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Hayek’s Triangles: Two Essays On The Business Cycle
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- Friedrich A. Hayek
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Hayek’s Triangles brings together F.A. Hayek’s two seminal contributions to understanding the macroeconomic structure and therefore the roots of and solution to the business cycle. Prices and Production was the book that made the difference for a whole generation of English-speaking economists, until Keynes came along and change people’s minds again. On reflection, it was Keynes who was wrong and Hayek who was right. This edition allows you to see the logic of Hayek’s position.
Hayek’s triangles provide a conceptual map of the structure of production through many stages of capitalist endeavor. Hayek sees the extended order as a complex structure of heterogenous plans that involve time and investment planning, with the interest rate as the critical signaling mechanism.
His foresight and eloquence hold up. It still stands as the great answer to all who imagine that central planning is the way to deal with recessions. Economist Mark Skousen is the guide to Hayek’s works here. His introduction places it in time and applies its lessons in the post-2008 world.
This is the history that made history and can make it again. It points the way to a future of economic growth, if only the world would embrace the analytics found in these pages.