Ph.D. Thesis

Doctor: Esmeralda Gómez López
Thesis title: “Financial health: definition, influencing factors and development of a diagnostic model”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 10, 2025
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Eduardo Fernández Luiña, Miguel Ángel Alonso Neira and Estrella Trincado
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Willians Rafael Ruiz Regalado
Thesis title: “Hyperinflation in Venezuela (1999-2023): An Analysis in Light of the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 20, 2025
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors León Gómez Rivas, Miguel Ángel Alonso Neira and Luis Perdices de Blas
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Emilio Eiranova Encinas
Thesis title: “Descriptive Theory of Power and Wealth”
Thesis supervisor: Jesús Huerta de Soto
Defense date: April 26, 2023
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Pilar Grau, Philipp Bagus and José Luis Cendejas Bueno
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Cristóbal Matarán López
Thesis title: “The Madrid Austrian School in the context of economic doctrines”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 27, 2021
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors León Gómez Rivas, Miguel Ángel Alonso Neira and Luis Perdices de Blas
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Víctor Espinosa Loyola
Thesis title: “The theory of economic development: an inquiry into the essence of economic development with a proposal for state reform in Chile”
Thesis supervisor: Jesús Huerta de Soto
Defense date: April 27, 2021
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors José Antonio Peña Ramos, Philipp Bagus and León Gómez Rivas
Grade: SUMMA CUM LAUDE by unanimity

18:41Claude responded: Doctor: Fernando Nogales LozanoDoctor: Fernando Nogales Lozano
Thesis title: “Education from the perspective of the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto, León María Gómez Rivas
Defense date: October 22, 2020
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors José Antonio Peña Ramos, Philipp Bagus and Francisco Javier Tirado Suárez
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Gonzalo Melián Marrero
Thesis title: “The Political Economy of Urban Planning: The Spanish Case”
Thesis supervisor: Jesús Huerta de Soto, Gabriel Calzada Álvarez, Peter Boettke
Defense date: February 17, 2020
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Pedro Schwartz Girón, Miguel Ángel Alonso Neira, and León Gómez Rivas
Grade: DISTINCTION by unanimity

Doctor: Christian Schneider
Thesis title: “Bastiat’s Mission. The Nature, Scope and Value of Crusoe Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 28, 2019
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Francisco Cabrillo Rodríguez, Philipp Bagus, León Gómez Rivas, Miguel Ángel Alonso Neira and José Antonio Peña Ramos
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Olav Dirkmaat
Thesis title: “Capital Theory Capital Markets and Q”
Thesis supervisor: Jesús Huerta de Soto
Defense date: October 9, 2018
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Francisco Cabrillo Rodríguez, Philipp Bagus, Luis Pires Jiménez, León Gómez Rivas and Jan Vis
Grade: SUMMA CUM LAUDE by unanimity

Doctor: José Francisco Hernández Cabrera
Thesis title: “Private production of defense and security as an alternative to the state monopoly”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 22, 2018
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and José Antonio Peña Ramos
Grade: DISTINCTION by unanimity

Doctor: Daniel Fernández Méndez
Thesis title: “The Cyprus Collapse: The Island that Shook the Foundations of Eurozone’s Economy”
Thesis supervisor: Jesús Huerta de Soto
Defense date: September 27, 2017
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Luis Pires Jiménez and León Gómez Rivas
Grade: DISTINCTION by unanimity

Doctor: Rafael García Iborra
Thesis title: “Principles of Financial Economics: An Austrian approach”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 5, 2017
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, León Gómez Rivas and Pedro Julio Tenorio Sánchez.
Grade: DISTINCTION by unanimity

Doctor: Luis Alfonso López García
Thesis title: “Capital requirements model for Banking: Austrian Critique of Basel I and Basel II”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 6, 2017
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Prosper Lamothe Fernández and León Gómez Rivas.
Grade: DISTINCTION by unanimity

Doctor: Antonio Moar Martínez
Thesis title: “Entrepreneurial spirit in Spain: An Austrian perspective”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 11, 2017
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Santiago García Echevarría, Luis Pires Jiménez, Pedro Julio Tenorio Sánchez, León Gómez Rivas and Francisco Javier Tirado Suárez.
Grade: DISTINCTION by unanimity

Doctor: Miguel Ángel Echarte Fernández
Thesis title: “The impact of dollarization in Latin America: An analysis from the perspective of the Austrian School”
Thesis supervisor: Jesús Huerta de Soto
Defense date: April 5, 2017
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Luis Pires Jiménez, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and León Gómez Rivas.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Carlos Arenas Laorga
Thesis title: “The Spanish education system: an Austrian approach”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 8, 2016
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Octavio Uña Juárez, Philipp Bagus, Valentín Azofra Palenzuela, Javier Fernández del Moral and Félix Javier López Iturriaga.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Brian Gerard Canny
Thesis title: “The Theory of Optimum Currencies and a Critique of the Theory of Optimum Currency Areas”
Thesis supervisor: Jesús Huerta de Soto
Defense date: January 27, 2016
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Armando Torrent Ruiz and León Gómez Rivas.
Grade: DISTINCTION by unanimity

