I suspect that Hayek took a lot from volume 2 of Capital. He viewed the production by means of commodities in a somewhat Sraffian framework, except that Hayek saw a long sequence of capital goods eventually producing a commodity. Interference with the market could create problems, such as inflation, which would upset the balance between the production of capital goods and final consumer goods. The result would be a crisis of disproportion, somewhat like the imbalances in volume 2 of Capital.
Part of his crisis theory also resembled Marx's discussion of fictitious capital in which financially-based decisions would cause prices to become increasingly disconnected with the underlying values. As Sean noted, Cowen is not the typical right wing ideologue, although he typically comes down on the conservative side. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
