This complementary volume provides five additional essays to expand our understanding of Hayek’s ideas about money and monetary policy. Good Money, Part II: The Standard investigates the consequences of the “predicament of composition” which led to one of Hayek’s most controversial proposals: that governments should be denied a monopoly on the coining of money.

F. A. Hayek (1899–1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.

Review

The five essays in this second part conclude the collection of Austrian-born economist Hayek's (1899-1992) writings on money and monetary theory. They consider monetary nationalism and international stability, a commodity reserve currency, choice in currency, the theory and practice of concurrent currencies, toward a free market monetary system, and the future unit of value. This and the first part were published as volumes five and six of his collected work, published by University of Chicago Press and now being reprinted in paper. Good Money seems to have been published by The Institute of Economic Affairs, London, originally in 1976 and in a revised edition in 1978.

Reference & Research Book News
November 2009

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