 In a 1977 review of the book, economist David H. Howard also noted that Hayek neglected to address the extent to which existing monetary institutions evolved to meet real economic needs.Furthermore, Howard states, Hayek's regime of competitive moneys may result in the establishment of a new monopoly similar to the existing system.According to Howard, Hayek did not consider the real costs and other inefficiencies of a system of competing monies that might lead to such an outcome.