The Pure Theory of Capital

Hayek's most detailed work in economic theory, The Pure Theory of Capital,has long been overlooked. First published in 1941, it stood in sharp contrast with fashionable economic thought, which had shifted under the influence of John Maynard Keynes. This publication represents Hayek's last major work in economics.

F. A. Hayek (1899-1922), co-winner of the Nobel Memorial Prize in Economic Sciences in 1974 and recipient of the Presidential Medal of Freedom in 1991, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg, and he was the author of numerous books on economics, as well as on political philosophy and psychology.