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Audiobooks & Video Training The Pure Theory of Capital By Friedrich Hayek
Posted on 2010-11-29
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More Friedrich Hayek, «The Pure Theory of Capital» The greatest failing of non-Austrians theories of macroeconomics, it's been said, is that they lack a robust theory of capital. F.A. Hayek sought to fill out the theory of the business cycle with an impenetrable one, and the result was this remarkable 1941 treatise. It took him many years to write. It is surely his most detailed work in economic theory. Appearing at the height of the Keynesian revolution, this treatise was sadly overlooked. Today it can be appreciated anew. It offers a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayeks stated objective was to make capital theorywhich had previously been devoted almost entirely to the explanation of interest ratesuseful for the analysis of the monetary phenomena of the real world. This takes him into a long explanation of the heterogeneity of the capital stock and its relationship to the passage of time. Hayek reports that he never felt that he had fully completed the book but at 480 pages, it remains the most complete treatise on the subject ever published. To be sure, this is for serious students, but the effort to grapple with Hayek's thought is heavily rewarded here. Note: Link includes two copies with different size | | | Mirror Allowed
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