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Philipp Bagus

Tags Financial MarketsMoney and BanksBusiness CyclesMonetary TheoryMoney and Banking

Works Published inSpeeches and PresentationsMises Daily ArticleThe Journal of Libertarian StudiesQuarterly Journal of Austrian EconomicsThe Free MarketLibertarian Papers

AwardsO.P. Alford III Prize in Political Economy

Philipp Bagus is professor of economics at Universidad Rey Juan Carlos. He is a Fellow of the Mises Institute, an IREF scholar, and was awarded the 2011 and 2017 O.P. Alford III Prize in Libertarian Scholarship, the Ron Paul Liberty in Media Award 2003, the Templeton Fellowship Award of the Independent Institute in 2008, and the Ludwig-Erhard-Forderpreis 2016. He is the author of The Tragedy of the Euro and coauthor of Deep Freeze: Iceland's Economic CollapseThe Tragedy of the Euro has so far been translated and published in Greek, German, French, Slovak, Polish, Italian, Romanian, Finnish, Spanish, Portuguese, British English, Dutch, Brazilian Portuguese, Bulgarian, and Chinese. He is also author of In Defense of Deflation, and co-author with Andreas Marquart of Blind Robbery: How the Fed, Banks and Government Steal Our Money and of the German language book Wir schaffen das alleine - warum Kleinstaaten einfach besser sind. Visit his website at

All Works

Can Dikes Be Private?: An Argument Against Public Goods Theory

Free MarketsWorld HistoryEntrepreneurship

06/15/2007Mises Daily Articles
It is striking to realize that dikes were not only built without the state, but also that the dike areas can be regarded as seceding territories, which came close to private-law societies.
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The Problem of Accuracy of Economic Data

Calculation and KnowledgePhilosophy and MethodologyPrices

08/17/2006Mises Daily Articles
The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of...
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Deflation: When Austrians Become Interventionists

Booms and BustsMoney and BanksBusiness CyclesMoney and Banking

07/20/2005Quarterly Journal of Austrian Economics
This paper examines what Austrian economists think about deflation and offers a critique of their views. This seems to be of particular importance because Austrians differ in their opinions about deflation,


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Should the Productivity Norm Determine Wages?

Production TheoryValue and Exchange

05/13/2004Mises Daily Articles
Due to the productivity norm doctrine, writes Phillip Bagus, labor unions disturb the process of capital accumulation.
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The Commons and the Tragedy of Banking

Money and BanksMonetary TheoryMoney and Banking

11/12/2003Mises Daily Articles
It was Mises, before Hardin, who identified the problem of overutilization wrought by public property. The problem is not limited to land ownership, however. In banking, writes Philipp Bagus, common deposit ownership leads to credit expansion and finally the drive to centralized control of money...
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