Hayek Translated: Some Words of Caution (Friedrich Hayek) (Essay‪)‬

Abstract: This note points to the problems arising from the translations of Hayek's early German-language writings on monetary theory before 1931. Two issues are emphasised. First, some examples of misleading translations of outdated terminology are provided. Second, it is shown that contemporary as well as more recent translations exhibit the tendency of 'smoothing' Hayek's intellectual development, that is, of interpreting (or translating) the early Hayek in the light of knowledge of his later writings. As an example, Hayek's evolving views on the effects of forced saving and the trade-off between progress and cyclical stability are examined more closely. 1 Introduction