Richard Timberlake
| Richard Timberlake | |
|---|---|
| Born |
June 24, 1922 Steubenville, Ohio |
| Nationality | United States |
| Institution | University of Georgia (1964–1990) |
| Field | Economics |
| School or tradition |
Free Banking |
| Alma mater | University of Chicago (Ph.D.), 1957 |
| Influences | Friedrich Hayek, Milton Friedman, Earl J. Hamilton |
| Influenced | David D. Friedman |
| Contributions | Real bills doctrine as the origin of the Great Depression, free banking |
Richard H. Timberlake, Jr. (born June 24, 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.
Born in Steubenville, Ohio, Timberlake was in the US military in World War II. He became a pilot in the U.S. Air Forces and flew 26 missions as a co-pilot in the 8th Air Force. He was awarded three Purple Hearts. He obtained a Bachelor of Arts at Kenyon College in 1946, a Master's at Columbia University in 1950, and a Ph.D in 1959 from the University of Chicago where he studied under Milton Friedman and Earl J. Hamilton.
He then taught economics at Muhlenberg College, Norwich University, Rensselaer Polytechnic, Florida State University, and the University of Georgia from 1963–1990, when he retired. Timberlake's research has been on the history of money, central banking, and monetary policy.
Timberlake's research on the development of private moneys occurred at the time of Friedrich Hayek's idea of The Denationalization of Money, extending and expanding upon it in coordination with the free banking movement. He believes that, instead of a government-imposed central bank, there should be a free market in the production of money, with banks choosing how to issue their own, competing currencies.
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