glyph 591: economics, money, banking ... Hayek, denationalization, multiple competing currencies, origins of Blockchain & bitcoiin ... Institute of Economic Affairs, Hobart Papers


Denationalisation of Money: The Argument Refined, by F. A. Hayek

1974, third edition 1990

This small book by Hayek is found in the list of references for Bitcoin and Blockchain published by the Satoshi Nakamoto Institute.

From the preface:

It has long been a common belief among economists since the classical thinkers of the 18th century that one of the most important functions of government was to create a monetary mechanism and to issue money. The debates among economists have been on how far governments have performed this function efficiently and on the means of increasing or decreasing the power of government over the supply of money. But the general assumption has been that government had to control monetary policy and that each country had to have its own structure of monetary units.

This assumption is now questioned by Professor F. A. Hayek.

December 11, 2017; edited/updated January 26, 2018

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