ABSTRACT
In reading present-day textbooks or monographs, one gets the feeling that the monetary theory of the trade cycle or the so called Austrian theory of the crisis has justly been relegated to the limbo of forgotten causes; that F. A. v. Hayek’s writings stretching over the whole thirties and into the early forties only led into a gigantic intellectual blind alley; and that in the struggle for the survival of the fittest in economic doctrines Keynesian macro-economic thought has totally eliminated and replaced the reptilian monsters sprung from the pen of the jubilar here to be honoured. Hayek’s defeat appears to have been so complete that even among his friends he is mainly honoured as the author of the Road to Serfdom and The Constitution of Liberty and little mention is made of his earlier work.
