HAYEK, FRIEDRICH A.

Gibt es einen Widersinn des Sparens. Ein Beitrag zur Kritik der Unterkonsumtionstheorie und zur Lehre vom Einfluss der Geldmenge auf die Kapitalbildung.

Wien, Springer, 1931. 8vo. In the original printed wrappers. Offprint from : "Zeitschrift für Nationalökonomie", band 1, heft 3. Embossed stamp to upper part of front wrapper. Two library paper labels pasted on to spine. Wrappers loose, internally fine and clean. (V), 1, 54 pp.

Offprint of Hayek influential paper on durable and non-durable goods presented as a Critique of the Crises-Theory of W.T. Foster and W. Catchings with some Remarks on the Theory of the Relationship between Money and Capital.

Widely publicized in the United States at the timewere proposals by Foster and Catchings which Hayek has described asvariations on 'underconsumption' theories of economic cycles. Hayekargued against such theories in his initial lectures as a Privatdozent in Vienna: "His published essay "Gibt es einen Widersinn desSparens?" (1929) (later translated into English as "The Paradox of Saving") came to the attention of Lionel (later Lord) Robbins, whoinvited Hayek to give a series of lectures at the London School of Economics. So successful were the lectures, and the ensuingpartnership with Robbins, that Hayek remained in England to becomethe Tooke professor at the LSE." (Kresge, Hayek on Hayek, P. 8)

"This state of affairs, however, may yet be endangered by a new theory of under-consumption now current in the United States and in England. Its authors are people who spare neither money nor time in the propagation of their ideas. Their doctrine is no less fallacious than all the previous theories of under- consumption, but it is not impossible that with able exposition and extensive financial backing it may exert a certain influence on policy in Anglo-Saxon countries. For this 'reason it seems worthwhile subjecting this theory to detailed and exhaustive criticism." (The present paper).

Order-nr.: 47625