Professor Hayek and the Theory of Investment

Knight, F.H. “Professor Hayek and the Theory of Investment.” The Economic Journal 45 (1935): 77–94.


“In the remarks which follow, I am not concerned with the technical problems of the ‘structure of investment’ actually discussed in Prof. Hayek’s recent article, and shall take no notice of what may be right or wrong in that connection. I am concerned rather with the fact that the article pretends to do something far more fundamental, but which, as I think, cannot be done. The author asserts that his paper contains implicitly the answers to objections recently made to the Austrian theory of capital, and names among other references a paper of mine.”