--Friedrich A. Hayek, "Monetary Theories of the Trade Cycle," in Prices and Production and Other Works: F.A. Hayek on Money, the Business Cycle, and the Gold Standard, ed. Joseph T. Salerno (Auburn, AL: Ludwig von Mises Institute, 2008), 51.
Tuesday, October 23, 2018
The Automatic Adjustment of Supply and Demand Can Only Be Disturbed When Money Is Introduced into the Economic System
The argument of the foregoing chapters has demonstrated the main reason for the necessity of the monetary approach to trade cycle theory. It arises from the circumstance that the automatic adjustment of supply and demand can only be disturbed when money is introduced into the economic system.
--Friedrich A. Hayek, "Monetary Theories of the Trade Cycle," in Prices and Production and Other Works: F.A. Hayek on Money, the Business Cycle, and the Gold Standard, ed. Joseph T. Salerno (Auburn, AL: Ludwig von Mises Institute, 2008), 51.
--Friedrich A. Hayek, "Monetary Theories of the Trade Cycle," in Prices and Production and Other Works: F.A. Hayek on Money, the Business Cycle, and the Gold Standard, ed. Joseph T. Salerno (Auburn, AL: Ludwig von Mises Institute, 2008), 51.
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