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Not used reserves of every possible factors of production. Result was
Neglect to the fact of a rarity of resources, and as a result structure of the relative prices
Interpreted exclusively as not it the theoretical analysis result
Historical development. Probably that the such theory was useful in
Situations of the general unemployment generated by Great depression. But from it not so
I pound in the conditions of the unemployment existing today and possible in much
The future. Occurrence and growth of unemployment in inflation is convincing
Shows that unemployment does not represent only function of the general
Demand, but it is defined by structure of the prices and productions which can be understood
Only by means of the microtheory which we now
We name stagflation - it. It., i.e. inflationary recession.
It is represented to me that signs of revival of interest to the such are already distinguishable
Sorts of the theory which has reached for the first time popularity peak one generation back
-- In the end of the period when influence of Mengera was hardly felt. By then
Its ideas have ceased to be a sole property of Austrian school,
As they became a part of the theory which taught almost worldwide. But
Though there is no any more a certain Austrian school, still there is a distinct
The Austrian tradition from which it is possible to expect the considerable investment in the future
Economic theory development. Fruitfulness of this approach for the present far not
It is reached, and there is a number of problems for which decision it can be used.
But I will consider these future problems in other article. Here I tried only
To outline a role which ideas of Mengera in a current of hundred years which have passed with have played
Time of the publication of its first and most important book. I hope that the following
The article will show, in what degree its influence is still strong. [Here Hayek
Speaks about articles in collection Carl Menger and the Austrian School of Economics,
op. cit., which approximately (1973) has designated the beginning "the Austrian
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