Profits, Interest and Investment and Other Essays on the Theory on Industrial Fluctuations.

HAYEK, F.A.

Item Number: 133737

London: George Routledge and Sons, 1939.

First edition of this classic collection of essays by the Nobel Prize-winning economist. Octavo, original cloth. Near fine in a very good dust jacket. Rare in the original jacket, this is only the third example we have encountered.

Hayek wrote the eight essays comprising this work over the course of ten years. The first and foremost of these lends its title to the book and is intended to be "a revised version of the central argument" of his important and controversial Prices and Production. The volume also includes: "Investment that Raises the Demand for Capital," "The Maintenance of Capital," "Price Expectations, Money Disturbances and Malinvestments," "Saving," "The Present State… of the Study of Industrial Fluctuations," and "A Note on the Development of the Doctrine of 'Forced Saving." In Profits, Interest and Investment, "Hayek recognized that expectations in the rate of interest and entrepreneurial interpretations of intertemporal price movements can have an important effect on the course of the trade cycle. That is, prices are signals, not marching orders" (New Palgrave II:612-613).