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David Howden, Ph.D.

Department of Business and Economics


Ph.D. (Economics, cum laude), Rey Juan Carlos University, Madrid Spain
M.A. (Economics), Rey Juan Carlos University, Madrid Spain
BBA (Finance, honors), Wilfrid Laurier University, Waterloo Canada

Publications and Media Placements


2015. (ed., with Per Bylund) The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno. Auburn, AL: Ludwig von Mises Institute.

2014. (ed., with Joseph T. Salerno) The Fed at One Hundred: A Critical View on the Federal Reserve System. New York and London: Springer.

2011. (ed.) Institutions in Crisis: European Perspectives on the Recession. Cheltenham, UK: Edward Elgar.

2011. Deep Freeze: Iceland’s Economic Collapse. Auburn, AL: Ludwig von Mises Institute. with Philipp Bagus.


2018. "Entrepreneurial Error Does Not Equal Market Failure." Journal of Business Ethics 149(2): 433-41. with Philipp Bagus and Jesús Huerta de Soto.

2018. "On the Necessary and Sufficient Conditions for Legitimate Banking Contracts." Journal of Business Ethics 147(3): 669-678. with Philipp Bagus and Amadeus Gabriel.

2017. "The Hubris of Hybrids." Journal of Business Ethics 145(2): 373-82. with Philipp Bagus and Amadeus Gabriel.

2017. "The Rise and Fall of the Subsistence Fund as a Resource Constraint in Austrian Business Cycle Theory." Review of Austrian Economics 30(2): 235-49. with Eduard Braun.

2017. "The Interest Rate and the Length of Production: A Comment." Quarterly Journal of Austrian Economics 19(4): 345-58.

2016. "Mises and Montaigne: A Comment." History of Political Economy 48(4): 733-40. with Philipp Bagus, Eva María Carrasco Bañuelos and Amadeus Gabriel.

2016. "Finance Behind the Veil of Money, A Rejoinder To Dr. Braun." Quarterly Journal of Austrian Economics 19(2): 178-86.

2016. "Reassessing the Ethicality of Some Common Financial Practices." Journal of Business Ethics 136(3): 471-80. with Philipp Bagus and Amadeus Gabriel.

2016. "Finance Behind the Veil of Money: Response to Dr. Braun's Comment." Quarterly Journal of Austrian Economics 19(1): 124-28. 

2016. “Central Bank Balance Sheet Analysis.” Betriebswirtschaftliche Forschung und Praxis 68(2): 109-25. with Philipp Bagus.

2016. “Time Preference and the Process of Civilization.” International Journal of Social Economics 43(4): 382-99. with Joakim Kämpe.

2016. "Uses and Misuses of Arbitrage in Financial Theory, and a Suggested Alternative." Journal of Prices & Markets 4(2): 44-57. with Rafael García Iborra. 

2016. "The Economic and Legal Significance of ‘Full’ Deposit Availability." European Journal of Law and Economics 41(1): 243-54. with Philipp Bagus.

2015. "The Efficient Market Conjecture." Quarterly Journal of Austrian Economics 18(4): 378-408. with Ricardo Emanuel Campos Dias de Sousa.

2015. "The Interest Rate Break on Maturity Transformation." Journal of Economic Issues 49(4): 1100-1111. with Amadeus Gabriel.

2015. "An Austrian Analysis of China’s Unsustainable Boom." Economic Affairs 35(3): 443-52. with Jason Xingbin Li.

2015. "Why Did China’s Population Grow So Quickly?" The Independent Review 20(2): 227-48. with Yang Zhou.

2015. "Rethinking Deposit Insurance on Brokered Deposits." Journal of Banking Regulation 16(3): 188-200.

2015. "Oil and water do not mix, or: aliud est credere, aliud deponere." Journal of Business Ethics 128(1): 197-206. with Philipp Bagus and Amadeus Gabriel.

2014. "Causes and Consequences of Inflation." Business and Society Review 119(4): 497-517. with Philipp Bagus and Amadeus Gabriel.

2014. "Unintended Consequences of China´s One-Child Policy." Economic Affairs 34(3): 353-69. with Yang Zhou.

