I’m working on tomorrow’s lecture from Chapter 11 of Man, Economy, and State, and came across this passage on page 849:
It is thus clear that the exchange-value of money cannot be quantitatively separated from the exchange-value of goods. Since the general exchange-value, or PPM, of money cannot be quantitatively defined and isolated in any historical situation, and its changes cannot be defined or measured, it is obvious that it cannot be kept stable. If we do not know what something is, we cannot very well act to keep it constant.
Great. Now Sumner is going to claim that Hayek and Rothbard agree with him.