Good Money, Part 1
The New World
Good Money, Part I: The New World includes seven of Hayek's articles from the 1920s that were written largely in reaction to the work of Irving Fisher and W. C. Mitchell. Hayek encountered Fisher's work on the quantity theory of money and Mitchell's studies on business cycles during a U.S. visit in 1923-24. These articles attack the idea that price stabilization was consistent with the stabilization of foreign exchange and foreshadow Hayek's general critique that the whole of an economy is not simply the sum of its parts.
Good Money, Part II: The Standard offers five more of Hayek's articles that advance his ideas about money. In these essays, Hayek investigates the consequences of the "predicament of composition." This principle works on the premise that the entire society cannot simultaneously increase liquidity by selling property or services for cash. This analysis led Hayek to make what was perhaps his most controversial proposal: that governments should be denied a monopoly on the coining of money.
Taken together, these volumes present a comprehensive chronicle of Hayek's writings on monetary policy and offer readers an invaluable reference to some of his most profound thoughts about money.
"Each new addition to The Collected Works of F. A. Hayek, the University of Chicago's painstaking series of reissues and collections, is a gem."— Liberty on Volume IX of The Collected Works of F. A. Hayek
"Intellectually [Hayek] towers like a giant oak in a forest of saplings."—Chicago Tribune
"One of the great thinkers of our age who . . . revolutionized the world's intellectual and political life."—Former President George Herbert Walker Bush
1. A Survey of Recent American Writing: Stabilization Problems in Gold Exchange Standard Countries
Addendum: Exchange Rate Stabilization or Price Stabilization?
2. Monetary Policy in the United States after the Recovery from the Crisis of 1920
3. The Fate of the Gold Standard
4. The Gold Problem
5. Intertemporal Price Equilibrium and Movements in the Value of Money
6. On 'Neutral' Money
7. Price Expectations, Monetary Disturbances, and Malinvestments