Doctor: Cristina Lozano González
Thesis title: “The reciprocal interest of economic liberalism and feminist theory: towards a market feminism”
Thesis supervisor: Jesús Huerta de Soto
Defense date: January 20, 2016
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Octavio Uña Juárez, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and León Gómez Rivas.
Grade: DISTINCTION by unanimity

Doctor: Leonardo Esteban Ravier Rodríguez
Thesis title: “Historical approach to the principles of a praxeological theory of the firm from the perspective of the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 14, 2015
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and Armando Torrent Ruiz.
Grade: DISTINCTION by unanimity

Doctor: Carlos Villaescusa García
Thesis title: “Autoliberalism in Ibn Khaldun: explanation and solution to economic crises”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 2, 2015
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and Salvador Cruz Rambaud.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Rubén Carlos Méndez Reátegui
Thesis title: “Institutions, entrepreneurship and public policies: an analysis from institutional coordination”
Thesis supervisor: Jesús Huerta de Soto
Defense date: March 11, 2015
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and Alberto Ruiz Ojeda.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Jaime Hernán-Pérez Aguilera
Thesis title: “The Spanish decline of the 17th century: monarchy, interventionism and inflation. An interpretation from the perspective of the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 10, 2014
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Philipp Bagus, Santiago García Echevarría, Pedro Julio Tenorio Sánchez and Armando Torrent Ruiz.
Grade: SUMMA CUM LAUDE by unanimity. Extraordinary award.

Doctor: Alejandro Pérez y Soto
Thesis title: “Hijacked information: The model of servitude in Thomas Hobbes and its Austrian liberal alternative in Friedrich August von Hayek”
Thesis supervisor: Jesús Huerta de Soto
Defense date: February 19, 2014
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Dalmacio Negro Pavón, Armando Torrent Ruiz, Carlos Rodríguez Braun, Santiago García Echevarría and Pedro Julio Tenorio Sánchez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Marc Schilling
Thesis title: “Mergers and Acquisitions within the Austrian Business Cycle Theory”
Thesis supervisor: Jesús Huerta de Soto
Defense date: December 19, 2013
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Luis Pires Jiménez, Santiago García Echevarría, Jerónimo Molina Cano and Pedro Julio Tenorio Sánchez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Juan Morillo Bentué
Thesis title: “Critique of Milton Friedman’s positivism from Ludwig von Mises’s Praxeology”
Thesis supervisor: Jesús Huerta de Soto
Defense date: May 28, 2013
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Octavio Uña Juárez, Santiago García Echevarría, Carlos Rodríguez Braun and Pedro Julio Tenorio Sánchez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Massimiliano Neri
Thesis title: “The Economics of the Knowledge Structure”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 1, 2011
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Miguel Ángel Alonso Neira, César Martínez Meseguer, María Blanco González and Nicola Ianello
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Juan Ramón Rallo
Thesis title: “An application of the business cycle theory from the perspective of the Austrian School to the great recession”
Thesis supervisor: Jesús Huerta de Soto
Defense date: March 9, 2011
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Gabriel Calzada Álvarez, Óscar Vara Crespo, Joaquín Trigo Portela and Juan Luis Martínez Sánchez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: David Sanz Bas
Thesis title: “Hayek’s critique of The General Theory. A review of the debate between Friedrich Hayek and John Maynard Keynes”
Thesis supervisor: Jesús Huerta de Soto
Defense date: December 16, 2010
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Miguel Ángel Alonso Neira, Rafael Rubio de Urquía, León Gómez Rivas and María Blanco González
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Pablo Guido
Thesis title: “Álvaro Alsogaray: fifty years of economic thought and political action. 1955-2005”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 22, 2010
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Miguel Ángel Alonso Neira, Rogelio Pérez-Bustamante González, César Martínez Meseguer and María Blanco González
Grade: SUMMA CUM LAUDE by unanimity

