Good Money, Part II: The Standard

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 i...