- Hardcover: 196 pages
- Publisher: Univ of Chicago Pr (Tx) (Aug 1984)
- Language English
- ISBN-10: 0226320928
- ISBN-13: 978-0226320922
- Product Dimensions: 22.9 x 15.2 x 2.5 cm
- Amazon Bestsellers Rank: 2,470,532 in Books (See Top 100 in Books)
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3 of 3 people found the following review helpful
Hayek's Equilibrium Theory
4 April 2008
Format:Hardcover|Amazon Verified Purchase
Money, Capital, and Fluctuations is a collection of essays that Hayek wrote at the start of his career as an economist. Here Hayek develops his concepts of intertemporal equilibrium. This was an important and controversial topic in these years. Lindahl, Kaldor, Coase, and Keynes all inquired into the nature of market equilibrium during the interwar years. The intellectual content of the equilibrium analysis of these is superior to that of contemporary scholars. Nowadays, economists think of equilibrium simply as the solution values of a set of simultaneous equations. Hayek and his contemporaries knew better.
While some scholars claim that Hayek broke away from his early work on equilibrium and capital, I see a stronger connection between his early essays and his later work on spontaneous order and the knowledge problem. This is a highly insightful book that deserves more attention from modern economists. Graduate students should be taught about what equilibrium means, not just how to depict it mathematically. Hopefully, this book will be more available and more widely used in the future.
While some scholars claim that Hayek broke away from his early work on equilibrium and capital, I see a stronger connection between his early essays and his later work on spontaneous order and the knowledge problem. This is a highly insightful book that deserves more attention from modern economists. Graduate students should be taught about what equilibrium means, not just how to depict it mathematically. Hopefully, this book will be more available and more widely used in the future.
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