Liberty and the Philosophy and Practice of Money


This conference examined the role of money in a free society by comparing and contrasting the two views of money outlined by S. Herbert Frankel: First, that money is a spontaneous order that is integral to a free society, and second, that money is a consciously created artifact controlled by the State. The conference also explored such issues as monetary inflation and the debate between Keynes and Hayek.


Conference Readings

Buchanan, James M. and Richard E. Wagner. Democracy in Deficit: The Political Legacy of Lord Keynes. New York: Academic Press, 1977.

Caldwell, Bruce. Hayek's Challenge: An Intellectual Biography of F.A. Hayek. Chicago: The University of Chicago Press, 2004.

Frankel, S. Herbert. Two Philosophies of Money: The Conflict of Trust and Authority. New York: St. Martin's Press, 1977.

Friedman, Milton. A Program for Monetary Stability [The Millar Lectures, Number Three, 1959]. New York: Fordham University Press, 1960.

Hayek, F. A. The Constitution of Liberty. Chicago: University of Chicago Press, 1978.

Hayek, F. A. The Pure Theory of Capital . Chicago: Chicago University Press, 2007.

Hayek, F. A. “Spending And Saving.” The Times (October 1932): 10.

Keynes, J. M., et. al. “Private Spending.” The Times (October 1932): 13.

Mises, Ludwig von. The Theory of Money and Credit. Indianapolis: Liberty Fund, Inc., 1980.

Reinhart, Carmen M. and Kenneth S. Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press, 2009.

Schwartz, Anna J. “Origins of the Financial Market Crisis of 2008.” Cato Journal 29 (Winter 2009): 19-23.

Shelton, Judy. Money Meltdown: Restoring Order to the Global Currency System. New York: Free Press, 1998.

Shelton, Judy. “Loose Money and the Roots of the Crisis.” Wall Street Journal (September 2008): 1-2.

Shelton, Judy. “A Capitalist Manifesto.” Wall Street Journal (October 2008): 1-2.

Shelton, Judy. “Capitalism Needs a Sound-Money Foundation.” Wall Street Journal (February 2009): 1-2.

Sowell, Thomas. Classical Economics Reconsidered. Princeton: Princeton University Press, 1994.

Steil, Ben. “Debt and Systemic Risk: The Contribution of Fiscal and Monetary Policy.” Cato Journal 30, no. 2 (Spring/Summer 2010): 391-396.