1,549 works, 150 years of economic thought. Each one summarized and searchable, with cited passages inside.
Since Böhm-Bawerk, the interest problem had seemed to demand a single answer: capital yields interest because men systematically undervalue future wants. This 1927 essay refuses that psychological premise. Reframing the question, Hayek argues that the puzzle is not why present goods outrank the future products made from them, but why longer and shorter production processes are not extended until their yields carry equal value. Because time-consuming, roundabout methods raise physical output, such equalization would perversely require the larger future stock to fall below the present one in marginal utility. Drawing on Wieser, Mayer, Schönfeld and Strigl, he insists that whole temporal plans of provision, not isolated utility comparisons, govern intertemporal choice—and that interest belongs to static equilibrium, dissolving the 'dynamic' theories that treat it as an anomaly.
Macht die Böhm-Bawerksche Formulierung des Kapitalzinsproblemes die Annahme einer Minderschätzung künftiger Bedürfnisse unvermeidlich?
English translation: “Does Böhm-Bawerk's formulation of the problem of interest on capital make the assumption of an underestimation of future wants unavoidable?”