Jesús Huerta de Soto Ballester (born December 23, 1956) is a Spanish economist of the Austrian School. He is a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Mises Institute.

Education and career
Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from Complutense University. His MBA in actuarial science is from Stanford University, 1985. In 2000 he became a full professor of Political Economy at Universidad Rey Juan Carlos in Madrid. Since 2007 he is director of the Austrian Economics Master Program Master Economía de la Escuela Austríaca at the Rey Juan Carlos University.

Huerta de Soto was editor of seven volumes of the Spanish-language version of the University of Chicago Press's The Collected Works of F. A. Hayek. In that capacity, he was responsible for bibliographies, footnotes, introductions, and hiring translators. He is a member of the editorial board of New Perspectives on Political Economy and on the advisory editorial board of the Journal of Markets and Morality. Huerta de Soto is a Senior Fellow of the Mises Institute and is on the editorial board of its Quarterly Journal of Austrian Economics. He was formerly a Trustee of the Madrid Institute for Advanced Studies (IMDEA) in social sciences and was a vice-president and director of the Mont Pelerin Society from 2000 to 2004.

Economic views

Classical liberalism
An anarcho-capitalist, Huerta argues that classical liberalism and their ideal is theoretically impossible; he also believes that classical liberals have failed to limit the power of the state.

General equilibrium theory
Economist Leland B. Yeager has cited Huerta de Soto as an example of scorn in economics. Yeager states that Soto scorns general equilibrium theory, citing a passage in which  Soto refers to the "pernicious analysis" of price equilibrium at "the intersection of mysterious curves or functions lacking any real existence...even in the minds of the actors involved."

Austrian business cycle and full reserve banking
Huerta de Soto advocates full-reserve banking, a system in which 100% reserve requirements for banks would prevent any expansion of credit.

In 2006, Huerta de Soto wrote an 876-page book on the subject, published in English by the Mises Institute as Money, Bank Credit, and Economic Cycles. Samuel Gregg reviewed the book writing that "[t]he sheer length of this text will demand much time and concentration of readers wishing to fully absorb its insights. Certainly there is an element of repetition at different points. This tends, however, to reflect De Soto's determination to demonstrate that the moral, legal, and economic dimensions of money, credit, and banking cannot be artificially separated from each other without risking the loss of a sound understanding of the subject." In the journal New Perspectives on Political Economy, Ludwig van den Hauwe suggested that "[e]ven if it may be difficult at this time to gauge in any precise manner the effect the book will have on the economics profession at large, there can be no doubt the book is destined to become a classic, both by virtue of the subject matters that are treated and in virtue of the manner in which they are treated: thoroughly and authoritatively."

Larry J. Sechrest's review of Huerta de Soto's book, also published by the Mises Institute, stated that the author attempted to provide "final and decisive proof" that fractional reserve banking is incompatible with private property rights, morality, and a stable economy. Sechrest wrote that although Huerta de Soto presented a painstaking investigation of legal theory, banking history, business cycles, and medieval theological doctrine, a great deal of it is irrelevant to the book's thesis. Sechrest concludes "Above all, Huerta de Soto refuses to even consider the possibility that banks' customers may have been quite willing to face some risk exposure in exchange for the benefits 100 percent reserve banks are unable to provide" and believes that "any departure from 100 percent reserve banking is automatically taken to be evidence of malfeasance by bankers, even when there is no clear data on the details of the contractual relations negotiated by depositors."

In his chapter on "Attempts to Legally Justify Fractional-Reserve Banking", Huerta de Soto considers the possibility "that a certain group of bank customers (or for the sake of argument, all of them) enter into a deposit contract aware and fully accepting that banks will invest (or loan, etc.) a large portion of the money they deposit".  In this case, argues Huerta de Soto, "the supposed authorization from the depositors lacks legal validity" because few lay-persons understand the instability inherent in fractional-reserve banking: they believe their deposit is guaranteed, which Huerta de Soto considers a (near universal) misconception.  As evidence of the true wishes of depositors, he cites the riots that resulted when banks suspended payments during the 1998–2002 Argentine great depression.

Money and banking
Andre Azevedo Alves and Jose Moreira state that Huerta de Soto has written the "most complete and integrated analysis of the theories of banking" of the School of Salamanca.

Reception

In a review for the Mises Institute's Review of Austrian Economics, Institute Associated Scholar Leland B. Yeager called the book "the most thorough treatment in print of Austrian ideas on banking and the business cycle". Mises Institute Senior Fellow and former United States representative Ron Paul endorsed Huerta de Soto's view that fractional reserve banking is the cause of financial instability. An Institute of Economic Affairs review described The Theory of Dynamic Efficiency as "[a] major new collection in the field of Austrian economics" and called Huerta de Soto "a leading Spanish scholar".

Honorary doctorates
 Universidad Francisco Marroquín (2009)
 Alexandru Ioan Cuza University (2010)
 Finance University under the Government of the Russian Federation (2011)

Publications

Books
 
  3 volumes: 
  Series: Historia del pensamiento económico. 
 
