The Austrians II: Hayek and the Trade Cycle

Gordon A. Fletcher
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Gordon A. Fletcher: The University of Liverpool

Chapter 20 in The Keynesian Revolution and its Critics, 1987, pp 234-252 from Palgrave Macmillan

Abstract: Abstract From the Austrian point of view, Keynesian policies provided temporary stimulation of output and employment, but the longer-term effects have been to produce serious inflation and unemployment. The only curious feature is that the predicted consequences were so long delayed. The only solution to the problem is a painful period of readjustment before full employment and stable prices can be achieved through the operation of free-market forces.

Keywords: Monetary Policy; Trade Cycle; Real Wage; Austrian Economic; Relative Prex (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-08736-5_20

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DOI: 10.1007/978-1-349-08736-5_20

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