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MONEY AND CREDIT IN AN OPENENDED UNIVERSE

MONEY AND CREDIT IN AN OPENENDED UNIVERSE Jean-Pierre Centi0 "It has been said that my suggestion to "construct" wholly new monetary institutions is in conflict with my general philosophical attitude. (...) What I propose is simply to remove the existing obstacles which for ages have prevented the evolution of desirable institutions in money. (...) But what it is possible to foresee is necessarily limited. It is one of the great merits of freedom that it encourages new inventions, and they are in their very nature unpredictable. I expect evolution to be much more inventive than I can possibly be". 1 1. Introduction Hayek said that he believed to have made one discovery and two inventions in his lifetime. The discovery was the realization that the prices system is a telecommunication system able to solve the crucial problem of limited human knowledge. The first innovation was his proposal to break the state monopoly of money and to replace it by competing private moneys. The second -- not isolated from the first -- was his proposal to re-found a real democracy. Once we have in mind these observations, it becomes easier to understand what really were Hayek's contributions to monetary theory. We cannot isolate the latter from http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

MONEY AND CREDIT IN AN OPENENDED UNIVERSE

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Publisher
de Gruyter
Copyright
Copyright © 1999 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1999-2-307
Publisher site
See Article on Publisher Site

Abstract

Jean-Pierre Centi0 "It has been said that my suggestion to "construct" wholly new monetary institutions is in conflict with my general philosophical attitude. (...) What I propose is simply to remove the existing obstacles which for ages have prevented the evolution of desirable institutions in money. (...) But what it is possible to foresee is necessarily limited. It is one of the great merits of freedom that it encourages new inventions, and they are in their very nature unpredictable. I expect evolution to be much more inventive than I can possibly be". 1 1. Introduction Hayek said that he believed to have made one discovery and two inventions in his lifetime. The discovery was the realization that the prices system is a telecommunication system able to solve the crucial problem of limited human knowledge. The first innovation was his proposal to break the state monopoly of money and to replace it by competing private moneys. The second -- not isolated from the first -- was his proposal to re-found a real democracy. Once we have in mind these observations, it becomes easier to understand what really were Hayek's contributions to monetary theory. We cannot isolate the latter from

Journal

Journal des Économistes et des Études Humaines – de Gruyter

Published: Jun 1, 1999

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