg and Köln. He then moved to the United States to study for a Ph.D. at New York University...
(Irvington-on Hudson, NYNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
: Foundation for Economic EducationFoundation for Economic EducationThe Foundation for Economic Education is one of the oldest free-market organizations established in the United States to study and advance the freedom philosophy. Murray Rothbard recognizes FEE for creating a "crucial open center" that he credits with launching the movement...
). - 1993. The Collapse of Deposit InsuranceDeposit insuranceExplicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due...
—and the Case for Abolition (Great Barrington, MAMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
: American Institute for Economic ResearchAmerican Institute for Economic ResearchAmerican Institute for Economic Research , located in Great Barrington, Massachusetts, is one of the oldest economic research organizations in the United States. Founded in 1933, AIER is an independent 501 organization that, according to its website, represents no fund, concentration of wealth, or...
). - 1990. Breaking the Banks: Central BankingCentral bankA central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
Problems and Free BankingFree bankingFree banking refers to a monetary arrangement in which banks are subject to no special regulations beyond those applicable to most enterprises, and in which they also are free to issue their own paper currency...
Solutions (Great Barrington, MAMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
: American Institute for Economic ResearchAmerican Institute for Economic ResearchAmerican Institute for Economic Research , located in Great Barrington, Massachusetts, is one of the oldest economic research organizations in the United States. Founded in 1933, AIER is an independent 501 organization that, according to its website, represents no fund, concentration of wealth, or...
).
Education
- 1988. Stern School of Business, New York University (NYU)New York UniversityNew York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
, MBAMaster of Business AdministrationThe Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
(economicsEconomicsEconomics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
) - 1981. Bowdoin CollegeBowdoin CollegeBowdoin College , founded in 1794, is an elite private liberal arts college located in the coastal Maine town of Brunswick, Maine. As of 2011, U.S. News and World Report ranks Bowdoin 6th among liberal arts colleges in the United States. At times, it was ranked as high as 4th in the country. It is...
, BABachelor of ArtsA Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
(lawLawLaw is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
and economics)