Good Money, Part II: Volume Six of the Collected Works of F.A. HayekStephen Kresge Througout his life Hayek had a profound interest in money and its role within the economy. Money plays a critical part in his 1920s work on the trade cycle, which attempts to integrate capital theory and monetary theory. As late as the 1970s, Hayek was advocating radical reform of the monetary system, suggesting that the supply of money be turned over to private enterprise. This volume, together with Volume Six, Good Money, Part Two, collect all of Hayek's significant writings on money. Together they amply demonstrate both the significance of 'sound money' in Hayek's economic vision, and Hayek's importance as a monetary theorist. |
Contents
Introduction | 1 |
One Monetary Nationalism and International Stability | 37 |
Two A Commodity Reserve Currency | 106 |
Three Choice in Currency | 115 |
An Analysis of the Theory and Practice of Concurrent Currencies | 128 |
Five Toward a Free Market Monetary System | 230 |
Six The Future Unit of Value | 238 |
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Common terms and phrases
accept aggregate amount assets balances Benjamin Graham capital movements cash cause central bank changes circulation coins commodity reserve competition consequence constant contracts course deflation demand depreciation economic economists effects exchange rates existing F. A. Hayek fluctuations gold standard Gresham's Law important income increase individual inflation institutions investment issuer issuing bank issuing money J. M. Keynes John Hicks keep Keynes kinds of money lectures legal tender liquidity London means ment metallic Milton Friedman monetary authorities Monetary Nationalism monetary policy monetary system monetary theory monopoly national currencies national monetary nomic particular payments political possible practical present price level probably problem production proposal purchasing power quantity of money rate of interest rates of exchange relative prices rency reserve currency rise silver stable supply of money tion tional token money trade unit value of money volume wages