Hayek on the Gold Standard and Commodity Reserve Currency

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Hayek on the Gold Standard and Commodity Reserve Currency

Instructor: Tyler Cowen, George Mason University

This video covers Friedrich Hayek’s essay, “A Commodity Reserve Currency” which was published in 1943. Most of the world left the gold standard during World War II, culminating in a debate at the Bretton Woods Conference over what would replace it. In this essay, Hayek takes a look at monetary policy at the time. He discusses both the advantages and disadvantages of the gold standard, and looks at the possibility of a bundle of commodities as a replacement. This essay also demonstrates Hayek’s thorough understanding of and response to John Maynard Keynes’ argument against the gold standard.

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