Category Archives: Capital Theory

Yuichi Kimura — Kaldor on Hayek’s Theory of Capital

Abstract.  (pdf)

Posted in Capital Theory, Kaldor | Tagged | 1 Comment

NEW: _Profits, Interest & Investments_ by F. A. Hayek (pdf)

Now on-line in PDF:  Friedrich Hayek’s Profits, Interest and Investments and Other Essays on The Theory of Industrial Fluctuations, originally published in 1939 by George Routledge & Sons (London), via the on-line book repository of the Mises Institute. Besides the … Continue reading

Posted in Capital Based Macro, Capital Theory, Macroeconomics | 1 Comment

Klein on Nobel Winner Oliver Williamson and Hayekian Economics

Organization economist Peter Klein on his thesis advisor Oliver Williamson.  I found this section of particular interest: the black-box approach to the firm that [once] dominated neoclassical economics omits the critical organizational details of production. An equally serious omission is … Continue reading

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hayek v keynes: Don Boudreaux Has Been Re-Reading his Hayek & Keynes

The chairman of the George Mason Econ department has gone back to re-read the classic works of Hayek and Keynes from the 30s and 40s, and reflection on the writings of the two top economists of the last 100 years … Continue reading

Posted in Boom & Bust, Capital Theory, Keynes, Relative Prices | 2 Comments

capital: G. R. Steele on “The Pure Theory of Capital”

Quotable: Hayek represents Keynes’s idea – that new investment is profitable only when there is an increase in consumers’ demand – as ‘part of the same widespread fallacy to which the businessman is especially prone’ (Hayek, 1978, p. 213). The … Continue reading

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crisis: Robert Higgs – Six Current Fallacies

Economist and historian Robert Higgs has an excellent little piece up titled “Recession and Recovery:  Six Fundamental Errors of the Current Orthodoxy”.  I highly recommend it.  From the article: the vulgar Keynesian views the capital stock as “given.” If he … Continue reading

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