Hayek: Another Perspective

Meghnad Desai

Chapter Chapter 5 in The Economic Crisis and the State of Economics, 2010, pp 61-66 from Palgrave Macmillan

Abstract: Abstract Iwant to talk about Friedrich Hayek because I believe he is the only person who has seriously rivaled Keynes in terms of business cycle theory, but who is completely forgotten now. Hayek’s motivation was very straightforward. Having been trained in Vienna he was convinced that Walras was absolutely correct. But he also knew that there were business cycles. Therefore the question was: how do you reconcile Walrasian theory with observed business cycles? In fact he went, on his own money, to Columbia, to learn from Wesley Mitchell how to measure business cycles. He then came back to Vienna and became a Director of the Austrian Institute of Business Cycles.

Keywords: Business Cycle; Central Bank; Natural Rate; Market Rate; Profit Rate (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10569-0_6

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DOI: 10.1057/9780230105690_6

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