ABSTRACT
F. A. Hayek’s long-overlooked volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover.
With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek’s own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar’s last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek’s stated objective was to make capital theory "useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into the business cycle theory.
TABLE OF CONTENTS
part |1 pages
F. A. HAYEK The Pure Theory of Capital
chapter |4 pages
PREFACE
chapter |3 pages
Table of Contents
chapter |17 pages
ANALYTICAL TABLE OF CONTENTS
part |1 pages
Introductory
chapter |9 pages
THE SCOPE OF THE INQUIRY
chapter |12 pages
EQUILIBRIUM ANALYSIS AND THE CAPITAL PROBLEM
chapter |10 pages
THE SIGNIFICANCE OF ANALYSIS IN REAL TERMS
chapter |9 pages
THE RELATION OF THIS STUDY TO THE CURRENT THEORIES OF CAPITAL
chapter |13 pages
THE NATURE OF THE CAPITAL PROBLEM
chapter |8 pages
CAPITAL AND THE ‘SUBSISTENCE FUND’
part |1 pages
INVESTMENT IN A SIMPLE ECONOMY
chapter |15 pages
THE OUTPUT FUNCTION AND THE INPUT FUNCTION
chapter |11 pages
THE CONTINUOUS PROCESS OF PRODUCTION
chapter |11 pages
THE POSITION OF DURABLE GOODS IN THE INVESTMENT STRUCTURE
chapter |12 pages
THE PRODUCTIVITY OF INVESTMENT
chapter |13 pages
PLANNING FOR A CONSTANT OUTPUT STREAM
chapter |7 pages
COMPOUND INTEREST AND THE INSTANTANEOUS RATE OF INTEREST
chapter |12 pages
THE MARGINAL PRODUCTIVITY OF INVESTMENT AND THE RATE OF INTEREST
chapter |7 pages
INPUT, OUTPUT, AND THE STOCK OF CAPITAL IN VALUE TERMS
chapter |11 pages
TIME PREFERENCE AND ITS EFFECTS WITH CONSTANT RETURNS ON INVESTMENT
chapter |14 pages
TIME PREFERENCE AND PRODUCTIVITY: THEIR RELATIVE IMPORTANCE
part |1 pages
CAPITALISTIC PRODUCTION IN A COMPETITIVE COMMUNITY
chapter |16 pages
THE GENERAL CONDITIONS OF EQUILIBRIUM
chapter |14 pages
THE ACCUMULATION OF CAPITAL
chapter |11 pages
THE ADJUSTMENT OF THE CAPITAL STRUCTURE TO FORESEEN CHANGES
chapter |14 pages
THE EFFECTS OF UNFORESEEN CHANGES AND IN PARTICULAR OF INVENTIONS
chapter |9 pages
THE MOBILITY OF CAPITAL
chapter |13 pages
‘SAVING’, ‘INVESTMENT’, AND THE ‘CONSUMPTION OF CAPITAL’
part |1 pages
THE RATE OF INTEREST IN A MONEY ECONOMY
chapter |14 pages
FACTORS AFFECTING THE RATE OF INTEREST IN THE SHORT RUN
chapter |22 pages
LONG-RUN FORCES AFFECTING THE RATE OF INTEREST
chapter |11 pages
DIFFERENCES BETWEEN INTEREST RATES: CONCLUSIONS AND OUTLOOK
chapter |9 pages
Appendices
part |1 pages
APPENDIX IV A Comment