Purpose: The purpose of this paper is to correct Rozeff (2010). He contends that fractional-reserve banking is legitimate and efficacious. The authors demonstrate that it is not. Design/methodology/approach: The design of this paper is to quote widely from Rozeff (2010) and then to expose his...

Purpose – Profits have a bad press. They are associated in the public mind with greed, avarice, self-seeking. The purpose of this paper is to make the case in behalf of profit-seeking, so as to right the balance of publications on this topic. Design/methodology/approach – The authors...