Elements of Hayeks Monetary Theory

The monetary theory (theory of money order), which is an integral part of Haieks views on order, has not been sufficiently popularized among Bulgarian readers. When it is referred to, the following are usually mentioned, without going into detail: monetary explanation of crises and cycles, the explanation of prices as transmission of knowledge and information and, of course, the “exotic idea” of private competitive money. The present article is an attempt to partly reinstate the “technical aspects’ of Haiek’s monetary theory.