Good Money, Part I

The first part of this two-volume set presents seven articles by the Nobel Prize–winning economist on business cycles and the quantity theory of money.

The two volumes of Good Money present a comprehensive chronicle of F.A. Hayek’s writings on monetary policy. Together, they offer readers an invaluable reference to some of his most profound thoughts about money.

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 US 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.

“Intellectually [Hayek] towers like a giant oak in a forest of saplings.” —Chicago Tribune