In the years following its publication, F.A. Hayek's pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, economists are once again paying heed to Hayek's thoughts. This volume bring together his work on what causes periods of boom and bust in the economy.

Friedrich Hayek (1899–1992) remains a controversial figure, applauded by those who support the late-twentieth-century turn to neoliberalism and criticized by those who see him as the poster-boy of...