Hayek and Menger on Money

Abstract

Friedrich von Hayek devoted much of his early scholarly writings to the concept of money. That is not that surprising given that he was a member of the Austrian School of Economics. The founder of the school, Carl Menger, had also devoted much of his academic life investigating the nature and function of “Geld” (“money”). What is surprising is that few scholars have investigated Hayek’s and Menger’s writings on money. This essay is intended to help rectify this gap by providing an account of Hayek’s and Menger’s conceptions of money.