Published originally in 1929, Monetary Theory and the Trade Cycle is the first essay Friedrich A. Hayek wrote. It serves as a primer into Hayek’s monetary and capital theories. In it, he takes the time to dismember opposing monetary theories of the trade cycle, discarding faulty analysis and maintaining sound foundations, as to lead to his own monetary theory of the trade cycle. Hayek’s trade cycle theory, is largely based on the headway made in capital theory by Wicksell and Böhm-Bawerk, and Ludwig von Mises’ spectacular insights on monetary theory (The Theory of Money and Credit), and was later further developed in Prices & Production, published in 1931. Any economist interested in knowing and explaining truth is required to read this book.
With interactive table of contents.
About the Author
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 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.
Hayek received new attention in the 1980s and 1990s with the rise of conservative governments in the United States, United Kingdom, and Canada. After winning the 1979 election, Margaret Thatcher appointed Keith Joseph, the director of the Hayekian Centre for Policy Studies, as her secretary of state for industry in an effort to redirect parliament's economic strategies. Likewise, David Stockman, Ronald Reagan's most influential financial official in 1981 was an acknowledged follower of Hayek.
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