Abstract
The debate of 1931-1932 between Hayek and Keynes takes its origin in their distinct conceptions of the relationship between money and capital. It regards the monetary conception of the interest rate proponed by Keynes, and contested by Hayek in the name of the micro-economic theory of prices. Keynes’ arguments reveal a profound analytical unity between the Treatise and the General Theory, while Hayek’s criticisms point out some weakness of the keynesian theory of capital goods prices, and strongly instigate to a further reexamination of the conceptual partition between industrial and financial circulation, which is undoubtedly the startling novelty of the Treatise.
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