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Hayek, von, Friedrich August --- Economists --- von Hayek, Friedrich August, --- Economists - Biography --- von Hayek, Friedrich August, - 1899-1992

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Economic schools --- Hayek, von, Friedrich August --- Hayek, Friedrich --- Economics --- History --- von Hayek, Friedrich August, --- Economics - Austria - History - 20th century --- von Hayek, Friedrich August, - 1899-1992

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While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, 'Wicksellian' vision of economic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to economists, political scientists, and historians with general economics training, as well as to graduate students in these fields.

Economic schools --- Keynes, John Maynard --- Wicksell, Knut J.G. --- Sraffa, Piero --- Hayek, von, Friedrich August --- Keynesian economics --- Keynes, John Maynard, --- von Hayek, Friedrich August, --- Wicksell, Knut, --- Hayek, Friedrich --- Keynesian economics. --- Hayek, Friedrich A. von --- Keynes, John Maynard, - 1883-1946 --- von Hayek, Friedrich August, - 1899-1992 --- Wicksell, Knut, - 1851-1926

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Hayek, von, Friedrich August --- economie --- economische theorieen --- AA / International- internationaal --- 330.47 --- theories economiques --- Keynes en zijn school. --- Free enterprise --- Chicago school of economics --- Keynesian economics --- von Hayek, Friedrich August, --- Hayek, Friedrich --- Keynes en zijn school --- von Hayek, Friedrich August, - 1899-1992

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Produced throughout the first fifteen years of Hayek’s career, the writings collected in Capital and Interest see Hayek elaborate upon and extend his landmark lectures that were published as Prices and Production and work toward the technically sophisticated line of thought seen in his later Pure Theory of Capital. Illuminating the development of Hayek’s detailed contributions to capital and interest theory, the collection also sheds light on how Hayek’s work related to other influential economists of the time. Highlights include the 1936 article “The Mythology of Capital”—presented here alongside Frank Knight’s criticisms of the Austrian theory of capital that prompted it—and “The Maintenance of Capital,” with subsequent comments by the English economist A. C. Pigou. These and other familiar works are accompanied by lesser-known articles and lectures, including a lecture on technological progress and excess capacity. An introduction by the book’s editor, leading Hayek scholar Lawrence H. White, places Hayek’s contributions in careful historical context, with ample footnotes and citations for further reading, making this a touchstone addition to the University of Chicago Press’s Collected Works of F. A. Hayek series.

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