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Card 27 / 100: Explain what economist Friedrich Hayek meant when he used the term "spontaneous order" in reference to the origin of money.
Answer:
Hayek meant that nobody planned the creation of money; it just happened naturally as the outgrowth of individuals trying to better themselves. Even so, money is a very useful institution that allows modern economies to work. Sample Partial Credit Answer Hayek meant that nobody invented money
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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