By Hayek F.A.
This e-book owes its lifestyles to a call for participation through the collage of London to bring throughout the consultation 1930-31 4 lectures to complicated scholars in economics, and within the shape within which it used to be first released it actually reproduced those lectures.
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Example text
So far, I have used this schematic illustration of the process of production only to represent the movements of goods. It is just as legitimate to use it as an illustration of the movement of money. While goods move downwards from the top to the bottom of our diagram, we have to conceive of money moving in the opposite direction, being paid first for consumers' goods and thence moving upwards until, after a varying number of intermediary movements, it is paid out as income to the owners of the factors of production, who in turn use it to buy consumers' goods.
Foster and W. Catchings, Profits, Publications of the Pollak Foundation for Economic Research, No. 8, Boston and New York, 1925, and a number of other books by the same authors and published in the same series. For a detailed criticism of their doctrines, cf. my article, " The ' Paradox ' of Saving," Economica, May, 1931. 2 J. S. Mill's emphasis on the " perpetual consumption and reproduction of capital ", like most of his other penetrating, but often somewhat obscurely expressed observations on capital, has not had the deserved effect, although it directs attention to the essential quality of capital which distinguishes it from other factors of its production.
For it is this concept alone which permits us to explain fundamental phenomena like the determination of prices or incomes, an understanding of which is essential to any explanation of fluctuation of production. If 1 Business Cycles, The Problem and its Setting, New York, 1927, p. 462. CONSUMERS' AND PRODUCERS' GOODS 35 we are to proceed systematically, therefore, we must start with a situation which is already sufficiently explained by the general body of economic theory. And the only situation which satisfies this criterion is the situation in which all available resources are employed.