"Let me emphasize, I am an enormous admirer of Hayek, but not for his economics. I think Prices and Production is a very flawed book. I think his capital theory book is unreadable. On the other hand, The Road to Serfdom is one of the great books of our time. His writings in [political philosophy] are magnificent, and I have nothing but great admiration for them. I really believe that he found his right vocation — his right specialization — with The Road to Serfdom. His earlier works were intended to be part of the literature of technical economics as a science, and, indeed, it was that characteristic of them that impressed Lionel Robbins and led Lionel to bring him from Austria to London. I never could understand why they were so impressed with the lectures that ended up as Prices and Production, and I still can’t . . . these very confused notions of periods of production, different orders of products, and so on."
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Original Language: English
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Milton Friedman, Friedman-Ebenstein interview in 1995, quoted in Alan Ebenstein's Hayek's Journey: The Mind of Friedrich Hayek (2003) Ch.11. The Constitution of Liberty
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Prices and Production
Prices and Production is a 1931 book written by Friedrich Hayek. In 1935, It was revised.
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