F. A. Hayek

In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what later became known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank…

Produced throughout the first fifteen years of Hayek’s career, the writings collected in Capital and Interest see Hayek elaborate on and extend his landmark lectures that were published as Prices and Production and work toward the technically sophisticated line of thought seen in his later Pure Theory of Capital. Illuminating the development of Hayek’s detailed contributions to capital and interest theory, the collection also sheds…

Hayek’s deep interest in the concept of money and its role within the economy is developed in Good Money, Part I. Consisting of seven of Hayek’s most significant monetary writings from the 1920s, this collection focuses on his critique of the idea that price stabilization is consistent with the stabilization of foreign exchange. F. A. Hayek (1899–1992), recipient of the…

This complementary volume provides five additional essays to expand our understanding of Hayek’s ideas about money and monetary policy. Good Money, Part II: The Standard investigates the consequences of the “predicament of composition” which led to one of Hayek’s most controversial proposals: that governments should be denied a monopoly on the coining of money. F. A. Hayek (1899–1992), recipient of…

First published in 1941, The Pure Theory of Capital has long been overlooked. This volume offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled 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…

More than thirty years ago F. A. Hayek said of Socialism: “It was a work on political economy in the tradition of the great moral philosophers, a Montesquieu or Adam Smith, containing both acute knowledge and profound wisdom. . . . To none of us young men who read the book when it appeared was the world ever the same…