The Pure Theory of Capital: Volume 12 (The Collected Works of F. A. Hayek) - Hardcover

Hayek, F A

Hardcover

ISBN 10: 0226320995 ISBN 13: 9780226320991

Publisher: University of Chicago Press, 2007

Synopsis

""The Pure Theory of Capital"", F. A. Hayek's long-overlooked, little-understood volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek's manifesto of capital theory is available again for today's students and economists to discover. With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek's own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar's last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek's stated objective was to make capital theory - which had previously been devoted almost entirely to the explanation of interest rates - ""useful for the analysis of the monetary phenomena of the real world."" His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory.

About this title

Review:

"If I had to single out the area in which Hayek's contributions were the most fundamental and pathbreaking, I would cast my vote for the theory of capital. . . . It is my sincere conviction that this work contains some of the most penetrating thoughts on the subject that have ever been published."--Fritz Machlup, past president, American Economic Association

About the Author:

F. A. Hayek (1899 - 1992), recipient of the Presidential Medal of Freedom in 1991 and cowinner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism in the twentieth century. Lawrence H. White is the F. A. Hayek Professor of Economic History at the University of Missouri - St. Louis. He is the author of several books, including, most recently, The Theory of Monetary Institutions. He is currently a visiting professor at Queen's University Belfast.

About this edition

• Publisher: University of Chicago Press
• Publication date: 2007
• ISBN 10: 0226320995
• ISBN 13: 9780226320991
• Binding: Hardcover
• Number of pages: 464