2014. "Fiscal Considerations of Central Bank Recapitalization." Journal of Prices & Markets 2(2): 36 – 47. with Philipp Bagus.

2014. "Central Bank Insolvency: Causes, Effects and Remedies." The Journal of Social, Political and Economic Studies 39(1): 3-23. with Philipp Bagus.

2014. "Knowledge Flows and Insider Trading." Review of Austrian Economics 27(1): 45-55.

2013. "The Rise and Fall of the Icelandic Economy." The Journal for Social, Political, and Economic Studies 38(4): 389-424.

2013. "The Icelandic and Irish Banking Crises: Alternative Paths to a Credit-Induced Collapse." The Independent Review 18(3): 421-39.

2013. "The Quantity Theory of Money." Journal of Prices & Markets 1(1): 17-30.

2013. "Separating the Wheat from the Chaff: Icelandic and Irish Policy Responses to the Banking Crisis." Economic Affairs 33(3): 348-60.

2013. "Some Ethical Dilemmas with Modern Banking." Business Ethics: A European Review 22(3): 235-45. with Philipp Bagus.

2013. "Deposits, Loans and Banking: Clarifying the Debate." The American Journal of Economics and Sociology 72(3): 627-44. with Philipp Bagus and Walter E. Block.

2012. "Monetary Equilibrium and Price Stickiness: A Rejoinder." Review of Austrian Economics 25(3): 271-77. with Philipp Bagus.

2012. "Still Unanswered Quibbles with Fractional Reserve Free Banking." Review of Austrian Economics 25(2): 159-71. with Philipp Bagus.

2012. “The Continuing Continuum Problem and Future Goods." The Journal of Business Ethics 106(3): 295-300. with Philipp Bagus.

2011. "Unanswered Quibbles: George Selgin Gets it Wrong with Fractional Reserve Free Banking.” Procesos de Mercado: Revista Europea de Economía Política 8(2): 83-111. with Philipp Bagus.

2011. "Monetary Equilibrium and Price Stickiness: Causes, Consequences, and Remedies." Review of Austrian Economics 24(4): 383-402. with Philipp Bagus.

2011. “The Ethics of Tax Evasion." Business and Society Review 116(3): 375-401. with Philipp Bagus, Walter E. Block, Marian Eabrasu, and Jérémie Rostan.

2011. "Unanswered Quibbles with Fractional Reserve Free Banking." Libertarian Papers 3(18): 1-24. with Philipp Bagus.

2010. "Fractional Reserve Free Banking: Some Quibbles." Quarterly Journal of Austrian Economics 13(4): 29-55. with Philipp Bagus.

2010. "Ethics and Monetary Theory: Is There a Common Middle Ground?" Ethics & Politics 12(2): 355-66.

2010. "The Term Structure of Savings, the Yield Curve, and Maturity Mismatching." Quarterly Journal of Austrian Economics 13(3): 64-85. with Philipp Bagus.

2010. "Knowledge Shifts and the Business Cycle: When Boom Turns to Bust." Review of Austrian Economics 23(2): 165-182.

2009. "Qualitative Easing in Support of  a Tumbling Financial System: A Look at the Eurosystem's Recent Balance Sheet Policies." Economic Affairs 29(4): 60-65. with Philipp Bagus.

2009. "The Legitimacy of Loan Maturity Mismatching: A Risky, But Not Fraudulent, Undertaking." The Journal of Business Ethics 90(3): 399-406. with Philipp Bagus.

2009. "Fama's Efficient Market Hypothesis and Mises' Evenly Rotating Economy: Comparative Constructs." The Quarterly Journal of Austrian Economics 12(2): 17-26.

2009. "The Federal Reserve System and Eurosystem's Balance Sheet Policies During the Financial Crisis: A Comparative Analysis." Romanian Economic and Business Review 4(3): 165-85. with Philipp Bagus.

2009. "Money as a Medium of Exchange and Its Evolution: An Elaboration on Mengerian Monetary Economics." Procesos de Mercado: Revista Europea de Economía Política 6(1): 199-210.

2009. "The Federal Reserve System and Eurosystem's Balance Sheet Policies During the Financial Crisis: A Comparative Analysis." Romanian Economic and Business Review 4(3): 165-85. with Philipp Bagus.