Books

First edition in German, first printing, following the first English edition of the same year; here with a new foreword by Hayek. Prices and Production, printing the lectures that Hayek delivered at the London School of Economics in 1930-31, was one of his principal contributions to the development of capital theory and "commonly regarded as his most fundamental and pathbreaking achievement". The work introduced Hayekian triangles, "widely recognized but rarely understood... a convenient but highly stylized way of describing the changes in the intertemporal pattern of the capital structure" (The New Palgrave). This edition was issued in both cloth and paper wrappers, without priority. Octavo. Original buff paper wrappers printed in black, edges uncut. Light toning and a couple of minor marks to spine, small mark to front cover, else a very good copy. .

In 'Prices and Production', Friedrich Hayek explains how fluctuations in investment based on monetary policy can lead to economic cycles. This book is integral to business cycle theory and presents Hayek's vision of the Price-Specie-Flow mechanism.