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By F. A. Hayek, Lawrence H. White

Produced during the first fifteen years of Hayek’s profession, 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 refined line of concept visible in his later Pure concept of Capital. Illuminating the improvement of Hayek’s designated contributions to capital and curiosity idea, the gathering additionally sheds mild on how Hayek’s paintings relating to different influential economists of the time. Highlights comprise the 1936 article “The Mythology of Capital”—presented right here along Frank Knight’s criticisms of the Austrian thought of capital that caused it—and “The upkeep of Capital,” with next reviews via the English economist A. C. Pigou. those and different standard works are followed through lesser-known articles and lectures, together with a lecture on technological growth and extra ability. An creation by means of the book’s editor, prime Hayek student Lawrence H. White, locations Hayek’s contributions in cautious ancient context, with abundant footnotes and citations for additional interpreting, making this a touchstone addition to the college of Chicago Press’s accrued Works of F. A. Hayek series.

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P. 295),20 concerning a product made from several goods, none of which is either replaceable or has an alternative use, there is actually only a single economic good, namely that very product, as its components must be present simultaneously, in rigid proportions, to be useful. For this reason, they constitute mere components of a single good; they have utility and, hence, value, only in this combination. Here it makes no sense to impute value to these factors, as each individual factor has no separable influence on the marginal utility of the product.

10 [Carl Menger, Grundsätze der Volkswirtschaftslehre (Vienna: Wilhelm Braumüller, 1871); English translation, Principles of Economics, trans. James Dingwall and Bert F. ] 5 capital and interest ity. Thus the loss of utility caused by the unavailability of the original good would ultimately manifest itself at the position vacated after this substitution. Menger applies the same reasoning to replaceable goods of higher order. For irreplaceable producer goods he supplemented it by the further consideration that the loss of utility due to the unavailability of such a producer good and the prevention of production caused by it is partially compensated by the utility achieved by the complementary goods in new uses.

Vol. 36, Supplement: Economic Theory and Hicksian Themes, November 1984, pp. 59– 73. 58 Hayek, “The Maintenance of Capital,” this volume, p. 187. 59 F. A. Hayek, “Preiserwartungen, Monetäre Störungen und Fehlinvestitionen,” Nationalökonomisk Tidsskrift, 3rd series, no. 43, 1935, pp. 176– 91; translated as “Price Expectations, Monetary Disturbances, and Malinvestments,” in Profits, Interest, and Investment, by Hayek (London: Routledge, 1939); reprinted in Good Money, Part I: The New World, ed.

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