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 …

money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …