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

Hayek, F A

9780226215587: The Pure Theory of Capital, 12: Volume 12 (Collected Works of F. A. Hayek)

Softcover

ISBN 10: 022621558X ISBN 13: 9780226215587

Verlag: University of Chicago Press, 2014

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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 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—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 the business cycle theory.

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�ber die Autorinnen und Autoren

F. A. Hayek (1899-1992), recipient of the Presidential Medal of Freedom in 1991 and co-winner of the Nobel Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism 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.

Bruce Caldwell is research professor of economics and the director of the Center for the History of Political Economy at Duke University. He is the general editor of the Collected Works of F. A. Hayek series, also published by the University of Chicago Press.

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