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Hayek's Triangles: Two Essays On The Business Cycle (LFB)
     

Hayek's Triangles: Two Essays On The Business Cycle (LFB)

by F.A. Hayek
 
Hayek’s Triangles brings together F.A. Hayek’s two seminal contributions to understanding the macroeconomic structure and therefore the roots of and solution to the business cycle. Prices and Production was the book that made the difference for a whole generation of English-speaking economists, until Keynes came along and changed people’s minds

Overview

Hayek’s Triangles brings together F.A. Hayek’s two seminal contributions to understanding the macroeconomic structure and therefore the roots of and solution to the business cycle. Prices and Production was the book that made the difference for a whole generation of English-speaking economists, until Keynes came along and changed people’s minds again. On reflection, it was Keynes who was wrong and Hayek who was right. This edition allows you to see the logic of Hayek’s position.

Hayek’s triangles provide a conceptual map of the structure of production through many stages of capitalist endeavor. Hayek sees the extended order as a complex structure of heterogenous plans that involve time and investment planning, with the interest rate as the critical signaling mechanism.

His foresight and eloquence hold up. It still stands as the great answer to all who imagine that central planning is the way to deal with recessions. Economist Mark Skousen is the guide to Hayek’s works here. His introduction places it in time and applies its lessons in the post-2008 world.

This is the history that made history and can make it again. It points the way to a future of economic growth, if only the world would embrace the analytics found in these pages.

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Product Details

BN ID:
2940016198439
Publisher:
Laissez Faire Books
Publication date:
02/18/2013
Sold by:
Barnes & Noble
Format:
NOOK Book
Sales rank:
570,230
File size:
1 MB

Meet the Author

Friedrich August Hayek (1899–1992) was an economist and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena."

Hayek's account of how changing prices communicate information, enabling individuals to coordinate their plans, is widely regarded as an important achievement in economics. He also contributed to the fields of systems thinking, jurisprudence, neuroscience and the history of ideas.

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