Varying according to the scope of Hayek's contributions, the papers in this volume include among others: * An affirmation of the "relevance" of Hayek's work * A survey of his contribution to knowledge * An appraisal of Hayek's innovative work on the methodology of the social sciences * A discussion of Hayek's achievements as scholar and mentor The contributors are: Fritz Machlup, Geroge Roche, Arthur Shenfield, Max Hartwell, William Buckley, Gottfried Dietze, Shirley Letwin.

Containing Fritz Machlup's papers on international finance spanning thirty years, this volume includes pieces translated into English for the first time. Focussing on the theme of the balance of payments, the work is structured as follows: Foreign Exchanges and Balance of Payments, The Effects of Devaluation, Gold and Foreign Reserves, Capital Movements and the Transfer Problem. An introduction to each section by the author is included.

When the original edition was first published in 1963, Machlip observed ' I hope that the availibility of this collection will dispel semantic and concpetual; fog and allow greather visibility...'. The work is divided into five sections with a new essay in this edition on 'Are the Social Sciences Really Inferior?' There is also a new introduction by Mark Perlman, University Professor of Economics at the University of Pittsburgh.

Containing Fritz Machlup's papers on international finance spanning thirty years, this volume includes pieces translated into English for the first time. Focussing on the theme of the balance of payments, the work is structured as follows: Foreign Exchanges and Balance of Payments, The Effects of Devaluation, Gold and Foreign Reserves, Capital Movements and the Transfer Problem. An introduction to each section by the author is included.

Varying according to the scope of Hayek's contributions, the papers in this volume include among others:
* An affirmation of the "relevance" of Hayek's work
* A survey of his contribution to knowledge
* An appraisal of Hayek's innovative work on the methodology of the social sciences
* A discussion of Hayek's achievements as scholar and mentor
The contributors are: Fritz Machlup, Geroge Roche, Arthur Shenfield, Max Hartwell, William Buckley, Gottfried Dietze, Shirley Letwin.

When the original edition was first published in 1963, Machlip observed ' I hope that the availibility of this collection will dispel semantic and concpetual; fog and allow greather visibility...'. The work is divided into five sections with a new essay in this edition on 'Are the Social Sciences Really Inferior?' There is also a new introduction by Mark Perlman, University Professor of Economics at the University of Pittsburgh.

With this first of eight volumes, the eminent economist Fritz Machlup launches his monumental inquiry into the production of knowledge as an economic activity. Volume I presents the conceptual framework for this inquiry and falls into three parts: Types of Knowledge, Qualities of Knowledge, and Knowledge as a Product. Originally published in 1981. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

With this first of eight volumes, the eminent economist Fritz Machlup launches his monumental inquiry into the production of knowledge as an economic activity. Volume I presents the conceptual framework for this inquiry and falls into three parts: Types of Knowledge, Qualities of Knowledge, and Knowledge as a Product.

Originally published in 1981.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

"The Production and Distribution of Knowledge in the United States" marked the beginning of the study of our postindustrial information society. Austrian-born economist Fritz Machlup had focused his research on the patent system, but he came to realize that patents were simply one part of a much bigger "knowledge economy." He then expanded the scope of his work to evaluate everything from stationery and typewriters to advertising to presidential addresses--anything that involved the activity of telling anyone anything. "The Production and Distribution of Knowledge in the United States" then revealed the new and startling shape of the U.S. economy.

Machlup's cool appraisal of the data showed that the knowledge industry accounted for nearly 29 percent of the U.S. gross national product, and that 43 percent of the civilian labor force consisted of knowledge transmitters or full-time knowledge receivers. Indeed, the proportion of the labor force involved in the knowledge economy increased from 11 to 32 percent between 1900 and 1959--a monumental shift.

Beyond documenting this revolution, Machlup founded the wholly new field of information economics. The transformation to a knowledge economy has resonated throughout the rest of the century, especially with the rise of the Internet. As two recent observers noted, "Information goods--from movies and music to software code and stock quotes--have supplanted industrial goods as the key drivers of world markets." Continued study of this change and its effects is testament to Fritz Machlup's pioneering work.

Fourteen leading economists analyze the problem of imbalance in international payments and suggest corrective measures. Three general appraisals by William Fellner, Fritz Machlup, and Robert Triffin are followed by shorter technical papers on special issues by Fellner, Gottfried Haberler, Sir Roy Harrod, Harry G. Johnson, Peter B. Kenen, Alexandre Lamfalussy, Friedrich A. Lutz, Machlup, Jurg Niehans, Walters S. Salant, Tibor Scitovsky, James Tobin, Triffin, and Robert L. West. Originally published in 1966. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Volume II of this ten-volume work, examines the parts of intellectual knowledge that have been considered worth teaching in institutions of higher learning. To judge what to teach, it was necessary to classify. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Fourteen leading economists analyze the problem of imbalance in international payments and suggest corrective measures. Three general appraisals by William Fellner, Fritz Machlup, and Robert Triffin are followed by shorter technical papers on special issues by Fellner, Gottfried Haberler, Sir Roy Harrod, Harry G. Johnson, Peter B. Kenen, Alexandre Lamfalussy, Friedrich A. Lutz, Machlup, Jurg Niehans, Walters S. Salant, Tibor Scitovsky, James Tobin, Triffin, and Robert L. West. Originally published in 1966. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

