On the microeconomic foundations of macroeconomics in the Hayek-Keynes controversy

Abdallah Zouache

The European Journal of the History of Economic Thought, 2008, vol. 15, issue 1, 105-127

Abstract: This article contributes to the literature on the Hayek-Keynes controversy on two points. The first contribution is to show that the question of the micro-foundations of macroeconomics is crucial to understand the Hayek-Keynes controversy. The second contribution is to reveal that Hayek's attack on the micro-foundations issue had a methodological impact on the making of the General Theory especially via the concept of marginal efficiency of capital. The paper concludes that what finally contrasts Hayek and Keynes is the kind of micro-foundations that economists should adopt to explain business cycles.

Keywords: Keynes-Hayek; microeconomic foundations; capital (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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DOI: 10.1080/09672560701858707

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