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F.A. Hayek

The Pure Theory of Capital, F. A. Hayek’s long-overlooked, little-understood 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—which had previously been devoted almost entirely to the explanation of interest rates—“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.

The University of Chicago Press

The Collected Works of F. A. Hayek

The Pure Theory of Capital

A deft selection of unpublished and little-known works by F. A. Hayek that will serve to enlighten and enliven debates around the ever-changing face of Western liberalism

 Across seventeen volumes to date, the University of Chicago Press’s Collected Works of F. A. Hayek series has anthologized the diverse and prolific writings of the Austrian economist synonymous with classical liberalism. Essays on Liberalism and the Economy traces the author’s long and evolving writings on the cluster of beliefs he championed most: liberalism, its core tenets, and how its tradition represents the best hope for Western civilization. 

 This volume contains material from almost the entire span of Hayek’s career, the earliest from 1931 and the last from 1984. The works were written for a variety of purposes and audiences, and they include—along with conventional academic papers—encyclopedia entries, after-dinner addresses, a lecture for graduate students, a book review, newspaper articles, and letters to the editors of national newspapers. While many are available elsewhere, two have never appeared in print, and two others have not been published in English. 

 The varied formats collected here are enriched by Hayek’s changing voice at different stages of his life. Some of the pieces resonate as high-minded and noble; some are meant as cuts to “intellectuals” (a pejorative term when used by Hayek) like Keynes and Galbraith. All serve to distill important threads of his worldview.

Essays on Liberalism and the Economy, Volume 18

Studies on the Abuse and Decline of Reason is a series of fascinating essays on the study of social phenomena. How to best and most accurately study social interactions has long been debated intensely, and there are two main approaches: the positivists, who ignore intent and belief and draw on methods based in the sciences; and the nonpositivists, who argue that opinions and ideas drive action and are central to understanding social behavior. F. A. Hayek’s opposition to the positivists and their claims to scientific rigor and certainty in the study of human behavior is a running theme of this important book.

 Hayek argues that the vast number of elements whose interactions create social structures and institutions make it unlikely that social science can predict precise outcomes. Instead, he contends, we should strive to simply understand the principles by which phenomena are produced. For Hayek this modesty of aspirations went hand in hand with his concern over widespread enthusiasm for economic planning. As a result, these essays are relevant to ongoing debates within the social sciences and to discussion about the role government can and should play in the economy.

Studies on the Abuse & Decline of Reason: Text and Documents

The first part of this two-volume set presents seven articles by the Nobel Prize–winning economist on business cycles and the quantity theory of money. 

The two volumes of Good Money present a comprehensive chronicle of F.A. Hayek’s writings on monetary policy. Together, they offer readers an invaluable reference to some of his most profound thoughts about money.

Good Money, Part I: The New World includes seven of Hayek’s articles from the 1920s that were written largely in reaction to the work of Irving Fisher and W. C. Mitchell. Hayek encountered Fisher’s work on the quantity theory of money and Mitchell’s studies on business cycles during a US visit in 1923–24. These articles attack the idea that price stabilization was consistent with the stabilization of foreign exchange and foreshadow Hayek’s general critique that the whole of an economy is not simply the sum of its parts.

“Intellectually [Hayek] towers like a giant oak in a forest of saplings.” —Chicago Tribune

Good Money, Part I: The New World

In 1931, when the young F. A. Hayek challenged the economic theories of John Maynard Keynes, sixteen years his senior, and one of the world's leading economists, he sparked a spirited debate that would influence economic policy in democratic countries for decades. Their extensive exchange lasted until Keynes's death in 1946, and is reprinted in its entirety in this latest volume of The Collected Works of F. A. Hayek.

 When the journal Economica published a review of Keynes's Treatise on Money by Hayek in 1931, Keynes's response consisted principlally of an attack on Hayek's own work on monetary theory, Prices and Production. Conducted almost entirely in economics journals, the battle that followed revealed two very different responses to a world in economic crisis. Keynes sought a revision of the liberal political order—arguing for greater government intervention in the hope of protecting against the painful fluctuations of the business cycle. Hayek instead warned that state involvement would cause irreparable damage to the economy.

 This volume begins with Hayek's 1963 reminiscence "The Economics of the 1930s as Seen from London," which has never been published before. The articles, letters, and reviews from journals published in the 1930s are followed by Hayek's later reflections on Keynes's work and influence. The Introduction by Bruce Caldwell puts the debate in context, providing detailed information about the economists in Keynes's circle at Cambridge, their role in the acceptance of his ideas, and the ways in which theory affected policy during the interwar period.

 Caldwell calls the debate between Hayek and Keynes "a battle for the minds of the rising generation of British-trained economists." There is no doubt that Keynes won the battle during his lifetime. Now, when many of Hayek's ideas have been vindicated by the collapse of collectivist economies and the revival of the free market around the world, this book clarifies Hayek's work on monetary theory—formed in heated opposition to Keynes—and illuminates his efforts to fight protectionism in an age of economic crisis.

 F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of classical liberal thought in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.

Contra Keynes and Cambridge: Essays, Correspondence

Throughout the twentieth century socialism and war were intimately connected. The unprecedented upheavals wrought by the two world wars and the Great Depression provided both opportunity and impetus for a variety of socialist experiments. This volume in The Collected Works of F. A. Hayek documents the evolution of Hayek's thought on socialism and war during the dark decades of the 1930s and 1940s.

 Opening with Hayek's arguments against market socialism, the volume continues with his writings on the economics of war, many in response to the proposals made in John Maynard Keynes's famous pamphlet, How to Pay for the War. The last section presents articles that anticipated The Road to Serfdom, Hayek's classic meditation on the dangers of collectivism. An appendix contains a number of topical book reviews written by Hayek during this crucial period, and a masterful introduction by the volume editor, Bruce Caldwell, sets Hayek's work in context.

Socialism and War will interest not just fans of The Road to Serfdom, but anyone concerned with the ongoing debates over the propriety of government intervention in the economy.

 "When he wrote The Road to Serfdom, [Hayek's] was a voice in the wilderness. Now the fight [has] been taken up by people all over the world, by institutions and movements, and the ideas that seemed so strange to many in 1944 can be found from scholarly journals to television programs."—Thomas Sowell, Forbes

 "Intellectually [Hayek] towers like a giant oak in a forest of saplings."—Chicago Tribune

 "Each new addition to The Collected Works of F. A. Hayek, the University of Chicago's painstaking series of reissues and collections, is a gem."—Liberty on Volume IX of The Collected Works of F. A. Hayek

Socialism and War: Essays, Documents, Reviews

The second part of this collection presents five articles that lay the foundation for some of the Nobel Prize–winning economists most controversial ideas.

The two volumes of Good Money present a comprehensive chronicle of F.A. Hayek’s writings on monetary policy. Together, they offer readers an invaluable reference to some of his most profound thoughts about money.

Good Money, Part II: The Standard offers five more of Hayek’s articles that advance his ideas about money. In these essays, Hayek investigates the consequences of the “predicament of composition.” This principle works on the premise that the entire society cannot simultaneously increase liquidity by selling property or services for cash. This analysis led Hayek to make what was perhaps his most controversial proposal: that governments should be denied a monopoly on the coining of money.

“One of the great thinkers of our age who . . . revolutionized the world’s intellectual and political life.” —Former President George Herbert Walker Bush