In einer Zeit, in der der Kapital- und Kreditmarkt mit Schwierigkeiten wie etwa der Subprimekrise zu kampfen hat, ist es wichtig, sich mit den theoretischen Fundamenten von Borsenkredit, Industriekredit und Kapitalbildung zu beschaftigen. Fritz Machlup geht in seinem 1931 geschriebenen Band ausfuhrlich auf den damaligen Stand der Wissenschaft von Kapitalmarkt, Geldbedarf und Konjunktur ein. Seine dreissig unpopularen Schlussfolgerungen" fur die Wirtschaftspolitik schliessen dieses nach wie vor interessante Buch ab."

Volume II of this ten-volume work, examines the parts of intellectual knowledge that have been considered worth teaching in institutions of higher learning. To judge what to teach, it was necessary to classify.

Originally published in 1982.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital.

Originally published in 1984.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Ein Buch, das dem Gebildeten -- aber nicht gerade nationalokonomisch Gebildeten - auf wissenschaftlich ein wandfreie Art eine Orientierung in der Wirtschaftspolitik ermoglicht, hat meines Wissens bisher gefehlt. Ich empfand dies in der heutigen Zeit, da jedermann in wirtschafts politischen Fragen beschlagen sein will, als besonderen Mangel. Oft war ich in Verlegenheit, wenn kluge und interessierte Menschen - von den in Tageszeitungen vor gefuhrten Ansichten verwirrt - mich nach den Erfolgs aussichten dieser oder jener Politik fragten. Eine Antwort ohne Erklarung kann nicht befriedigen. Eine kurze Er klarung - die manche Grundbegriffe der okonomischen Theorie als bekannt voraussetzen muss, obwohl sie den wenigsten bekannt sind - erscheint angesichts weitver breiteter Missverstandnisse meistens paradox und unglaub wurdig. Dem Frager den Rat zu geben, Nationalokonomie zu studieren, ware gewiss nicht zweckmassig. Bleibt nur die Moglichkeit, ihn auf ein gemeinverstandliches und doch fachlich fundiertes Buch zu verweisen. Ein solches Buch kannte ich nicht. Ich weiss nicht, ob und inwieweit es mir gelungen ist, dieses Buch zu schreiben. Gemeinverstandlichkeit und voll kommene wissenschaftliche Genauigkeit sind unvereinbare Gegensatze. Je popularer, um so anfechtbarer; je weniger anfechtbar, um so weniger verstandlich; zwischen diesen beiden Gefahren ein Mittelmass zu halten, ist eine Aufgabe, deren Gelingen sehr verschieden beurteilt werden wird."

Die Anregung zur Beschaftigung mit dem Problem "Borsenkredit - Industriekredit - Kapitalbildung" ging von der Praxis aus. Das Anwachsen der Borsenkredite in den Zeiten des Konjunkturaufschwungs erregte das Interesse und teilweise die Besorgnis der Wirtschaftsbeobachter und der Fuhrer der Kreditpolitik. In den letzten Jahren kam es in Deutschland (1927) und in Amerika (1928, 1929) zu offiziellen Angriffen gegen die Kreditgewahrung an die Borse. Dieses angeblich in Verteidigung industrieller Inter essen unternommene Einschreiten entfachte eine lebhafte Diskussion in Tageszeitungen und wirtschaftswissenschaft lichen Zeitschriften. In einem vor der Nationalokonomischen Gesellschaft in Wien gehaltenen Vortrag (25. April 1930) behandelte ich das Problem des Bankkredits, nachdem das Ehrenmitglied dieser Gesellschaft, der osterreich ische Nationalbankprasi dent Professor Richard Reisch schon fruher zwei bedeu tende Beitrage zum gleichen Thema veroffentlicht hatte. Mein Referat fuhrte die Hauptgedanken der vorliegenden Arbeit einem eminent fachkundigen Auditorium vor. In der unter der Leitung von Professor Hans Mager abgefuhrten Debatte, die sich an meine Ausfuhrungen knupfte, kamen eine Reihe uberaus bemerkenswerter Auffassungen zum Worte. Einige der von den Wechselrednern geausserten Gedanken habe ich m der folgenden Abhandlung beru- sichtigen konnen. Fritz Machlup. Wien, im Mai 1931. v INHALTSVERZEICHNIS. Seite . V Vorwort ERSTES KAPITEL. 1 DIE KONKURRENZ AM KREDITMARKT . . . . . . . . . . . . . 1. Die Antipathie gegen die Borsenkredite . . . . . . . . . 1 2. Der tauschfahigere Bewerber verdrangt die Konkurren- 2 ten bei der Verteilung des Kreditangebots ...... . 3. Das Kreditangebot ist Eingriffen bezuglich seiner Menge 5 und seiner Verteilung zuganglich . . . . . . . . . . . . ZWEITES KAPITEL."

This is a new release of the original 1939 edition.