  Series: Nueva biblioteca de la libertad
 
 
  (with Martin Froněk)
  (Originally as Socialismo, cálculo económico y función empresarial; part of the New Thinking in Political Economy series by the Institute of Economic Affairs)
 
 Chapter 2: A brief note on economic recessions, banking reform and the future of capitalism in Óscar Dejuán, Eladio Febrero, Maria Cristina Marcuzzo (editors), The First Great Recession of the 21st Century: Competing Explanations, Edward Elgar Publishing, 2011, 
  (with Melinda A. Stroup, translator)  Also available as a  PDF here

Journals
For a list of articles published in Spanish, English, and other languages, see the Huerta de Soto website.
 "A critical analysis of central banks and fractional-reserve free banking from the Austrian school perspective". The Review of Austrian Economics (Kluwer Academic Publishers) 8 (2):25–38. 1995.
 "New Light on the Prehistory of the Theory of Banking and the School of Salamanca". The Review of Austrian Economics 9 (2): 59–81. 1996.
 "The Ongoing Methodenstreit of the Austrian School". Journal des Économistes et des Études Humaines. 8 (1):75–113 1998.
 "Conjectured History and Beyond," Humane Studies Review. 6 (2):10. Winter, 1998–1999.
 "A Critical Note on Fractional-Reserve Free Banking," Quarterly Journal of Austrian Economics. 1 (4):25–49. Winter, 1998.
 "The Ethics of Capitalism". Journal of Markets & Morality, (Acton Institute) 2 (2):150–163. 1999. 
 "Hayek's Best Test of a Good Economist". Procesos de Mercado: Revista Europea de Economía Política. I (2):121–124. 2004.

See also
 Libertarianism
 Ludwig von Mises

References

External links

 Official website
 Jesús Huerta de Soto listings at Ludwig von Mises Institute website: Author listing; Mises Daily article listing; Faculty spotlight interview.
 An Interview with Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.)
 Audiovisual Media, UFM NewMedia
 Financial Crisis and Economic Recession
 Lecciones de Economía en la Universidad Rey Juan Carlos de Madrid
 Huerta de Soto interviewed by GoldMoney Foundation

1956 births
Living people
21st-century  Spanish economists
Anarcho-capitalists
Austrian School economists
Libertarian economists
Mises Institute people
Academics from Madrid
20th-century  Spanish economists
Spanish libertarians
Member of the Mont Pelerin Society
Academic staff of King Juan Carlos University
헤수스 우에르타 데소토(, 마드리드, 1956년 ~ )는 현재 오스트리안 경제학파를 가장 잘 대표하는 스페인 출신의 경제학자이며 정치철학자이다. 마드리드에 있는 후안카를로스 국왕 대학교에서 정치경제학 교수로 재직하고 있다. 그는 두 개의 박사학위를 마드리드에 있는 콤플루텐세 국립대학교에서 받았는데, 1984년에 법학 박사 학위를, 그리고 1992년에는 경제학 박사 학위를 받았다. 스페인중앙은행으로부터 장학금을 받아 스탠퍼드 대학교에서 공부하여 MBA학위를 받았고, 1979년에 콤플루텐세 국립대학 법학대학에서 정치경제학 교수가 되었다. 2000년부터는 후안카를로스 국왕 대학교의 법학/사회과학 대학에서 정치경제 교수로 재직해오고 있다. 2007년 10월부터는, 오스트리안 경제학 학풍을 유럽과 전 세계에 전파하기 위해, 유럽연합으로부터 유일하게 인가받은 오스트리안 경제학 석사학위 프로그램을 가르치고 있다. 2004년 4월에는 학술지인 Procesos de Mercado: revista europea de economía política [시장 프로세스: 정치경제 유럽 학술지]를 설립하여 편집자로 활동해오고 있다. 오스트리안 학파의 논문들을 싣고 있고, 유럽 연합의 공식적인 언어로 일 년에 두 번 발행되고 있다. 그의 학술적 공헌은 매우 많은 데, 예를 들어, 그의 저서인 "개인 연금제도"는 후안 카를로스 국왕이 수여하는 국제적인 경제학상을 1983년에 받았다.

우에르타 데소토는 루트비히 폰 미제스 학회의 회원이며, 마드리드 사회과학 고등연구소의 후원자이며, 몽 펠르랭 소사이어티의 부회장을 2000년부터 2004까지 역임하기도 하였다. 또한 Quarterly Journal of Austrian Economics와 the Journal of Markets and Morality, 그리고 New Perspectives on Political Economy의 편집위원이며, [인간행동 연구소]의 공동 설립자이기도 하다. 그는 마드리드에 있는 후안 데 마리아나 연구소와 매우 긴밀하게 협력해오고 있다.

2009년에 프란시스코 마로킨 대학교로부터 명예박사학위를 받기 시작해서, 2010년에는 루마니아 이아쉬의 알렉산드루 이오안 쿠자 대학교로부터 명예박사학위를, 그리고 2011년에는 러시아연방정부에 속해 있고 레닌이 설립한 모스크바의 the Financial University으로부터 명예박사학위를 받았다.

