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The paper reconsiders the nature of mining districts and property rights during the California gold rush. According to …
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policy recommendations inconsistent with his own theory, because of (1) his early attachment to the gold standard and the … apparent necessity to accept deflation to preserve the gold standard and (2) his hope that deflation would overwhelm the price … rigidities that he believed obstructed a speedy recovery. By 1935, Hayek's attachment to the gold standard weakened, and he …
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