# Philipp Bagus

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**Philipp Bagus** (born 1980) is a German [economist](/source/Economist) and [university lecturer](/source/University_lecturer). As a professor of [economics](/source/Economics), he teaches at the [Rey Juan Carlos University](/source/Rey_Juan_Carlos_University) in [Madrid](/source/Madrid). He conducts research and publishes particularly on [monetary policy](/source/Monetary_policy) and [business cycle](/source/Business_cycle) theory. Bagus is a [Fellow](/source/Fellow) of the [Ludwig von Mises Institute](/source/Ludwig_von_Mises_Institute), a member of the scientific advisory board of the Ludwig von Mises Institute Germany, and a member of the [Friedrich A. von Hayek Society](/source/Friedrich_A._von_Hayek_Society) and the [Mont Pèlerin Society](/source/Mont_P%C3%A8lerin_Society).[1]

## Life

Bagus attended the [Kardinal-von-Galen-Gymnasium](/source/Kardinal-von-Galen-Gymnasium) in [Mettingen](/source/Mettingen) and studied as an [Erasmus scholar](/source/Erasmus_Program) at Rey Juan Carlos University in 2003/2004. He graduated with a Bachelor of Arts in 2005 and a [Diplomvolkswirt](/source/Diplomvolkswirt) (equivalent to a master's degree in economics) in 2006 from the [Westfälische Wilhelms-Universität Münster](/source/Westf%C3%A4lische_Wilhelms-Universit%C3%A4t_M%C3%BCnster). He earned his [Ph.D.](/source/Ph.D.) at Rey Juan Carlos University in December 2007 under [Jesús Huerta de Soto](/source/Jes%C3%BAs_Huerta_de_Soto). [2][3] Guest professorships and teaching assignments have taken him to the universities of Münster, [Bayreuth](/source/University_of_Bayreuth), [Prague](/source/Charles_University), [Osnabrück](/source/University_of_Osnabr%C3%BCck), [Iași](/source/Alexandru_Ioan_Cuza_University_of_Ia%C8%99i), and [Angers](/source/University_of_Angers), as well as to the [Universidad Camilo José Cela](/source/Universidad_Camilo_Jos%C3%A9_Cela) in Madrid. Since 2007, he has been teaching at Rey Juan Carlos University (Departamento de Economía Aplicada e Historia e Instituciones Económicas [y Filosofía Moral]), initially as *Profesor ayudante*, then as *Profesor ayudante doctor*, later as *Profesor contratado doctor*, and since 2020 as *Profesor titular*.[4] Since 2017, he has been the chairman of the board of [Elementum International AG](/source/Elementum_International_AG), succeeding [Hans J. Bocker](/source/Hans_J._Bocker).

Bagus has published contributions in German-speaking and international academic journals, such as *[Wirtschaftsdienst](/source/Wirtschaftsdienst)*, *Journal of Business Ethics*, *Independent Review*, and *American Journal of Economics and Sociology*. His book *The Tragedy of the Euro*, published in 2010, has been translated into numerous languages. Among other topics, it addresses the [tragedy of the commons](/source/Tragedy_of_the_commons) in relation to the [Eurosystem](/source/Eurosystem). In 2011, he became a member of the "Frankfurter Zukunftsrat," initiated by [Manfred Pohl](/source/Manfred_Pohl_(economist)). Some of his works have received multiple awards, and in 2016 he received the [Ludwig-Erhard Prize for Economic Journalism](/source/Ludwig-Erhard-Stiftung#Ludwig-Erhard-Preis_für_Wirtschaftspublizistik).