그가 받은 국제적인 학술상 중에는, 브루셀의 CNE가 수여하는 아담스미스상을 2005년에, 프라하의 the University of Economics가 경제학 교육에 탁월한 사람에게 수요하는 the Franz Cuhel Memorial Prize상을 2006년에, the Gary G. Schlarbaum Prize for Liberty을 살라망카에서 2009년에, the Foment del Treball Nacional 상을 바르셀로나에서 2009년에, 그리고 2013년 6월 21일에는 독일 괴팅겐대학교으로부터 하이에크 금상을 받았다.

그의 학술적인 공헌 중에는, 우선 2010년에 발행된 그의 저서 Socialism, Economic Calculation, and Entrepreneurship에 기술된 기업가정신과 사회주의의 불가능성에 대한 연구가 있다. 그리고 그의 또 다른 저서 "화폐, 은행 신용, 그리고 경기변동”에 실린 오스트리안 학파의 경기변동이론 연구과, 그리고 그의 저서 “동적 효율성의 이론"에 실린 동적 효율성 이론 연구 등이 있다. 우에르타 데소토의 주장에 따르면, 사회현실을 분석하려면, 세가지 접근법, 즉, 폰 미제스의 이론적 접근, 하이에크의 역사-진화론적 접근, 그리고 로스바드의 윤리적 접근이 적절하게 합쳐져야 한다. 우에르타 데소토의 저작들은 러시아어, 중국어, 일본어, 아랍어 등 스물한가지 언어로 번역되었다.

이념적으로 우에르타 데소토는 전통적인 자유주의(classical liberalism)보다 무정부적 자본주의(anarcho-capitalism)가 이론적으로 우월하다고 믿고 있다. 그리고 완전한 경제 자유화와 금융제도의 전체적인 정비가 필요하다고 보고 있는데, 금본위제도와 100% 은행 준비금 제도로의 복귀를 주장하고 있다. 머레이 로스바드가 믿었던 것처럼, 스페인 전성기의 살라망카 학파야 말로 오스트리아학파와 경제자유주의에 앞선 선구자였고, 오늘날 우리가 경제과학이라고 부르는 것의 요람이었다고 그는 믿고 있다. 응용 경제학 영역에서 우에르타 데소토는 유로를 옹호하고 있는데, 유로가 금본위제의 대리로 활용되어 정치가와 관료들 그리고 이해집단들을 훈육해야한다고 보고 있다.

우에르타 데소토는 상당한 규모의 젊은 학자들과 추종자들을 성공적으로 만들어 냈는데, 이들 중에서 박사학위자를 가진 이들로는 Philipp Bagus, Miguel Ángel Alonso Neira, David Howden, Gabriel Calzada, Javier Aranzadi del Cerro, Óscar Vara Crespo, Adrián Ravier, Juan Ramón Rallo, Miguel Anxo Bastos Boubeta, and María Blanco 등이 있다. 그리고, 2011년부터 우에르타 데소토는 개인자유당(Partido de la Libertad Individual, P-Lib)의 일원으로 활동해오고 있다.

저작 
 Planes de pensiones privados (1984)
 Lecturas de economía política, ed. (3 vols., 1984-1987)
 Socialism, Economic Calculation, and Entrepreneurship (2010)
 Estudios de economía política (1994)
 화폐, 은행 신용, 그리고 경기변동 (Money, Bank Credit, and Economic Cycles, 2006)
 The Austrian School: Market Order and Entrepreneurial Creativity (2008)
 Nuevos estudios de economía política (2002)
 Ahorra y previsión en el seguro de vida (2006)
 The Theory of Dynamic Efficiency (2009)

참고 문헌 

 Doctor Honoris Causa. Alexandru Ioan Cuza University
 Doctor Honoris Causa. Financial University under the Government of the Russian Federation
 Professor Huerta de Soto receives the Hayek Gesellschaft (University of Göttingen)
 In memoriam M.N. Rothbard (https://web.archive.org/web/20131029210503/http://jesushuertadesoto.com/pdf_nuevosestudios/cap18.pdf), see Raíces salmantinas de la escuela austriaca, by Jesús Huerta de Soto
 Article in Spanish, "En defensa del euro"

외부 링크 
 
 Wikimedia Commons holds multimedia content on Jesús Huerta de Soto. 
 Audiovisual Media, UFM(Universidad Francisco Marroquín) NewMedia
 Huerta de Soto's website
 Jesús Huerta de Soto (https://web.archive.org/web/20131126123811/http://www.enemigosdelestado.com/tag/jesus-huerta-de-soto/), Articles by Jesús Huerta de Soto
 Jesús Huerta de Soto listings at Ludwig von Mises Institute website: Author listing; Mises Daily article listing; Faculty spotlight interview.
 An Interview with Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.)
 Financial Crisis and Economic Recession
 Lecciones de Economía en la Universidad Rey Juan Carlos de Madrid
 Huerta de Soto interviewed by GoldMoney Foundation

1956년 출생
살아있는 사람
스페인의 경제학자
자유지상주의자
마드리드 출신
오스트리아 학파 경제학자
자유지상주의 경제학자