Eamonn Butler on “Why Hayek Matters”

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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Civilization developed by our gradually learning cultural rules which were transmitted by teaching and which served largely to restrain and suppress some of [our] natural instincts. — F. A. Hayek

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