Hayek continued his research on monetary and capital theory, revising his theories of the relations between credit cycles and capital structure in Profits, Interest and Investment (1939) and The Pure Theory of Capital (1941), but his reputation as an economic theorist had by then fallen so much that those works were largely ignored, except for scathing critiques by Nicholas Kaldor. Lionel Robbins himself, who had embraced the Austrian theory of the business cycle in The Great Depression (1934), later regretted having written the book and accepted many of the Keynesian counter-arguments. COUNT 5
QSN1 What was the result of Hayek's Prices and Production? ANS1 works were largely ignored QSN2 Who was particularly critical of Hayek's work following Prices and Production? ANS2 Nicholas Kaldor QSN3 What is the name of the first book Hayek released to revise his stances from Prices and Production? ANS3 Profits, Interest and Investment QSN4 Lionel Robbins' The Great Depression was a result of his support for what? ANS4 the Austrian theory of the business cycle QSN5 Who did Keynes' arguments against the Austrian theory of the business cycle eventually influence? ANS5 Lionel Robbins