The Economics of F.A. Hayek

F.A. Hayek's work has stimulated, challenged and inspired economists for more than 50 years. In two distinct but complementary volumes, The Economics of F.A. van Hayek explores all relevant aspects of Hayek's theory to investigate whether a synthesis of interpretation is possible and to what extent his economic theory is a sound foundation for both his own philosophy and the development of modern theories.Money and Business Cycles, the first volume, is devoted almost exclusively to Hayek's trade cycle theory and the related dynamic economics with sections on money and the trade cycle, Hayek and structural theories of the business cycle, and Hayek and equilibrium business cycle theory. The essays in this volume focus on Hayek's important contributions to price theory, monetary theory and capital theory in the period from 1924 to 1942 and his ultimate aim to develop a unified theory to explain industrial fluctuations.

Capitalism, Socialism and Knowledge, the second volume, focuses on topics related to Hayek's methodological and philosophical contributions which are usually less discussed by economists. This volume includes essays on Hayek's theory of competition and capital, the socialist calculation debate and the various philosophical and methodological aspects of his thought.

Featuring discussion of Hayek's legacy by economists from a variety of theoretical traditions, the contributors to these volumes argue that although his theory and very own particular approach make it difficult to incorporate his contributions into mainstream economics, his far-reaching insights nevertheless raise problems which are still waiting for a solution in modern technical economics.