Monetary-policy rules arise when the value of a medium of exchange exceeds its cost of production. Two classes of monetary rules can be identified: (1) price rules that target the value of money in terms of a real commodity, e.g., gold, or in terms of an index of prices, and (2) quantity rules...

Say's Law occupies a prominent, but equivocal, position in the history of economics, the object of repeated controversies about its meaning and significance since first propounded in the nineteenth century. This chapter proposes a unifying interpretation of Say's Law based on the idea that the...

Hayek's early writings on business-cycle theory and the Great Depression argued that cyclical downturns, including that of 1929-1931 were caused by unsustainable elongations of the capital structure caused by bank-financed investment exceeding voluntary saving. Believing that monetary expansion...