Who Were the Sea Peoples?

'Hayek openly concedes it is impossible to characterize different investment processes as "longer" or "shorter," and thus as more or less capital-intensive, in any unambiguous way, except, perhaps, in the ex post tautological sense of being adopted at a lower interest rate. But it is nonetheless the case that a lower rate of interest means investment projects that would not otherwise be undertaken, either because the volume of their expected output functions was too small, or else the volume of the relevant input functions too large, will now be feasible. The rate of interest, then, determines "only to what point on the schedule investment will be carried," that is, it determines the last investment project that becomes economically viable.' -- Rethinking the Keynesian Revolution , Goodspeed, pp. 134-135 As I understand the above, it agrees with what I wrote here . Hayek had abandoned a "lengthening structure of production" as an impor...