Hayek's Anti-Cycle Theory As The Rule Of Necessity

Bliek Jean-Gabriel
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Bliek Jean-Gabriel: Université d’Aix-Marseille III, France

Journal des Economistes et des Etudes Humaines, 1999, vol. 9, issue 4, 1-21

Abstract: L'idée la plus répandue est que dans les années 40 Hayek délaissa l'économie en général et la théorie du cycle des affaires en particulier. En fait, Hayek est demeuré fidèle à ses idées sur ce dernier point. Sa théorie du cycle économique diffère de celle de Mises : Hayek a mis l'accent sur les perturbations endogènes qui donnent naissance aux cycles. Selon Hayek et Wicksell, le système bancaire ne parvient pas à arrêter cette expansion illusoire. Les derniers travaux de Hayek sur la concurrence et la monnaie sont dans la lignée de son objectif de stabilisation monétaire. Il ne propose pas une théorie du cycle des affaires mais plutôt une théorie à propos de l'absence de cycles, une théorie de l'anti-cycle.The most commonly held idea is that in the 1940s Hayek lost interest in economics in general and in trade cycle theory in particular. Hayek did not change his mind on this subject. His trade cycle theory differs from Mises'one: Hayek puts the stress on the endogenous disturbance at the beginning of the trade cycle. According to both Hayek and Wicksell, the banking system fails to stop the false expansion. His late works on competition and money remain in line with his objective of monetary stabilization. Hayek does not present a trade cycle theory but rather a theory about the absence of a cycle, an anticycle theory.

Date: 1999
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DOI: 10.2202/1145-6396.1175

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