Hayek's interpretation of Smith's invisible hand as a metaphor for the theory of spontaneous order still holds as the only authentic interpretation of that famous phrase, despite all criticism. Although not many authors noticed it, Hegel was a theorist of spontaneous order, namely also a theorist of the spontaneous order of market economy. There is evidence that Hegel followed here Adam Smith's teachings about the invisible hand. The invisible hand is present in Hegel's writings as an element, from what sprang his theory of spirit. That means that his theory of spirit is a general theory of spontaneous order, although written in metaphysical manner. However, being a theorist of spontaneous order didn't prevent him from being an interventionist. He was led to interventionism by his synoptic fallacy of mind. He never tried to apply this fallacy on the studies of the market economy. Marxists did that. Some of recent scholars (Sciabarra, Johnson, and Cristi) identified Hegel's theory of spontaneous order, but their interpretation wasn't perfectly in accordance with Hegel's texts. How these authors denied Popper's and Hayek's incorrect opinion that Hegel was a totalitarian, thus it is needed to enrich studies of mentioned current scholars. Here it is taken into account only what Hegel wrote, not later authors about him. This thesis is also an attempt to evaluate the history of economic thought from the standpoint of Smith's and Hegel's methodology.

This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.