A Free-Market Monetary System and The Pretense of Knowledge

A Free-Market Monetary System and The Pretense of Knowledge is a perfect way to introduce yourself and others to F.A. Hayek, a giant of the 20th century.

The book begins with Hayek's best essay on money, which is also his most radical. He states plainly that central banks cannot be reformed; there can never be sound money so long as they are in charge. He calls for their complete abolition and wants the market in charge of money from top to bottom.

His prophetic words predict crisis followed by wild swings in valuation. He also relates the quality of money with the recurrence of crisis, showing an excellent application of Austrian theory.

The second essay is "The Pretense of Knowledge," his shocking Nobel speech, which explains why the very idea of government in our times is unintellectual, presumptuous, and untenable. He is as critical of socialism as he is of interventionism. He shows that the state is not capable of doing all that it is charged with doing, and why giving it any role in social and economic management is dangerous to liberty.

It was not the speech everyone expected. But it lived up to Hayek's lifelong commitment to speaking truth to power.

With two of Hayek's most valuable essays included, this volume packs a timeless, intelligent punch.