Prices and Production By F.A. Hayek


These are the best writings of a young, focused, and brilliant F.A. Hayek.

Prices and Production was the book that made the difference for a whole generation of English-speaking economists. Together, the writings in this volume provide a complete presentation of Hayekian money and business-cycle theory.

The book integrates the Austrian theories of money, capital, business cycles, and comparative monetary institutions. Together, these central ideas create a true definition of the core of Austrian macroeconomic theory.

This book shows why Keynes was necessarily wrong and Hayek was right. Prices and Production allows you to see the pure logic of Hayek’s position and it arms you for battle with Keynesian ideas.

This is an example of how to advance sound economic theory through debate and criticism and provides a starting point for Austrian macroeconomic research.

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  • Jeffrey Tucker

    Prices and Production

    Prices and Production Hayek was the one who brought business cycle theory from Mises’s office to the English speaking world, and this was his great contribution, the one that challenged prevailing policy and also Keynesian theory. But is his theory too mechanistic to apply to today’s economic world? The complexity is built into the model but surely the real world is too complex to be modeled in this way. Kick off the discussion! Questions, comments, observations or elaborations? Either reply here or create a new discussion using the tag Library_Prices and Production

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