Machaj is one of the best economists in his generation, well versed in the history of economic thought and with full command of the cutting-edge issues of contemporary economics. His book sheds new light on a painfully neglected area of modern macroeconomics. Whereas most economists wander on a Keynesian Odyssey of macroeconomics without capital, Machaj highlights the central and crucial role of the concept of stages of production. He convincingly argues that the latter is necessary to make sense of interest rates, aggregate demand, potential output, and monetary policy. Essential reading.

Guido Hülsmann, Université d'Angers

Capital and interest theory has been referred to as the “black hole of economics.” Yet in Money, Interest, and the Structure of Production, Machaj shows why economists must not ignore this vital component of analysis. Illustrating his expertise in technical theory as well as the history of economic thought, Machaj demonstrates the relevance of the economy's structure of production to several contemporary disputes.

Robert P. Murphy, Texas Tech University

Economists have long disputed over the usefulness of the structure of production in the analysis of capital and interest. This important volume transcends this debate and brings a fresh new perspective to the structure of production by arguing that the concept plays a crucial role in resolving several vexed questions in monetary and macroeconomic theory and policy analysis. Even if the reader does not agree with Machaj on every issue, he or she will be stimulated to rethink the place of real capital in economic theory.

Joseph T. Salerno, Mises Institute