The contributions of W. H. Hutt

Conclusions We feel that we understand another when his points seem consistent with our prior beliefs. The great difficulty that Hutt faced was that the concepts comprising the macroeconomic superstructure, in which—by now—so many have so much invested, are difficult to integrate with an understanding of how a money-using catallaxy functions. He believed that he had to go beneath them, to some kind of foundation on which we could all agree, and then construct almost a parallel universe, a new (which he always insisted was old) conceptual structure adequate to the task.His exposition is considerably less unfamiliar to those already well acquainted with the subjectivist analysis of catallactic processes. William Hutt was driven by his understanding that the market excels at producing and equitably distributing wealth. Economists could help, or at least not get in the way, only if they understood the functioning of a monetary catallaxy. Developing and conveying that understanding was Hutt's life work, and in it there is much of value that the well-read Austrian cannot afford to miss.An earlier version of this paper was presented at the History of Economics Society meeting in Richmond, Virginia, June 1989.