The Pure Theory of Capital (The Collected Works of F.A. Hayek) - Softcover

F. A. Hayek’s long-overlooked 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 now 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 "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 the business cycle theory.

 

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of libertarianism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.
Lawrence H. White is Professor of Economics at George Mason University, Fairfax, Virginia. He previously taught at New York University, the University of Georgia and the University of Missouri, St Louis. Best known for his work on monetary thought and alternative monetary institutions, his books include Free Banking in Britain, 2nd edition (2009), The Theory of Monetary Institutions (1999) and Competition and Currency (1992) and he has edited six other volumes primarily in finance and financial history. His writing has appeared in The Wall Street Journal and in leading economics journals such as the American Economic Review and the Journal of Economic Literature. Professor White is featured in three online videos discussing the business cycle theory of F. A. Hayek, produced by econstories.tv in connection with their popular Keynes vs. Hayek rap video 'Fear the Boom and Bust'. He is co-editor of the online journal Econ Journal Watch and hosts the bimonthly Econ Journal Watch Audio podcasts. Professor White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He holds a Ph.D. in economics from the University of California, Los Angeles.