The Pure Theory of Capital (The Collected Works of F. A. Hayek) [Hardcover]

F. A. Hayek (Author), Lawrence H. White (Editor, Introduction), Bruce Caldwell (Foreword)

Book Description

Publication Date: May 1, 2007 | ISBN-10: 0226320995 | ISBN-13: 978-0226320991

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.

Editorial Reviews

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.

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.

 

 

 

Product Details

• Hardcover: 464 pages
• Publisher: University Of Chicago Press (May 1, 2007)
• Language: English
• ISBN-10: 0226320995
• ISBN-13: 978-0226320991
• Product Dimensions: 6.3 x 1.3 x 9.2 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #830,345 in Books (See Top 100 in Books)

More About the Author

Friedrich August 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 the principal proponent of libertarianism in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg. His influence on the economic policies in capitalist countries has been profound, especially during the Reagan administration in the U.S. and the Thatcher government in the U.K.

Most Helpful Customer Reviews

16 of 16 people found the following review helpful

5.0 out of 5 stars For advanced students only. June 26, 2008

By Julian B. Hill

Stunning in its scope. An excellent companion for "The Road to Serfdom." If you don't already know/understand Hayek, don't waste your time. Tedious and time consuming, it is difficult to consume more than 10 to 20 pages in one sitting. This is no page turner. It is so dense that it is as if Niels Bohr or Albert Einstein explored economics instead of physics.