By Friedrich A von Hayek
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All that I wish to explain at this point is why the task of merely putting those elements of the theory of capital which are commonly treated as belonging to general equilibrium analysis into a form in which they will prove useful for the analysis of the monetary phenomena of the real world, is important enough to merit a separate study. ted In the past • I' soon as we try to use Its resu ts III the analysis of the more complex phenomena of the real world. But there are very good reasons why the theory of capital in the form in which it now exists has proved less useful than we should wish for the purposes for which we now need it.
Extension of concept of equilibrium used. To the individual the holding of money is one form ot investment. ssets will affect the rate of interest and the rate of profit. The short·run determination of the rate of interest: assumptions on which considered. Ca1l8e of erroneous belief that rate of interest is determined solely by quantity of money and liquidity preference. The influence of productivity concealed in "liquidity preference function ". Diagrammatic illustration of relation between productivity and liquidity preference.
We should dum analysis would therefore gain nothing if we were to introcause unnecessary and Irrelevant com- duce quantities of money as separate magniplicatlons tudes into this type of analysis in place of the quantities of commodities for which the money would stand. Such a procedure would merely entail a very considerable and unnecessary complication of the argument. Particular money prices stand in a determinate relationship to quantities of goods which will be produced or sold at these prices only on the assumption that all other prices are given.
The pure theory of capital by Friedrich A von Hayek
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