This chapter details Hayek's series of lectures at the London School of Economics in 1931. The talks caused a huge stir. His opening lecture was on the history of monetary theory, and, in it, he summarized parts of the four chapters that he had been preparing for his volume in Weber's Grundriss der Sozialökonomik series. And, because so few in his audience were up on the Continental business cycle literature, his theory of the cycle was new to them. The chapter also describes Hayek's battle with John Maynard Keynes.

This chapter details Hayek's series of lectures at the London School of Economics in 1931. The talks caused a huge stir. His opening lecture was on the history of monetary theory, and, in it, he summarized parts of the four chapters that he had been preparing for his volume in Weber's Grundriss der Sozialökonomik series. And, because so few in his audience were up on the Continental business cycle literature, his theory of the cycle was new to them. The chapter also describes Hayek's battle with John Maynard Keynes.