Value and Capital in the Equilibrium Business Cycle Programme

Robert G. King
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Robert G. King: University of Rochester

Chapter 10 in Value and Capital: Fifty Years Later, 1991, pp 279-309 from Palgrave Macmillan

Abstract: Abstract In the late 1920s and early 1930s, when Sir John Hicks was a young scholar at the London School of Economics, there was growing interest in the prospect of an equilibrium approach to the study of business cycles. In 1931, Hayek gave the LSE lectures that were to become Prices and Production, a first attempt to use Austrian capital theory to study aspects of economic fluctuations. Next, in one of his earliest published papers, ‘Equilibrium and the Cycle’, written in 1932, Hicks made two key observations about the developing equilibrium approach.

Keywords: Business Cycle; General Equilibrium; Government Spending; Wealth Effect; Wage Effect (search for similar items in EconPapers)
Date: 1991
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DOI: 10.1007/978-1-349-11029-2_18

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