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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The fact of our irremediable ignorance of most of the particular facts which determine the processes of society is the reason why most social institutions have taken the form they actually have. — F. A. Hayek

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