Good money. Part II, The standard / edited by Stephen Kresge

Offers five articles that advance F.A. Fayek's ideas about money. In these essays Hayek investigates the consequences of the "predicament of composition". This principle works on the premise that the entire society cannot simultaneously increase liquidity by selling property or services for cash. This analysis led Hayek to make what was perhaps his most controversial proposal: that governments should be denied a monopoly on the coining of money.