Hayek discusses topics from moral philosophy and the methods of the social sciences to economic theory as different aspects of the same central issue: free markets versus socialist planned economies. First published in the 1930s and 40s, these essays continue to illuminate the problems faced by developing and formerly socialist countries.F. A. Hayek, recipient of the Medal of Freedom in 1991 and winner of the Nobel Memorial Prize in Economics in 1974, taught at the University of Chicago, the University of London, and the University of Freiburg. Among his other works published by the University of Chicago Press is The Road to Serfdom, now available in a special fiftieth anniversary edition.

    

    It might have been common sense in his day, but it is surely not in ours. In our times (this book appeared in 1948) the truths he proves here are bracing. Prosperity comes from saving and investment. The printing press creates nothing and destroys plenty. The central has no tools that can get us out of recession and onto a sound footing. Intervention of all sorts creates more problems and solves none.He writes with eloquence and scientific precision. He even gives us the first serious graphical comparison of the Keynesian v. Austrian views that appeared between Hayek and Garrison!This book is a treasure, all but lost to history. This reprint brings it back in a big way and at the right time. The book was attacked relentlessly in all the journal during the height of Keynesian hysteria. But it turns out that Hahn was right and his critics were wrong. Even to this day, it remains an outstanding discussion of the business cycle . In fact, it reads as if it appeared just last week. May Hahn's wisdom here once again become so known as to be common sense once again.260 page, paperback, 2010