And how did Hayek respond? He didn't. As Wapshott puts it, "Hayek declined to enter the ring." Much later, Hayek would say that this was a "failure for which I have reproached myself ever since." Part of Hayek's reason, though, was that he was trying to finish a competing book, The Pure Theory of Capital, and had become "hopelessly stuck in chapter 6." Hayek was still trying to work out, as young Austrian economists still do today, the effects of monetary policy, via interest rates, on the structure of production.
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