Mises Daily
Author:
Lucretius
Online Publish Date:
Volume 1, Number 3 Fall 1998 ARTICLES Hayek’s Money Economy: The Dynamics of Competitive Equilibrium and Socio-Economic Order by G. R. Steele (Lancaster at least in the early 1800s. In such theories, the role and impact of monetary policy on the economy follow as corollaries from a well-developed theory of money, Hayek, and Rothbard leads to the conclusion that central banking and monetary policy are the `generators of the “business cycle”’ (Hayek 1979). The other