A lecture delivered at the Gold and Monetary Conference, New Orleans, La., November 10, 1977, by F.A. Hayek on more efficient monetary systems. Volume 3, Number 1 (1979) Hayek, F.A. “Toward a Free Market Monetary System.” Journal of Libertarian Studies 3, No.1 (1979):
This essay originally appeared in the Zeitschrift für Nationalökonomie, Bd. I, Heft III, 1929, under the title “Gibt es einen Widersinn des Sparens?” The first English translation appeared in Economica, May, 1931. Introduction The assertion that saving renders the purchasing power of the consumer insufficient to take up the volume of current
[This introduction to two essays by Murray N. Rothbard — “The Mantle of Science” and “ Praxeology as the Method of the Social Sciences “ — was published in a 1979 edition published by the Cato Institute.] All in all, I am not fully convinced that the great flood of discussion on problems of scientific method that has appeared during the last few
Introduction by Joseph T. Salerno Friedrich A. Hayek was only thirty-two years old when he published this two-part article in Economica , at the time, the world’s leading English-language economics journal. The article is a review essay of John Maynard Keynes’s two-volume book, A Treatise on Money , published the previous year. Keynes, a
[This article first appeared in The Review of Economic Statistics , November, 1937.] The purpose of this article is to state a proposition which underlies the modern “monetary over-investment theories” of the trade cycle in a form in which, as far as I know, it has never before been expressed but which seems to make this particular proposition so
I. Professor Knight’s argument II. On some current misconceptions: The investment periods and technological progress They refer to factors, not products The aggregate of such periods cannot be reduced to an average, nor is measurability essential The periods refer always to the future, never to the past The concept does not depend on a distinction
The Engineer The ideal of conscious control of social phenomena has made its greatest influence felt in the economic field. The present popularity of “economic planning” is directly traceable to the prevalence of the scientistic ideas we have been discussing. As in this field the scientistic ideals manifest themselves in the particular forms which
In all democratic countries, in the United States even more than elsewhere, a strong belief prevails that the influence of the intellectuals on politics is negligible. This is no doubt true of the power of intellectuals to make their peculiar opinions of the moment influence decisions, of the extent to which they can sway the popular vote on
Preface by F.A. Hayek Lecture I: The Problem of the Trade Cycle Lecture II: Non-Monetary Theories of the Trade Cycle Lecture III: Monetary Theories of the Trade Cycle Lecture IV: The Fundamental Cause of Cyclical Fluctuations Lecture V: Unsettled Problems of Trade Cycle Theory Notes [”Monetary Theory and the Trade Cycle,” published in 1933, was
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.