Hayek's Average Period of Production: One Step Forward and a Missed Opportunity

Forthcoming, UFM Companion to Hayek

20 Pages Posted: 8 Mar 2018 Last revised: 9 Sep 2019

See all articles by Nicolas Cachanosky

Nicolas Cachanosky

The University of Texas at El Paso; American Institute for Economic Research; UCEMA Friedman-Hayek Center for the Study of a Free Society

Peter Lewin

University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics

Date Written: March 1, 2018

Abstract

One of Hayek’s most important contributions is his work on capital theory and business cycles as presented in Prices and Production. Hayek made significant contributions in this field. Significant contribution, however, usually are not free of issues. In this chapter, we discuss the distinctive characteristics of Hayek’s work on capital theory and how the questions his treatment raised can be answered with modern financial calculations. We also discuss Hayek’s work on capital theory after Prices and Production.

Keywords: Hayek, capital structure, period of production, roundaboutness, duration

JEL Classification: B22; B53

Suggested Citation

Cachanosky, Nicolas and Lewin, Peter, Hayek's Average Period of Production: One Step Forward and a Missed Opportunity (March 1, 2018). Forthcoming, UFM Companion to Hayek, Available at SSRN: https://ssrn.com/abstract=3132653 or http://dx.doi.org/10.2139/ssrn.3132653

Nicolas Cachanosky (Contact Author)

The University of Texas at El Paso

500 West University Avenue
El Paso, TX 79968
United States

HOME PAGE: http://https://www.utep.edu/

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

UCEMA Friedman-Hayek Center for the Study of a Free Society ( email )

Buenos Aires
Argentina

Peter Lewin

University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics ( email )

2601 North Floyd Road
P.O. Box 830688
Richardson, TX 75083
United States

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