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Friedrich A. Hayek: London School
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[Cannan (1861–1935) is ... celebrated by Hayek in A-72. Cannan associated himself at the London School of Economics with a group who developed liberal theory. This group included Lionel Robbins, Cannan's successor, and his colleague Sir Arnold Plant (see Plant, 1969), Sir Theodore Gregory (Athens), F.C. Benkam (Singapore), W.H. Hutt (South Africa), and F.W. Paish (Paris).
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In 1923, he became an assistant to Ludwig von Mises at the Austrian Reparations Commission, and in 1927, they founded the Austrian Institute for Business Cycle Research, with Hayek as the director and Mises serving as the executive vice president. In 1929, Hayek published Monetary Theory and the Trade Cycle and an article on "The Paradox of Savings." As a result, he was invited by the London School of Economics to deliver a series of lectures, which were published in 1931 as Prices and Production.
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[This is an English translation of Hayek's Introduction to Menger's Grundsätze in E-7. Reprinted in The Development of Economic Thought: Great Economists in Perspective. Edited by Henry William Spiegel. New York and London: John Wiley & Sons, Inc. 1952, 527–553. Also reprinted in Principles of Economics by Carl Menger. Translated by James Dingwall and Bert F. Hoselitz.
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Capital, money, and the business cycle are prominent topics in Hayek's early contributions to economics. Mises had earlier explained monetary and banking theory in his Theory of Money and Credit (1912), applying the marginal utility principle to the value of money and then proposing a new theory of industrial fluctuations based on the concepts of the British Currency School and the ideas of the Swedish economist Knut Wicksell. Hayek used this body of work as a starting point for his own interpretation of the business cycle, which defended what later become known as the "Austrian Theory of the Business Cycle". In his Prices and Production (1931) and The Pure Theory of Capital (1941), he explained the origin of the business cycle in terms of central bank credit expansion and its transmission over time in terms of capital misallocation caused by artificially low interest rates.
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