The new-classicals and Hayek’s Cycle Theory

Jorge Eduardo de Castro Soromenho ()

Brazilian Journal of Political Economy, 1998, vol. 18, issue 3, 405-423

Abstract: It has been recently discussed the similitude between new-classical business cycletheory and Hayek’s works on economic fluctuations. In this article, we aim at rejectingthe thesis of similitude. Firstly, we present the new-classical theory with emphasis both onLucas’s works and on microeconomics foundations. After that, we discuss the difficulty tocharacterize Hayek’s thought and we present a reconstruction of this project on the theoryof cycles. We intend to demonstrate that Hayek and new-classical theories have differentconceptions on the modus operandi of capitalistic economies. JEL Classification: B25; B22; B31.

Keywords: Business cycle theory; Austrian School; new classical; Hayek; Lucas (search for similar items in EconPapers)
Date: 1998
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