The Pure Theory of Capital.

HAYEK, F.A.

Item Number: 3163

London: MacMillan & Company, 1941.

First edition of the economist’s most detailed work on economic theory. Octavo, original blue cloth. Signed by F.A. Hayek on the front free endpaper. Near fine in a very good dust jacket. Rare, especially signed.

The Pure Theory of Capital offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled economy. Hayek's stated objective was to make capital theory—which had previously been devoted almost entirely to the explanation of interest rates—"useful for the analysis of the monetary phenomena of the real world." His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory" (Lawrence White).