Profits, Interest and Investment

The first edition of these collected essays further developing on Hayek's theory of business cycles expounded in his Monetary Theory and the Trade Cycle (1929) and Prices and Production (1931).

The work is divided into seven parts, opening with a new previously unpublished essay on 'Profits, Interest and Investment' examining the Ricardo Effect and trade fluctuations, followed by earlier essays published at various dates on 'Investment that Raised the Demand for Capital' (1937), 'The Maintenance of Capital' (1935), 'Price Expectations, Monetary Disturbances and Malinvestments' (1933), 'Saving' (1933), 'The Present State and Immediate Prospects of the Study of Industrial Fluctuations' (1933), and 'A Note on the Development of the Doctrine of "Forced Saving"' (1932).

The collection ends with an appendix containing a final essays on 'The "Paradox" of Saving' (1929 which antedates Prices and Production (and first appeared in English translation in 1931 in the magazine Economica in May 1931): 'Although I do not now subscribe to all it contains, it still appears to be read, and as it was in a sense the beginning of a continuous development of thought, it perhaps deserves to be made available in a more convenient form' (Preface).

First edition, first printing; 8vo (19 x 13 cm); ownership inscription in pen to title, light spotting, offsetting to endpapers; publisher's red cloth, spine lettered in gilt, faded; viii, 266pp.