AUSTRIAN AND NEW CLASSICAL BUSINESS CYCLE THEORIES

Rudy Van Zijp

in Books from Edward Elgar Publishing

Abstract: Austrian and New Classical Business Cycle Theories makes a major contribution to recent developments in macroeconomic theory. In the last two decades, economics has experienced a remarkable shift in focus. Keynesian macroeconomics, at least in its Hickian IS/LM version, has been the ruling orthodoxy since World War II. Although it was sometimes closely challenged by monetarism, it retained its dominant position until the 1970s. In that decade, however, monetarist criticism received support from two other research traditions – the Austrian School and New Classical Economics, which stressed the allocative efficiency of markets.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: B53 (search for similar items in EconPapers)
Date: 1993
ISBN: 9781852786748
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