Hayek on Money Disturbing Equilibrium

“It is one of the oldest facts known to economic theory that changes in the quantity of money, or changes in the ‘velocity of circulation’ (or the ‘demand for money’), will deflect the rate of interest from its equilibrium position and may keep it for considerable periods above or below the figure determined by the real factors.”

– F. A. Hayek

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Individualism believes that, if left free, men will often achieved more than individual human reason could design or foresee. — F. A. Hayek

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