Though he is not well-known today, Friedrich Lutz’s publications in monetary economics, monetary policy, and international monetary theory established him as a leading expert in the field of money and banking. Lutz, who twice served as president of the Mont Pèlerin Society, was also important as an inspiring teacher who explained complex phenomena in a clear and straightforward manner, something that many students—including Federal Reserve Chair Paul Volcker—described as influential in their decision to study monetary economics.

Lachezar Grudev is interim professor of political economy at the Faculty of Business and Economics at the University of Applied Sciences Zwickau, Germany.
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