The Pure Theory of Capital

The Pure Theory of Capital

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by F. A. Hayek
     
 


Hayek's most detailed work in economic theory, The Pure Theory of Capital, has long been overlooked. First published in 1941, it stood in sharp contrast with fashionable economic thought, which had shifted under the influence of John Maynard Keynes. This publication represents Hayek's last major work in economics.

This volume offers a detailed

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Overview


Hayek's most detailed work in economic theory, The Pure Theory of Capital, has long been overlooked. First published in 1941, it stood in sharp contrast with fashionable economic thought, which had shifted under the influence of John Maynard Keynes. This publication represents Hayek's last major work in economics.

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 real world." His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory. Hayek's manifesto of captial theory is now available again for today's students and economists to discover.

The introduction, by Hayek expert Lawrence H. White, firmly situates the book in a historical and theoretical context, as well as within Hayek's own life and his struggle to complete the manuscript. It provides important insights into Hayek's theories, the intellectual environment in which he wrote, and the personal context of this important work.

F. A. Hayek (1899–1992) was awarded the Nobel Memorial Prize in Economic Sciences in 1974 and the Presidential Medal of Freedom in 1991. He was one of the leading Austrian economists and political philosophers of the twentieth century.

Lawrence H. White is Professor of Economics at George Mason University.

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Product Details

ISBN-13:
9780226320991
Publisher:
University of Chicago Press
Publication date:
05/01/2007
Series:
The Collected Works of F. A. Hayek, #12
Edition description:
New Edition
Pages:
464
Product dimensions:
6.00(w) x 9.00(h) x 1.30(d)

Meet 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.

Lawrence H. White is the F. A. Hayek Professor of Economic History at the University of Missouri-St. Louis. He is the author of several books, most recently The Theory of Monetary Institutions. His work has appeared in the American Economic Review and other leading journals. He is a visiting professor at Queens University Belfast.

Table of Contents


Editorial Foreword   Bruce Caldwell     ix
Editor's Acknowledgements   Lawrence H. White     xi
Editor's Introduction   Lawrence H. White     xiii
The Pure Theory of Capital
Preface     3
Table of Contents     7
Analytical Table of Contents     11
Text to The Pure Theory of Capital     29
Appendices     371
Guide to Terms     403
Bibliography     405
Index     413

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