Prices and Production
Book description
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These seven works taken together represent the first integration and systematic elaboration of the Austrian theories of money, capital, business cycles, and comparative monetary institutions, which constitute the essential core of Austrian macroeconomics. These works have profoundly influenced postwar expositions of Austrian or capital-based…
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Why read it?
1 author picked Prices and Production as one of their favorite books. Why do they recommend it?
Take Hayek’s market economy as a Bohemian accordion orchestra.
As its instruments produce music, each elongates, pulls in air (analogous to money), and compresses, expresses air (money). Air-in (savings) is equal to air-out (investment). Fluctuating elongations and compressions are an essential feature of the orchestra (the economy).
For Hayek, interference with harmonious accordion (economic) activity infusing or restricting air (money) would spoil the music.
Economic fluctuations stem from preferences, spending for present enjoyment, or saving for future gains. Relative demands for end products or capital impact relative prices, costs, and returns, affecting savings/investment. Investment money, as IOUs, flies where…
From Omar's list on theoretical reads about money, credit, and debt.
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