money. Since the early 1930s Hayek had been concerned about the role of money in the theory of production (Hayek, 1931 … information available in the markets, for the purpose of economic calculus. In his view, competition, through the price market … information to correctly manage the money supply. Frederic von Hayek, in fact, restated the relevance of concepts and ideas …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …