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Later Monetary Work

In: Hayek’s Journey

Author

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  • Alan Ebenstein

Abstract

In the preface to the third volume of Law, Legislation and Liberty, Hayek wrote that the volume led to a “proposal of basic alteration of the structure of democratic government … [which] is meant to provide a sort of intellectual stand-by equipment for the time, which may not be far away, when the breakdown of the existing institutions becomes unmistakable.” His idea on the reform of democratic government has not proven persuasive. Essentially, he advocated a bipartite legislature in which one house would be elected, as at present, and the other, the more important “legislative assembly,” would be comprised of individuals who were elected to single fifteen-year terms at age 45, elected only by other individuals who were themselves 45. One-fifteenth of the legislative assembly would be elected each year. An individual would thus be able to vote and run for the legislative assembly once in his life, at age 45.

Suggested Citation

  • Alan Ebenstein, 2003. "Later Monetary Work," Palgrave Macmillan Books, in: Hayek’s Journey, chapter 17, pages 205-210, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-7379-5_17
    DOI: 10.1007/978-1-4039-7379-5_17
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