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In the years following its publication, F. A. Hayek's pioneering
work on business cycles was regarded as an important challenge to
what was later known as Keynesian macroeconomics. Today, as debates
rage on over the monetary origins of the current economic and
financial crisis, economists are once again paying heed to Hayek's
thoughts on the repercussions of excessive central bank
interventions. The latest editions in Routledge's ongoing series
The Collected Works of F. A. Hayek, these volumes bring together
Hayek's work on what causes periods of boom and bust in the
economy. Moving away from the classical emphasis on equilibrium,
Hayek demonstrates that business cycles are generated by the
adaptation of the structure of production to changes in relative
demand. Thus, when central banks artificially lower interest rates,
the result is a misallocation of capital and the creation of asset
bubbles and additional instability. Business Cycles: Part I
contains Hayek's two major monographs on the topic: Monetary Theory
and the Trade Cycle and Prices and Production. Reproducing the text
of the original 1933 translation of the former, this edition also
draws on the original German, as well as more recent translations.
For Prices and Production, a variorum edition is presented,
incorporating the 1931 first edition and its 1935 revision.
Business Cycles: Part II assembles a series of Hayek's shorter
papers on the topic, ranging from the 1920s to 1981. In addition to
bringing together Hayek's work on the evolution of business cycles,
the two volumes of Business Cycles also include extensive
introductions by Hansjoerg Klausinger, placing the writings in
intellectual context, including their reception and the theoretical
debates to which they contributed, and providing background on the
evolution of Hayek's thought.
The definitive account of the distinguished economist's formative
years. Few twentieth-century figures have been lionized and
vilified in such equal measure as Friedrich Hayek-economist, social
theorist, leader of the Austrian school of economics, and champion
of classical liberalism. Hayek's erudite arguments in support of
individualism and the market economy have attracted a devout
following, including many at the levers of power in business and
government. Critics, meanwhile, cast Hayek as the intellectual
forefather of "neoliberalism" and of all the evils they associate
with that pernicious doctrine. In Hayek: A Life, historians of
economics Bruce Caldwell and Hansjoerg Klausinger draw on
never-before-seen archival and family material to produce an
authoritative account of the influential economist's first five
decades. This includes portrayals of his early career in Vienna;
his relationships in London and Cambridge; his family disputes; and
definitive accounts of the creation of The Road to Serfdom and of
the founding meeting of the Mont Pelerin Society. A landmark work
of history and biography, Hayek: A Life is a major contribution
both to our cultural accounting of a towering figure and to
intellectual history itself.
In the years following its publication, F. A. Hayek's pioneering
work on business cycles was regarded as an important challenge to
what was later known as Keynesian macroeconomics. Today, as debates
rage on over the monetary origins of the current economic and
financial crisis, economists are once again paying heed to Hayek's
thoughts on the repercussions of excessive central bank
interventions. The latest editions in Routledge's ongoing series
The Collected Works of F. A. Hayek, these volumes bring together
Hayek's work on what causes periods of boom and bust in the
economy. Moving away from the classical emphasis on equilibrium,
Hayek demonstrates that business cycles are generated by the
adaptation of the structure of production to changes in relative
demand. Thus, when central banks artificially lower interest rates,
the result is a misallocation of capital and the creation of asset
bubbles and additional instability. Business Cycles: Part I
contains Hayek's two major monographs on the topic: Monetary Theory
and the Trade Cycle and Prices and Production. Reproducing the text
of the original 1933 translation of the former, this edition also
draws on the original German, as well as more recent translations.
For Prices and Production, a variorum edition is presented,
incorporating the 1931 first edition and its 1935 revision.
Business Cycles: Part II assembles a series of Hayek's shorter
papers on the topic, ranging from the 1920s to 1981. In addition to
bringing together Hayek's work on the evolution of business cycles,
the two volumes of Business Cycles also include extensive
introductions by Hansjoerg Klausinger, placing the writings in
intellectual context, including their reception and the theoretical
debates to which they contributed, and providing background on the
evolution of Hayek's thought.
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