Prices and Production

Summary

"Prices and Production" is a seminal work by Friedrich Hayek, originally published in 1931. In this book, Hayek delves into the Austrian theory of the business cycle, offering a detailed analysis of the role of prices and production in the economic cycle. He critiques the prevailing Keynesian view of the time and argues that fluctuations in the economy are largely caused by distortions in the price system, particularly due to central bank interventions and artificial credit expansion.