Applying Hayekian Ideas: Leonard Read and I, Money

"In a recent blog post, Peter Boettke argues that in reading F.A. Hayek it is important to distinguish between Hayek and Hayekianism. Because Hayek, as a lifetime learner, did not always apply his ideas as fully he possibly could have, Hayek the man was at times less willing to take the ideas as far as they can be taken. In this letter dated September 1974, Leonard Read thanks Hayek for inspiring him to write his Freeman article 'Those Things Called Money.' In the article Read comes to the conclusion that 'if money is to be useful to traders as a medium of exchange then the decisions as to what shall serve as money must be worked out by traders in the market, voluntarily, rather than by governmental edict.' What he is doing is applying Hayek’s idea of spontaneous order to money." Read more. Applying Hayekian Ideas: Leonard Read and I, Money Nicholas Snow From the Archives blog, March 22, 2010. Via the Foundation for Economic Education. Image by graur razvan ionut /

Sign up here to be notified of new articles from Tom Duncan and AIER.