## Selected publications

- [*The Tragedy of the Euro*](https://books.google.com/books?id=vGEthnrrsSMC). Ludwig von Mises Institute. 2010. ISBN 978-1-61016-316-3.[5]
- *In Defense of Deflation*. Springer International Publishing, Cham/Schweiz 2015, ISBN 978-3-319-13427-7 (aktualisierte Fassung der Dissertation aus dem Jahr 2007, [Vorschau/PDF](https://link.springer.com/content/pdf/bfm%3A978-3-319-13428-4%2F1.pdf)).[6]
- *Die Ära Milei. Argentiniens neuer Weg.* Langen Müller, München 2024, ISBN 978-3-7844-3719-4.
- with José Antonio Peña-Ramos and Antonio Sánchez-Bayón: *COVID-19 and the Political Economy of Mass Hysteria.* In: *International Journal of Environmental Research Public Health*, 2021, 18 (4), p. 1376 ([abstract](https://doi.org/10.3390/ijerph18041376)).
- *Reasons Why European Banks are in Trouble.* In: Tho Bishop (Hrsg.): *Anatomy of the Crash*. Ludwig von Mises Institute, Auburn/Alabama 2020, ISBN 978-1-61016-722-2 ([*Google Books*](https://www.google.de/books/edition/Anatomy_of_the_Crash/XIXnDwAAQBAJ?hl=de&gbpv=1&dq=Philipp+Bagus&printsec=frontcover)).
- with [Jesús Huerta de Soto](/source/Jes%C3%BAs_Huerta_de_Soto) (main author) and Fabian Lair (coauthor): *Die Theorie der dynamischen Effizienz* (= Hayek-Schriftenreihe zum Klassischen Liberalismus, Band 4). Duncker & Humblot, Berlin 2020, ISBN 978-3-4281-8007-3 (Originaltitel: *The theory of dynamic efficiency* [= Routledge Foundations of the Market Economy, Band 28], 2008, [PDF](https://www.jesushuertadesoto.com/the-theory-of-dynamic-efficiency/)).
- with Andreas Marquart: *Wir schaffen das – alleine! Warum Kleinstaaten einfach besser sind.* Finanzbuch-Verlag, München 2017.
- *The ZIRP Trap – The Institutionalization of Negative Real Interest Rates.* In: *Procesos de Mercado. Revista Europea de Economía Política*, 2015, Band 12, Heft 2, pp. 105–163 ([Zugang zum PDF](https://publicacion-digital.procesosdemercado.com/index.php/inicio/article/view/138)).
- with Andreas Marquart: *Warum andere auf Ihre Kosten immer reicher werden – und welche Rolle der Staat und unser Papiergeld dabei spielen.* Finanzbuch-Verlag, München 2014.
- *Austrian economics and new currency theory on 100% banking: A response to Huber*. In: *Procesos de Mercado. Revista Europea de Economía Política*, 11 (1), 2014, pp. 105–136 ([abstract](https://doi.org/10.52195/pm.v11i1.176)).
- with [Gerhard Schwarz](/source/Gerhard_Schwarz_(Journalist)) (Hrsg.): *Die Entstaatlichung des Geldes.* Verlag Neue Zürcher Zeitung, Zürich 2014.
- *Österreichische Konjunkturtheorie. Entwicklung und Relevanz der ÖKT für die heutige Wissenschaft und Wirtschaft.* Diplomica Verlag, Hamburg 2014, ISBN 978-3-8428-9687-1 ([*Google Books*](https://www.google.de/books/edition/%C3%96sterreichische_Konjunkturtheorie_Entwi/Tm6QAwAAQBAJ?hl=de&gbpv=1&dq=Philipp+Bagus&printsec=frontcover)).
- *Mises’ Staats- und Interventionismuskritik*. In: [Thorsten Polleit](/source/Thorsten_Polleit) (Hrsg.): *Ludwig von Mises. Leben und Werk für Einsteiger.* Finanzbuch-Verlag, München 2013, ISBN 978-3-89879-824-2 ([*Google Books*](https://www.google.de/books/edition/Ludwig_von_Mises/a1ikjcgh_HMC?hl=de&gbpv=1&dq=Philipp+Bagus&printsec=frontcover)).
- with David Howden: *Some Ethical Dilemmas with Modern Banking.* In: *Business Ethics: A European Review*, 22 (3), 2013, pp. 235–245 ([PDF](https://mpra.ub.uni-muenchen.de/79599/1/MPRA_paper_79599.pdf)).
- with David Howden: *Deep Freeze. Iceland’s Economic Collapse*. Ludwig von Mises Institute, Auburn/Alabama 2011, ISBN 978-1-933550-34-3 ([*Google Books*](https://www.google.de/books/edition/Deep_Freeze/Bg2-QxqKU8kC?hl=de&gbpv=1&dq=Philipp+Bagus&printsec=frontcover)).
- *Austrian Business Cycle Theory: Are 100 Percent Reserves Sufficient to Prevent a Business Cycle?* In: *Libertarian Papers*, 2 (2), 2010, pp. 1–18 ([PDF](http://libertarianpapers.org/wp-content/uploads/article/2010/lp-2-2.pdf)).
- *The Quality of Money*. In: *The Quarterly Journal of Austrian Economics*, 12 (4), 2009, pp. 22–45 ([PDF](http://leeconomics.com/qjae12_4_2.pdf)).
- with David Howden: *Qualitative Easing in Support of a Tumbling Financial System. A Look at the Eurosystem’s Recent Balance Sheet Policy.* In: *Economic Affairs*, 21, Heft 4 (November 2009), pp. 283–300 ([PDF](https://www.researchgate.net/profile/David-Howden-2/publication/46537749_Qualitative_easing_in_support_of_a_tumbling_financial_system_A_look_at_the_eurosystem%27s_recent_balance_sheet_policies/links/59e4b9510f7e9b97fbf08cc5/Qualitative-easing-in-support-of-a-tumbling-financial-system-A-look-at-the-eurosystems-recent-balance-sheet-policies.pdf)).
- with David Howden: *The Legitimacy of Loan Maturity Mismatching: A Risky, But Not Fraudulent, Undertaking*. In: *Journal of Business Ethics*, 90 (3), 2009, pp. 399–406 ([PDF](https://mpra.ub.uni-muenchen.de/79589/1/MPRA_paper_79589.pdf)).
- with Markus H. Schiml: *Notenbankbilanzanalyse: Ein neues Werkzeug der Geldpolitik in der Subprime-Krise*. In: *[Wirtschaftsdienst](/source/Wirtschaftsdienst)*, 89. Jahrgang (2009), Heft 3, pp. 184–188 ([Zugang zum PDF](https://www.wirtschaftsdienst.eu/pdf-download/jahr/2009/heft/3/beitrag/notenbankbilanzanalyse-werkzeug-der-geldpolitik.html)).
- with Markus H. Schiml: *Bilanzpolitik und -analyse von Notenbanken im Kontext der Qualitätstheorie des Geldes.* In: *German Review of New Austrian Economics*, 2. Jahrgang (2008), Heft 3.
- *Österreichische Konjunkturtheorie aus heutiger Sicht.* Grin Verlag, München 2008, ISBN 978-3-640-14490-7.
- *Monetary Reform and Deflation – A Critique of Mises, Rothbard, Huerta de Soto and Sennholz.* In: *New Perspectives on Political Economy*, 4 (2), 2008, pp. 131–157.
- *Five Common Errors about Deflation.* In: *Procesos de Mercado. Revista Europea de Economía Política*, 3 (1), 2006, pp. 105–123.
- *Deflation – When Austrians Become Interventionists.* In: *The Quarterly Journal of Austrian Economics*, 6 (4), 2003, pp. 19–35 ([PDF](https://www.researchgate.net/profile/Philipp-Bagus/publication/225644636_Deflation_When_Austrians_become_interventionists/links/54e464db0cf2b2314f60a2ea/Deflation-When-Austrians-become-interventionists.pdf)).

