Dr. Hayek on Money and Capital

Sraffa, Piero. “Dr. Hayek on Money and Capital [on F.A. von Hayek's Prices and Production] London 1931.” The Economic Journal 42 (1932): 42–53, 249–251.


“To deal with the theory of money, from its doctrinal history down to the inevitable practical proposals, touching upon some of the most perplexing parts of the subject, and all this in four lectures, must have been a feat of endurance on the part of the audience as much as of the lecturer. For, however peculiar, and probably unprecedented, their conclusions may be, there is in one respect in which the lectures collected in this volume fully uphold the tradition which modern writers on money are rapidly establishing, that of unintelligiblity. The fault must lie in the subject itself, or in the theories which are directed to elucidate it, for this notoriously is the case even with writers otherwise most lucid. And Dr. Hayek himself in an excellent introductory lecture, in which he traces the history of thoughts and the sources of his own doctrine, is a model of clearness.