Intertemporal Choice, Saving and Investment, and Interest Rate: Contributions from a Neglected Hayekian Model

Renaud Fillieule

Review of Political Economy, 2017, vol. 29, issue 2, 307-328

Abstract: Hayek’s ‘Utility analysis and interest’ expounds a graphical model of intertemporal choice that has not received the attention it deserves. This model is important in that it can be used as a basic macroeconomic model and can therefore perform for the Austrian School the role that the Solow model plays for the standard neo-classical paradigm. This article provides an in-depth presentation of the Hayekian model, and then applies the model to key theoretical issues in macroeconomics; namely, the effects upon intertemporal equilibrium and upon the interest rate of a change in time preference, of the implementation of a technical development and of an increase in the supply of labor.

Date: 2017
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DOI: 10.1080/09538259.2017.1316565

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