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Richard Ritter von Strigl (1891-1942) was one of the most brilliant Austrian economists of the interwar period. As professor at the University of Vienna he had a decisive influence on Hayek, Machlup, Haberler, Morgenstern, and other fourth-generation Austrian economists.
Very few classic works on capital and business cycles in the Austrian tradition have been translated from the original German. Strigl's important contribution to Austrian capital theory is brought to the English-speaking world for the first time. The book links Eugen von Bohm-Bawerk's production theory and Mises's business cycle theory, and gives a pathbreaking account of the role of consumers' goods within the structure of production.
Translated by Hans-Hermann Hoppe, with an extended introduction by Jrg Guido Hlsmann, Capital and Production is the essential foundation, both in theory and in the history of thought, to Austrian macroeconomics.
As positive theory, this book is unusually lucid. He patiently lays out the entire theory of capital and production, long before getting to applications in the area of business cycle. He establishes without question that time and production plans play the critical role in the formation of the capital sector. One finds in here the foundation of what later came to be called Hayekian triangles. We even find in here a thorough discussion of the impossibility of central monetary planning by the Federal Reserve - it has no way to meet changes in demand with rational plans.
In general, his theory and explication offer a level of clarity and plainness of expression that some find missing in later works by, for example, F.A. Hayek.
The Mises Institute is particularly proud to have played the essential role in bringing this treatise to the English-speaking world.
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A theoretical treatise is a rare event, a moment to celebrate. This is what Peter Lewin has provided in his Capitalism in Disequilibrium
Austrian Economics, Freedom and Peace