Emeritus Professor of Economics at the University of Georgia

Richard H. Timberlake, Jr. (born 24 June 1922) is an American economist who was Professor of Economics at the University of Georgia for much of his career. He also has become a leading advocate of free banking, the belief that money should be issued by private companies, not by a government monopoly.


TheAdvocates.org - Richard Timberlake
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24 Jun 1922, in Steubenville, Ohio


Cato Institute


Advocates for Self-Government, Board of Advisors
Cato Institute, Adjunct Scholar
Independent Institute, Research Fellow

Web Pages

Richard Timberlake - Libertarian
Advocates for Self-Government


A Critique of Monetarist and Austrian Doctrines on the Utility and Value of Money [PDF], The Review of Austrian Economics, 1987
Austrian "Inflation," Austrian "Money," and Federal Reserve Policy, The Freeman, Sep 2000
Response to Joseph T. Salerno's October 1999 article which critiqued Timberlake's essays in the April, May and June 1999 issues; discusses the words "inflation" and "money" and Federal Reserve policies, in an Austrian economics context
"The question of which items economists should include in the definition of money has been debated for two centuries. Obviously, any item that is directly exchangeable for goods and services over the counter as a medium of exchange is money. Currency and demand deposits, subject to check, are clearly money. However, what about time and savings deposits, savings and loan share capital, and cash surrender values of life insurance policies—the items Salerno (and Rothbard) include in the accounted money stock?"
Gold Policy in the 1930s, The Freeman, May 1999
How Gold Was Money--How Gold Could Be Money Again, The Freeman, Apr 1995
Related Topic: Gold Standard
Lessons learned: Libertarian reflects on his campaign and offers advice, Libertarian Party News, Jan 1994
The Reserve Requirement Debacle of 1935-1938, The Freeman, Jun 1999


The Roots of the Great Depression, Navigator, Jan 2001

Books Authored

Money and the Nation State: The Financial Revolution, Government and the World Monetary System
    by Kevin Dowd (Editor), Richard Timberlake (Editor), 1997
Partial contents: An Evolutionary Theory of the State Monopoly Over Money - National Sovereignty and International Monetary Regimes - From Gold to the ECU: The International Monetary System in Retrospect - The Gold-exchange Standard in the Interwar Years
Related Topic: Money

The introductory paragraph uses material from the Wikipedia article "Richard Timberlake" as of 27 Jan 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.