Leland Bennett Yeager (; October 4, 1924 – April 23, 2018) was an American economist dealing with

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

and

international trade International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant ...

Biography

Yeager 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 (; ISO 639 language codes ia, ina) is an international auxiliary language (IAL) developed between 1937 and 1951 by the American International Auxiliary Language Association (IALA). It ranks among the most widely used IALs and is t ...

Institute from 1997 to 1998 after

Deanna Hammond Deanna L. Hammond (1942–1997) 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 Un ...

died. He has been a regular contributor to ''Liberty'' magazine and an occasional contributor to the "Mises Daily". He was a Professor Emeritus at both

Auburn University Auburn University (AU or Auburn) is a public land-grant research university in Auburn, Alabama. With more than 24,600 undergraduate students and a total enrollment of more than 30,000 with 1,330 faculty members, Auburn is the second largest uni ...

and the

University of Virginia The University of Virginia (UVA) is a Public university#United States, public research university in Charlottesville, Virginia. Founded in 1819 by Thomas Jefferson, the university is ranked among the top academic institutions in the United S ...

. His monetary writings have strongly opposed

Keynesian Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...

orthodoxy and have emphasized the crucial role of money in business cycles. His 1956 essay, "A Cash-Balance Interpretation of Depression" 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 was a member of the monetarist school exemplified by

Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the ...

. His subsequent writings tilted towards a

laissez-faire ''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. ...

approach to monetary reform. In his 1989 paper "Can Monetary Disequilibrium Be Eliminated", he advocated that government "be banished from any role in the monetary system other than that of defining a unit of account or numeraire." Yeager argued in favor of constitutional monarchy. The month before his death Yeager wrote about the "destructive and ignorant" trade policy of United States President

Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump graduated from the Wharton School of the University of Pe ...

. Yeager died in April 2018 at the age of 93.Mises Institute: Leland Yeager, R.I.P.
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Bibliography

* ''Foreign Trade and U.S. Policy: The Case for Free International Trade'' (1976) * ''International Monetary Relations: Theory, History and Policy'' (1976) * ''Proposals for government credit allocation: Evaluative studies in economic policy'' (1977) * ''Experiences With Stopping Inflation'' (1981) * ''The Fluttering Veil: Essays on Monetary Disequilibrium'' (1997) * ''Ethics As Social Science: The Moral Philosophy of Social Cooperation'' (2001) * ''Is the Market a Test of Truth and Beauty? Essays in Political Economy''
Full Text
. (2012)

References

{{DEFAULTSORT:Yeager, Leland 1924 births 2018 deaths Economists from Illinois American libertarians Auburn University faculty Cato Institute people Libertarian theorists Military personnel from Illinois Mises Institute people University of Virginia faculty Writers from Oak Park, Illinois American monarchists

Biography

Bibliography

See also

References