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Pure Theory of Capital (Paperback)
Loot Price: R367
Discovery Miles 3 670
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Pure Theory of Capital (Paperback)
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Loot Price R367
Discovery Miles 3 670
Expected to ship within 9 - 15 working days
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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.
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