지은이: Lawrence H. White
출처: Volume Editor's Introduction for F.A. Hayek, Capital and Interest of The Collected Works of F.A. Hayek
※ 완전한 문서는 아니고 해당 서문의 저자가 저술 진행 중에 남긴 중간 원고로 추정.
Planned Contents of the Volume
1926 “Some Remarks on the Problem of Imputation”
1927 “On the Problem of the Theory of Interest”
1932 “Capital Consumption”
1934 “On the Relationship between Investment and Output”
1935 “The Maintenance of Capital”
1936 “Technical Progress and Excess Capacity”
1936 “The Mythology of Capital”
1936 “Utility Analysis and Interest”
1941 “Maintaining Capital Intact: A Reply to Professor Pigou”
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OF WHICH an excerpt:
- The boom is unsustainable because investment expands above the level that can be financed – consistently with the consumption-investment tradeoff – by voluntary saving (abstention from present consumption).
- What finances the expansion in investment is instead an unwarranted credit expansion. Hayek labels the event “forced saving.”
- As Roger Garrison has pointed out, such a label unfortunately suggests that producers are compelling an immediate reduction in consumption by bidding resources away from consumers, that the economy remains on the same consumption-investment frontier even during the expansion phase of the business cycle.
- But an immediate reduction in consumption cannot be reconciled with the fact that the interest rate, the cost of consuming rather than saving, falls at the outset of the credit expansion.