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I should have also listed Lawrence White's 
_Free Banking in Britain_ as an example of a work by an 
Austrian economist which is simultaneously a cutting edge 
book in the history of economic thought and in contemporary 
economic thought. 
Mark Blaug's remark about the book, that "Larry White's 
_Free Banking in Britain_ is one of those books that alter 
forever one's view of the history of monetary policy, the role 
of central banks, and indeed the need to regulate banking at 
all" suggests how a work can contribute at once to our understanding 
of the history of economic thought and contemporary economic 
phenomena, i.e. can advance our understanding in a way that 
alters contemporary economic thinking. 
 
Greg Ransom 
Dept. of Philosophy 
UC-Riverside 
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http://members.gnn.com/logosapien/ransom.htm 
 
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