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The newfangled word monetarism means of course no more than the good old “quantity theory of money”, as it was formulated in modern times by the late… - Friedrich Hayek
" "The newfangled word monetarism means of course no more than the good old “quantity theory of money”, as it was formulated in modern times by the late Professor Irving Fisher and reformulated by Professor Milton Friedman. Of this I said nearly 50 years ago in the first lecture I delivered in this country that “from a practical point of view, it would be one of the worst things which could befall us if the general public should ever again cease to believe in the elementary propositions of the quantity theory”. This was, however, unfortunately brought about by the seductive theories of Lord Keynes. I then said that it was in many respects a crude over-simplification, but the irrefutable chief content is still that inflation is always and everywhere the effect of an excessive supply of money and that it can be cured only by a restriction of its supply.
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About Friedrich Hayek
Friedrich August von Hayek CH (8 May 1899 – 23 March 1992) was an Austrian, later British, economist and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the (with Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and … penetrating analysis of the interdependence of economic, social and institutional phenomena". (Nobel Memorial Prize, 1974)
Also Known As
Native Name:
Friedrich August von Hayek
Alternative Names:
Friedrich von Hayek
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Friedrich A. von Hayek
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Friedrich A. Von Hayek
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F. A. von Hayek
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Friedrich August Von Hayek
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Hayek
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F. A. Hayek
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Additional quotes by Friedrich Hayek
I feared that such a prize, as I believe is true of the activities of some of the great scientific foundations, would tend to accentuate the swings of scientific fashion. This apprehension the selection committee has brilliantly refuted by awarding the prize to one whose views are as unfashionable as mine are.
The assurance of a certain minimum income for everyone, or a sort of floor below which nobody need fall even when he is unable to provide for himself, appears not only to be a wholly legitimate protection against a risk common to all, but a necessary part of the Great Society in which the individual no longer has specific claims on the members of the particular small group into which he was born.
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When will the British public at last learn to understand that there is no salvation for Britain until the special privileges granted to the trade unions by the Trade Disputes Act 1906 are revoked? ... There can indeed be little doubt to a detached observer that the privileges then granted to the trade unions have become the chief source of Britain's economic decline.
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