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Hayek's Monetary Reform Proposals: From Abstract to Concrete

Morris Karp

History of Economic Thought and Policy2025https://doi.org/10.3280/spe2024-002005article
ABDC C
Weight
0.50

What the paper says

Friedrich Hayek's views on monetary reform remarkably changed during his lifetime. From an initial stance of defending the gold standard and identifying credit stabilization as the primary goal of monetary policy, Hayek eventually shifted to supporting price stabilization and even proposed ending the central bank's monopoly on money. This article sheds light on these discrepancies by integrating Hayek's work as an economist with his research outside the field of pure economics. Hayek's enquiries concerning monetary influences on real economy, as explored in The Pure Theory of Capital, as well as his development of the category of the abstract in his epistemological research, can help clarifying his transition from credit-stabilization to price-stabilization and his abandonment of a fixed mechanism in favor of a competitive process for the establishment of the optimal currency.

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https://doi.org/https://doi.org/10.3280/spe2024-002005

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@article{morris2025,
  title        = {{Hayek's Monetary Reform Proposals: From Abstract to Concrete}},
  author       = {Morris Karp},
  journal      = {History of Economic Thought and Policy},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.3280/spe2024-002005},
}

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Hayek's Monetary Reform Proposals: From Abstract to Concrete

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.