In 2001 he was appointed consulting professor at Sapientia University.Since 2005 he has been “professor at large” of the Intermountain Institute for Science and Applied Mathematics (Missoula, Montana). Fekete currently runs the New Austrian School of Economics (Münich, (Germany).His theories fall into the school of economic thought led by Carl Menger.His support of the gold standard has similarities to Austrian Economics; however, Fekete’s treatment of fractional-reserve banking, capital or time preference theory of interest, real bills and quantity theory of money is different from that of Murray Rothbard and Ludwig von Mises.Fekete supports his position with historical notes on banking and international trade practices throughout the Industrial Revolution and with classical economic reasoning about the arbitrage activity of actors on the margin, while recognizing the emergence of real bills some time after the collapse of the Roman Empire but surely in Medieval Europe.Real bills for goods in high demand cannot logically be “inflationary”, since both goods and coin exist already.After retirement, Fekete was Resident Fellow at the Foundation for Economic Education (Irvington-on-Hudson, New York).
Legal remedies and exceptions are possible between buyer and seller of the goods, but these remedies and exceptions would hamper the circulation of the real bill.
Gold Standard University went live in February, 2007, when Fekete started semi-annual sessions at the Martineum Academy (Szombathely, Hungary). He retired with the rank of full professor in 1992.
There is a substantial body of research material and lecture notes, as well as the Gold Standard Manifesto, made available on his website, that have grown out of this initiative. He graduated from the Eötvös Loránd University in mathematics in 1955. During this period, Fekete had tours of duty as visiting professor at Columbia University (1961), Trinity College (1964), Acadia University (1970), and Princeton University (1974).
He served as editor of the Monograph Series of the Committee for Monetary Research and Education, while contributing several monographs to the Series, reproduced on his website. He also acted as senior editor for the American Economic Foundation, and produced a pamphlet series Ten Pillars of Sound Money.
When in 1984 South Africa celebrated the 100th anniversary of discovering gold in the Witwatersrand, at the conference Gold 100 commemorating that event in Johannesburg, Fekete delivered the keynote address entitled “Gold in the International Monetary System”.