Good Money, Part 1: The New World, Vol. 1 » (1st Edition)

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism  in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.

The latest volumes in The Collected Works of F. A. Hayek concentrate on Hayek's work on money and monetary policy. In anticipation of the centenary of his birth, these volumes bring forth some of the economist's most distinguished articles on monetary policy and offer another vital addition to the collection of Hayek's life work.

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 Bush

Booknews

Two volumes present work on money and monetary policy by Nobel laureate economist Hayek (1899-1992). The first part, Volume Five, includes seven articles from the 1920s attacking the idea that price stabilization was consistent with the stabilization of foreign exchange, and foreshadow his notion that the whole economy is not simply the sum of its parts. The second part offers five articles investigating the consequences of the Predicament of Composition, an analysis that led him to propose that governments should be denied a monopoly on coining money. The series is projected to be 22 volumes. Annotation c. Book News, Inc., Portland, OR (booknews.com)

Editorial Foreword Introduction
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 Afterword