Archive for 25 July 2008
New Edition of Hayek’s Early Works
| Peter Klein |
The Mises Institute has just released a new edition of Hayek’s early works on economic theory, Prices and Production and Other Works: F. A. Hayek on Money, the Business Cycle, and the Gold Standard, edited and introduced by Joe Salerno. It collects the monographs Prices and Production, Monetary Theory and the Trade Cycle, and Monetary Nationalism and International Stability, along with the important essays “The Paradox of Saving,” “Reflections on the Pure Theory of Money of Mr. J.M. Keynes,” “The Mythology of Capital,” and “Investment That Raises the Demand for Capital.” These works, written between 1929 and 1937, established Hayek’s reputation as one of the great technical economists of his day, and the leading opponent of Keynes in monetary and business-cycle theory. Ironically, Hayek is mostly known today for his popular writings, particularly The Road to Serfdom, and for his later work on knowledge, evolution, and social theory. It is often forgotten that he was first and foremost an economic theorist.
Here is a detailed Hayek bibliography (through 1982) compiled by Leonard Liggio. Here’s a biographical essay written by yours truly. Here is the home page of the Collected Works of F. A. Hayek (and a pointer to my favorite volume). And it’s never too early to begin preparations for this important holiday.
Update: By coincidence, Collected Works editor Bruce Caldwell was interviewed in today’s Carolina Journal about his new edition of The Road to Serfdom.
Moral Hazard
| Peter Klein |
Ten-year-old child wants a mobile phone. Parent buys a basic, inexpensive model with a pay-as-you-go plan. Child loses phone.
Parent: “You see, I thought that might happen, which is why I got you a cheap phone that’s easily replaceable and not one of those fancy, expensive ones you’re always asking for.”
Child: “But if I had a fancy one, I would have been more careful not to lose it.”
Organizations and Markets 
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