“Price Expectations, Monetary Disturbances and Malinvestments," Profits, Interest and Investment: and Other Essays on The Theory on Industrial Fluctuations. London: Routledge & Kegan Paul, 1939.

Excerpt:

“The most characteristic feature of the work of our generation of economists is probably the general endeavor to apply the methods and results of the pure theory of equilibrium to the elucidation of more complicated “dynamic” phenomena. Perhaps one might have expected all generations of economists to have striven to approach nearer to reality by gradually relaxing the degree of abstraction of pure theory. Yet advance in this direction was not great during the fifty years preceding say 1920. The development of economics has not proceeded along the systematic lines of a textbook which advances step-by-step from the general to the particular. The answers to the pressing questions of real life could not wait till the slow progress of pure theory provided a scheme which would allow of immediate application in the more practical work.”

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