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Seller's Description:
Scarce first edition of Hayek's first book, published four years later in English as Monetary Theory and the Trade Cycle. Octavo, original wrappers. In very good condition. Period ownership inscription. Scarce. The present volume, Hayek's first book, was first in his series 'Contributions to Trade Cycle Research' published by the Austrian Institute for Trade Cycle Research, founded by von Mises and directed by Hayek from 1927 to 1931. Hayek's contributions to monetary theory and trade theory are closely linked. Here, he integrates the idea of money as a medium of exchange with the idea of the price system as a communication network. His trade-cycle theory consists of integrating monetary theory and capital theory in which a particular aspect of the price system, namely the system of international prices is emphasized. The Austrian theory of the trade cycle was first formulated by von Mises who showed that money-induced movements in the interest rate have identifiable effects on the capital structure. Hayek's improvements were based on an extremely stylized portrayal of the economy's time-consuming production process (New Palgrave, vol. 2 609-613). Hayek's analysis is powerful, and represents an alternative explanation of economic disequilibrium to that of Keynes.
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Seller's Description:
Good. xii, 147, 2 [ads] pp. Index. "Beitrage zur Konjunkturforschung-Herausgegeben vom Osterreichischen Institut fur Konjunkturforschung nr. 1"-front cover. Text in German. In 1933 this work appeared for the first time in English as "Monetary Theory and the Trade Cycle". Hayek went on to share the Nobel Prize in Economics in 1974. Moderate wear to original brown paper wrappers. Binding sound. Small chip from top of backstrip. Top corners of last five leaves were folded. Several mostly imperceptible pencil erasures in first 66 pages. A well-preserved example of the first edition of this, Hayek's first book. Masui p.1277, Cohen 184, Cody & Ostrem B-1.; 8vo-over 7¾"-9¾" tall; Geldtheorie Und Konjunkturtheorie, Monetary Theory, Trade Cycle, Austrian School, Economics, Monetary Policy.
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