Hayek's Geldtheoretische Untersuchungen: New insights from a 1925--29 typescript

Hansjörg Klausinger

The European Journal of the History of Economic Thought, 2011, vol. 18, issue 4, 579-600

Abstract: The paper discusses the significance of a -- hitherto neglected -- typescript (1925--29) of an abandoned book project, Geldtheoretische Untersuchungen , by Friedrich A. Hayek. It examines the origins of this book project and the circumstances responsible for its premature termination. There follows a broad overview of the framework for the analysis of money, time and the cycle that Hayek developed in the Untersuchungen and, finally, some specific aspects are highlighted that appear noteworthy in light of conventional interpretations of Hayek's thought. The most remarkable insights to be gained are on Hayek's sustained focus on adjustment processes and the obstacles -- money and the time structure of production -- that he perceived for an economy to attain the equilibrium as analysed by ‘static theory’.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:18:y:2011:i:4:p:579-600

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DOI: 10.1080/09672567.2010.540338

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