Download Capital and Interest by F. A. Hayek, Lawrence H. White PDF

By F. A. Hayek, Lawrence H. White

Produced in the course of the first fifteen years of Hayek’s profession, the writings gathered in Capital and Interest see Hayek difficult upon and expand his landmark lectures that have been released as Prices and Production and paintings towards the technically subtle line of concept visible in his later Pure idea of Capital. Illuminating the advance of Hayek’s specified contributions to capital and curiosity idea, the gathering additionally sheds gentle on how Hayek’s paintings on the topic of different influential economists of the time. Highlights contain the 1936 article “The Mythology of Capital”—presented the following along Frank Knight’s criticisms of the Austrian concept of capital that triggered it—and “The upkeep of Capital,” with next reviews by means of the English economist A. C. Pigou. those and different prevalent works are followed via lesser-known articles and lectures, together with a lecture on technological growth and extra means. An advent by way of the book’s editor, major Hayek pupil Lawrence H. White, locations Hayek’s contributions in cautious ancient context, with plentiful footnotes and citations for extra interpreting, making this a touchstone addition to the college of Chicago Press’s accrued Works of F. A. Hayek series.

Show description

Read Online or Download Capital and Interest PDF

Similar economic theory books

The Cambridge Controversies in Capital Theory

This publication explains the controversy over the Cambridge controversies of the Nineteen Sixties and Seventies. In a compelling and complete argument, Birner discusses the most contributions to the talk in a sequence of case experiences. He steadily develops a methodological version of idealizations that explains either the growth of the controversy and the historic ironies surrounding it.

The Problem of Forming Social Capital: Why Trust? (Political Evolution and Institutional Change)

Herreros examines from the floor up, and from first ideas, how social capital is shaped. He supplies distinct realization to "particularized trust," the byproduct of associational participation, and its dating to generalized social belief. He argues that social capital, the assets drawn from tasks of reciprocity and data, derives from participation in social networks, together with voluntary institutions.

An Ecosystem Approach to Economic Stabilization: Escaping the Neoliberal Wilderness

The construction of financial associations which may functionality good less than colossal uncertainties -- Black Swans -- is similar to the dilemmas confronting our hunter-gatherer forefathers within the face of large-scale ecological unpredictability. the last word resolution used to be now not the improvement of a brilliant hunter-gatherer expertise which may trip out repeated disaster, yet relatively the discovery, in neolithic occasions, of culturally-adapted 'farmed' ecosystems developed to maximise meals yield and reduce hazards of famine.

Free Trade under Fire: Fourth edition

Starting to be overseas exchange has helped raise residing criteria around the globe, and but unfastened alternate is often lower than assault. Critics bitch that alternate forces painful financial alterations, akin to plant closings and layoffs of staff, and cost that the realm exchange association serves the pursuits of businesses, undercuts family environmental laws, and erodes America's sovereignty.

Extra info for Capital and Interest

Sample text

Unless otherwise specified, we will refer to the conditions of such a simple economy in our subsequent observations. For a theory of distribution based on subjective value theory, the importance individuals attribute, under given conditions, to each of the factors of production must derive from the valuation of the utility of the product. As remains to be shown, this issue is intimately related to the question to what extent the production which requires the use of the good in question is to be economically expanded.

Die Theorie des Subjektiven Werthes,” pp. 1– 82, and “II. Die Theorie des Objektiven Werthes,” pp. 477– 541. English translation, Basic Principles of Economic Value, trans. Hans F. ] 6 some observations on the imputation problem sible. Generally speaking, to irreplaceable factors therefore the entire remaining amount over and above the minimum values of the other goods will be imputed, while goods that have no alternative uses only obtain the amount of value left over after the maximal value attainable by the complementary goods has been deducted.

W. Taylor, contributed to the development of this theory; in Europe, K. Wicksell, Ph. H. Wicksteed, and E. Barone dealt with it in mathematical terms. A large number of modern theorists have incorporated it in their systems, mostly without dwelling in any way on its relation to the imputation principles developed by the Austrian School. The theory of marginal productivity rests on the insight that the law of diminishing returns (cf. , vol. 1, p. 11ff ), which was first noted in agriculture, has a general range of applications.

Download PDF sample

Rated 4.27 of 5 – based on 4 votes