Richard Henry Timberlake Jr.
(June 24, 1922 – May 22, 2020) was an American economist who was Professor of Economics at the University of Georgia
for much of his career. He became a leading advocate of free banking
, the belief that money
should be issued by private companies, not by a government monopoly. He wrote about the Legal Tender Cases
of the U.S. Supreme Court
in his book Constitutional Money: A Review of the Supreme Court's Monetary Decisions
Timberlake's research on the development of private moneys occurred at the time of Friedrich Hayek
's idea of The Denationalization of Money
, extending and expanding upon it in coordination with the free banking
movement. He believed that, instead of a government-imposed central bank
, there should be a free market in the production of money, with banks choosing how to issue their own, competing currencies.
Timberlake also examined the causes of the Great Depression
, and emphasized the switch of the Federal Reserve
, starting in 1929, to the real bills doctrine
of money management, and an anti-speculation policy that severely reduced bank reserves and the amount of deposit money that the banks could create. The money supply contracted by 30% in four years, something that no market economy could tolerate. Along with Hayek of the Austrian school
, Milton Friedman
of the Chicago school
, and even the Keynesians
, Timberlake saw this Fed policy as the primary cause of the Great Depression.
However, Timberlake did not reject the gold standard
. While many economists blamed the gold standard for the monetary collapse
, Timberlake cited data that refutes the validity of their complaints. He showed that the Fed Banks and U.S. Treasury had plenty of gold in the 1929–1933 period. Timberlake concluded that government interference with gold standard adjustments caused most of the trouble in the past, producing cycles of money growth and deflation, panic and depression.
Timberlake's papers are housed at the Hoover Institution Library & Archives at Stanford University.
Timberlake was active in politics as a member of the Libertarian Party
He was involved in the Harry Browne
presidential campaign, writing and signing open letters advocating various positions, such as school choice
and rejection of policies that would have raised taxes. In the past he was a vocal and outspoken critic of the science behind anthropogenic climate change
, writing a number of op-ed pieces for the Athens Banner Herald
. He was an adjunct scholar at the Cato Institute
- The New Palgrave Dictionary of Money and Finance
- The Encyclopedia of Business History and Biography
- ^ "Directory of Members". 1969.
- ^ "Richard H. Timberlake" – Biography at Econjwatch.org
- ^ "Richard Timberlake in front of his barracks in October of 1943.JPG". Rockdale Citizen & Newton Citizen. Retrieved 24 May 2020.
- ^ "Interview--Richard Timberlake" (PDF). Richmond Fed. Retrieved 31 May 2020.
- ^ Richard H. Timberlake Jr. at Cato.org
- ^ Richard H. Timberlake
- ^ Gold Standards and the Real Bills Doctrine in U.S. Monetary Policy by Richard H. Timberlake in Econ Journal Watch
- ^ Timberlake, Jr., Richard H. (2007). "Gold Standards and the Real Bills Doctrine in U.S Monetary Policy" (PDF). The Independent: 325–354. Retrieved 24 May 2020.
- ^ The Independent Review, v. XI, n. 3, Winter 2007, ISSN 1086-1653, Copyright © 2007, pp. 325–354
- ^ "What Should The Federal Government Do About The Economy? -- An Economist's Perspective". Libertarian Party of Georgia. March 20, 2009.
- ^ Dorn, James (22 June 2012). "Cato Adjunct Scholar Richard Timberlake Turns 90". Cato Institute. Retrieved 24 May 2020.
- ^ Nichol, John; Rennell, Tony (1 April 2007). Tail-End Charlies: The Last Battles of the Bomber War, 1944-45. Macmillan. ISBN 9781429907361. Retrieved 24 May 2020.
- ^ Timberlake, Richard H. (2013). Constitutional money : a review of the Supreme Court's monetary decisions (Hard cover first ed.). New York: Cambridge University Press. p. 247. ISBN 978-1-107-03254-5.
- ^ "Policy Report: Landmark Breakthrough on the Great Depression". Cato Institute. 3 June 2019. Retrieved 7 June 2019.
- Richard H. Timberlake, Jr., "Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money", Review of Austrian Economics, 1987, 1, pp. 81–96.
- Richard H. Timberlake, Jr.: "The Specie Circular and Distribution of the Surplus" & "The Specie Circular and Sales of Public Lands: A Comment" (Timberlake's attempt at demonstrating the negligible impact of the Specie Circular on the position of the banks).
- Stanley L. Engerman & Robert E. Gallman, The Cambridge Economic History of the United States, Volume 2, Cambridge University Press, 2000, p. 673.
- Joseph T. Salerno, Money, Sound and Unsound, Ludwig von Mises Institute, 2010, p. 549 (note 42).
- Beranek, William and Humphrey, Thomas M. and Timberlake, Richard, Fisher, Thornton and the Analysis of the Inflation Premium (September 1, 1984). FRB Richmond Working Paper No. 84-5. Available at SSRN: https://ssrn.com/abstract=2120212 or https://doi.org/10.2139/ssrn.2120212Beraneknton
Last edited on 18 March 2021, at 21:34
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