Hayek on ‘neutral money’, long-term contracts, rigid prices, the structure of production & ideal monetary policy

From F. A. Hayek’s Prices and Production:

“In order to preserve, in a money economy, the tendencies towards a stage of equilibrium which are described by general economic theory, it would be necessary to secure the existence of all the conditions, which the theory of neutral money has to establish. It is however very probable . . . → Read More: Hayek on ‘neutral money’, long-term contracts, rigid prices, the structure of production & ideal monetary policy

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A system of market determined prices is .. indispensable [as a mechanism which makes] us adapt our activities to events and circumstances of which we cannot know. — F. A. Hayek

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