Collected Works of 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.

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.

A deft selection of unpublished and little-known works by F. A. Hayek that will serve to enlighten and enliven debates around the ever-changing face of Western liberalism Across seventeen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