Hayek´s Accelerationism: A Rectification

Ludwig Van Den Hauwe

Macroeconomics from University Library of Munich, Germany

Abstract: The analogy between Hayekian monetary dynamics and the Friedman/Phelps accelerationist hypothesis is more problematic than some commentators have been prepared to admit. Hayek´s presentation of the 1930s did not produce a convincing argument in defense of the proposition that accelerating inflation was the inevitable logical consequence of permitting a process of forced saving to continue. On the other hand the Austrian emphasis on the unsustainability of a policy-induced boom, which is logically implied by the model, remains quite appropriate.

Keywords: inflation, accelerating inflation, monetary dynamics, business cycle theory, Hayek (search for similar items in EconPapers)
JEL-codes: E (search for similar items in EconPapers)
Pages: 6 pages
Date: 2005-08-10, Revised 2005-12-26
Note: Type of Document - pdf; pages: 6. A version of this paper was published in: Wirtschaftspolitische Blätter, 2-3/2001, pages 311-316.
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0508/0508012.pdf (application/pdf)

Related works:
Working Paper: Hayek´s Accelerationism: A Rectification (2005)
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:wpa:wuwpma:0508012

Access Statistics for this paper

More papers in Macroeconomics from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA (volker.schallehn@ub.uni-muenchen.de this e-mail address is bad, please contact repec@repec.org).