F. A. Hayek's long-overlooked 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 "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.
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