HAYEK, Friedrich A. [F.A.].
Monetary Theory and the Trade Cycle.
Rare first edition of Hayek's first book Monetary Theory and the Trade Cycle
New York: Harcourt, Brace and Co, 1933.
$5,500.00
In Stock
Item Number: RRB-150344
* Custom Clamshell Boxes are hand made by the Harcourt Bindery upon request and take approximately 60 days to complete
Scarce first edition in English of Hayek's first book. Octavo, original cloth. Near fine in a very good dust jacket, name to the front free endpaper. Translated from the German by N. Kaldor and H.M. Croome. Rare in the original dust jacket.
The present volume, Hayek's first book, was first in his series 'Contributions to Trade Cycle Research' published by the Austrian Institute for Trade Cycle Research, founded by von Mises and directed by Hayek from 1927 to 1931. Hayek's contributions to monetary theory and trade theory are closely linked. Here, he integrates the idea of money as a medium of exchange with the idea of the price system as a communication network. His trade-cycle theory consists of integrating monetary theory and capital theory in which a particular aspect of the price system, namely the system of international prices is emphasized. The Austrian theory of the trade cycle was first formulated by von Mises who showed that money-induced movements in the interest rate have identifiable effects on the capital structure. Hayek's improvements were based on an extremely stylized portrayal of the economy's time-consuming production process (New Palgrave, vol. 2 609-613). Hayek's analysis is powerful, and represents an alternative explanation of economic disequilibrium to that of Keynes.
Monetary Theory and the Trade Cycle.
$5,500.00
In Stock
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