By F. A. Hayek
Hayek's such a lot unique paintings in financial conception, The natural conception of Capital
, has lengthy been missed. First released in 1941, it stood in sharp distinction with trendy fiscal proposal, which had shifted lower than the impact of John Maynard Keynes. This book represents Hayek's final significant paintings in economics.
This quantity deals an in depth account of the equilibrium relationships among inputs and outputs in a time-filled economic system. Hayek's said aim used to be to make capital theory—which had formerly been dedicated virtually fullyyt to the reason of curiosity rates—"useful for the research of the financial phenomena of the true world." His bold aim used to be not anything below to improve a capital conception that may be totally built-in into company cycle idea. Hayek's manifesto of captial concept is now to be had back for cutting-edge scholars and economists to discover.
The advent, via Hayek professional Lawrence H. White, firmly situates the ebook in a historic and theoretical context, in addition to inside Hayek's personal lifestyles and his fight to accomplish the manuscript. It offers vital insights into Hayek's theories, the highbrow atmosphere during which he wrote, and the private context of this significant work.
F. A. Hayek (1899–1992) used to be offered the Nobel Memorial Prize in financial Sciences in 1974 and the Presidential Medal of Freedom in 1991. He used to be one of many top Austrian economists and political philosophers of the 20 th century.
Lawrence H. White is Professor of Economics at George Mason University.