Doctor: David Howden
Thesis title: “The Efficient Market Hypothesis and the Capital Asset Pricing Model”
Thesis supervisor: Jesús Huerta de Soto
Defense date: April 7, 2010
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors León Gómez Rivas, Philipp Bagus, César Martínez Meseguer, María Blanco González and Gabriel Calzada Álvarez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Jorge Franch Parella
Thesis title: “Fundamentals of Economics. Curricular application of the Economics subject to high school”
Thesis supervisor: Jesús Huerta de Soto
Defense date: March 3, 2010
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Juan Francisco Corona Ramón, Miguel Ángel Alonso Neira, Ramón Tremosa i Barcells, León Gómez Rivas and Gabriel Calzada Álvarez.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Antonio Pancorbo de Rato
Thesis title: “Financial stability seen from the perspective of the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: October 1, 2009
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Fernando Becker Zuazua, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Javier Aranzadi del Cerro and Carlos Rodríguez Braun.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: José Carlos Herrán Alonso
Thesis title: “Hayek and the Law: tacit knowledge, spontaneous orders and rules of mere conduct”
Thesis supervisor: Jesús Huerta de Soto
Defense date: April 15, 2009
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, César Martínez Meseguer, José Juan Franch Meneu and Carlos Rodríguez Braun.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Adrián Osvaldo Ravier
Thesis title: “A possible solution to Friedman’s observation within the framework of the study of the Phillips curve”
Thesis supervisor: Jesús Huerta de Soto
Defense date: January 13, 2009
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Fernando Becker Zuazua, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Javier Aranzadi del Cerro and Carlos Rodríguez Braun.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Philipp Bagus
Thesis title: “Deflation – Is it Really Harmful? Theoretical Analysis of Deflation with Two Historical Examples”
Thesis supervisor: Jesús Huerta de Soto
Defense date: December 18, 2007
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Carlos Rodríguez Braun, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Gabriel Calzada Álvarez and Javier Aranzadi del Cerro.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: David Pérez-Bustamante Yabar
Thesis title: “Bank Deposit Contract and economic and financial crises”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 10, 2007
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, Óscar Vara Crespo, José Mª de la Cuesta Rute and José Mª Casado Raigón.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Juan Antonio Díaz Cano
Thesis title: “Spanish Merchant Marine (1868 – 1995). Study on the collateral effects of induced protection”
Thesis supervisor: Jesús Huerta de Soto
Defense date: November 28, 2006
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Javier Aranzadi del Cerro and José Juan Franch Meneu.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Mario Fernández Martín
Thesis title: “Chambers of Commerce in the European Union”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 21, 2006
Department: Applied Economics I
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Javier Aranzadi del Cerro and José Juan Franch Meneu.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Jorge Bolaños Martínez
Thesis title: “Disability models through laws and Social Institutions”
Thesis supervisor: Jesús Huerta de Soto
Defense date: January 12, 2005
Department: Private Law
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, Óscar Vara Crespo, Javier Aranzadi del Cerro and José Juan Franch Meneu.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: César Martínez Meseguer
Thesis title: “The evolutionary theory of Economic and Legal Institutions in the Austrian School of Economics”
Thesis supervisor: Jesús Huerta de Soto
Defense date: September 30, 2004
Department: Economics
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Miguel Ángel Alonso Neira, José Juan Franch Meneu, Javier Aranzadi del Cerro and Carlos Rodríguez Braun.
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Gabriel Calzada Álvarez
Thesis title: “Economic and Institutional Analysis of the Theory of Private Defense through Insurance Companies”
Thesis supervisor: Jesús Huerta de Soto
Defense date: June 7, 2004
Department: Economics
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Armando Torrent Ruiz, Carlos Rodríguez Braun, Miguel Ángel Alonso Neira, José Juan Franch Meneu and Juan Iranzo
Grade: SUMMA CUM LAUDE by unanimity

Doctor: Miguel Ángel Alonso Neira
Thesis title: “Capital controls, financial variables and economic policy”
Thesis supervisor: Jesús Huerta de Soto
Defense date: December 18, 2001
Department: Economics
Faculty of Legal and Social Sciences
Rey Juan Carlos University
Committee: Professors Fernando Bécker, Jaime Requeijo, Juan Iranzo and Rafael Rubio de Urquía.
Grade: SUMMA CUM LAUDE by unanimity
Víctor Mendoza Award for the best doctoral thesis defended in 2001

Doctor: Ángel Rodríguez García-Brazales
Thesis title: “Intrinsically unfeasible action plans. An analysis of the limits of the Austrian school”
Thesis supervisor: Jesús Huerta de Soto
Defense date: July 4, 1997
Department: Economic Analysis: Economic Theory and History.
Faculty of Economic Sciences
Autonomous University of Madrid
Committee: Professors José Ramón Lasuén, José Antonio García Durán, Rafael Rubio de Urquía, José Juan Franch and Enrique Menéndez Ureña.
Grade: APTO CUM LAUDE by unanimity
Extraordinary Doctoral Thesis Award from the Faculty of Economic and Business Sciences of the Autonomous University of Madrid.

Doctor: Javier Aranzadi del Cerro
Thesis title: “The economic approach to human behavior: comparative analysis of Ludwig von Mises’s praxeology and Gary Becker’s generalization of homo economicus”
Thesis supervisor: Jesús Huerta de Soto
Defense date: December 18, 1997
Department: Economic Analysis: Economic Theory and History.
Faculty of Economic Sciences
Autonomous University of Madrid
Committee: Professors José Ramón Lasuén, Antonio Argandoña, Juan Iranzo, Enrique Menéndez Ureña and José Juan Franch.
Grade: APTO CUM LAUDE by unanimity