Prices and Production

These are the best writings of a young, focused, and brilliant F.A. Hayek.

Prices and Production was the book that made the difference for a whole generation of English-speaking economists. Together, the writings in this volume provide a complete presentation of Hayekian money and business-cycle theory.

The book integrates the Austrian theories of money, capital, business cycles, and comparative monetary institutions. Together, these central ideas create a true definition of the core of Austrian macroeconomic theory.

This book shows why Keynes was necessarily wrong and Hayek was right. Prices and Production allows you to see the pure logic of Hayek’s position and it arms you for battle with Keynesian ideas.

This is an example of how to advance sound economic theory through debate and criticism and provides a starting point for Austrian macroeconomic research.