Economic Theory

Download e-book for iPad: Capital and Interest by F. A. Hayek, Lawrence H. White

By F. A. Hayek, Lawrence H. White

ISBN-10: 022627487X

ISBN-13: 9780226274874

Produced in the course of the first fifteen years of Hayek’s occupation, the writings amassed in Capital and Interest see Hayek problematic upon and expand his landmark lectures that have been released as Prices and Production and paintings towards the technically subtle line of concept obvious in his later Pure thought of Capital. Illuminating the improvement of Hayek’s specific contributions to capital and curiosity thought, 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 caused it—and “The upkeep of Capital,” with next reviews by means of the English economist A. C. Pigou. those and different regular works are observed via lesser-known articles and lectures, together with a lecture on technological development and extra means. An creation by means of the book’s editor, best Hayek student Lawrence H. White, locations Hayek’s contributions in cautious historic context, with abundant footnotes and citations for extra analyzing, making this a touchstone addition to the collage of Chicago Press’s accumulated Works of F. A. Hayek series.

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6 Yet this admission would be tantamount to abandoning subjective value theory as a satisfactory explanation for economic processes and would deprive these authors of the very basis for many of their analyses. 6 [Here the claim that “the determinants for the prices of the factors of production exist only in an exchange economy” probably refers to Mises’ argument that a socialist planning board, in an economy without markets for factors of production, could not assign meaningful prices to those factors.

If the imputation problem has not received due attention and has been ignored altogether in some systems of subjective economic theory, which moved directly from the explanation of the value of consumer goods to the explanation of prices and the forms of income, this is due to the mistaken belief that, by explaining the value of consumer goods, the problem of economic value as a whole has been solved. It thus has been overlooked that producer goods, to which altogether different conditions apply, require a separate explanation.

8 vols. : Gustav Fischer, 1909– 1911). The second-named article, “Grenznutzen,” appeared in the second and third editions 9 capital and interest However, following Wieser, this conception constitutes an essential element of the theory of subjective value, and in its absence the marginal utility principle could not provide a satisfactory explanation of economic phenomena. In Wieser’s eyes, value is the calculation form of utility. This conception alone leads to an unambiguous and complete partitioning of the utility derived from the product and allows us to put the same value on several units of a good involved in a production process.

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


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