Austrian Business Cycle Theory and the GFC

Dilip M. Nachane ()
Additional contact information
Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter Chapter 7 in Critique of the New Consensus Macroeconomics and Implications for India, 2018, pp 177-191 from Springer

Abstract: Abstract The Austrian business cycle tradition owes its full-scale development to the several writings of Hayek in the 1930s. It seems to have staged something of a comeback in the wake of the Global Crisis, with many analysts believing that the facts of the crisis seem to uncannily follow the pattern set out by the theory. The general Austrian school philosophy is that market economies (grounded firmly in an institutional setting of the rule of law and property rights) possess self-correcting properties, and absent government intervention, are capable of weeding out any inefficiencies and malfeasances in the system. In keeping with this thrust, inappropriate monetary and fiscal policies and over-lax regulation are seen as the key factors in perpetrating the recent global crisis.

Date: 2018
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-3920-8_7

Ordering information: This item can be ordered from
http://www.springer.com/9788132239208

DOI: 10.1007/978-81-322-3920-8_7

Access Statistics for this chapter

More chapters in India Studies in Business and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().