## References

1. *Philipp Bagus*, CV, 3/2020, [PDF](http://www.philippbagus.de/wp-content/uploads/2020/03/CV-english-2020.pdf)

1. *Deflation: Is it really harmful? A theoretical analysis of deflation with two historical examples.* Dissertation. Universidad Rey Juan Carlos, Madrid 2007

1. Cristóbal Matarán López: *The Austrian School of Madrid.* In: *The Review of Austrian Economics*, 2021, [abstract](https://doi.org/10.1007/s11138-021-00541-0)

1. [Philipp Bagus on the Rey Juan Carlos University website](https://gestion2.urjc.es/pdi/ver/philipp.bagus), accessed November 19, 2021.

1. Howden, David (February 2012). ["The Tragedy of the Euro – By Philipp Bagus"](https://www.academia.edu/22081695). *[Economic Affairs](/source/Economic_Affairs_(journal))*. **32** (1): 88–89. [doi:10.1111/j.1468-0270.2011.02140_6.x](https://doi.org/10.1111/j.1468-0270.2011.02140_6.x). [hdl:10.1111/j.1468-0270.2011.02140_6.x](https://hdl.handle.net/10.1111/j.1468-0270.2011.02140_6.x). Retrieved 20 March 2025.

1. Booth, Philip (6 July 2016). ["Book review: Philipp Bagus' "In Defense of Deflation""](https://iea.org.uk/blog/book-review-philipp-bagus-in-defense-of-deflation). *[Institute of Economic Affairs](/source/Institute_of_Economic_Affairs)*. Retrieved 20 March 2025.

## External links

- [Philipp Bagus](https://scholar.google.com/citations?user=e0qCLSYAAAAJ&hl=de) search at [Google Scholar](/source/Google_Scholar)
- [Philipp Bagus](https://www.perlentaucher.de/autor/philipp-bagus.html), entry in [Perlentaucher](/source/Perlentaucher) (in German)
- [Philipp Bagus](https://www.misesde.org/2011/09/bagus-philipp/), page at misesde.org (in German)

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Adapted from the Wikipedia article [Philipp Bagus](https://en.wikipedia.org/wiki/Philipp_Bagus) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Philipp_Bagus?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.