Mr. Hayek and the Classics: A Suggested Interpretation of the Business Cycle Theory in Prices and Production
This paper endeavors to develop a modern theoretical underpinning of Friedrich August von Hayek’s business-cycle theory as published during the Great Depression in his book Prices and Production. According to Hayek, economic cycles are caused by monetary shocks, which distort the relative-price sche...
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| Veröffentlicht in: | Quarterly journal of Austrian economics 2021-04, Vol.24 (1), p.79-109 |
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| creator | Herger, Nils |
| description | This paper endeavors to develop a modern theoretical underpinning of Friedrich August von Hayek’s business-cycle theory as published during the Great Depression in his book Prices and Production. According to Hayek, economic cycles are caused by monetary shocks, which distort the relative-price schedule across economic sectors. Possible consequences of these price distortions, which are also called “Cantillon effects,” include malinvestment and an unsustainable production structure, which sooner or later has to be corrected by a recession. It turns out that this type of economic fluctuation can be condensed into a simple two-sector overlapping generations model. |
| doi_str_mv | 10.35297/qjae.010087 |
| format | Article |
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| issn | 1098-3708 1936-4806 |
| language | eng |
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| source | DOAJ Directory of Open Access Journals; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals; EBSCOhost Business Source Complete |
| subjects | Business cycles Consumption Economic activity Economic conditions Economic fluctuations Economic sectors Fiscal policy Gold Great Depression Interest rates Investments Keynesian theory Macroeconomics Mining industry Monetary policy Prices Recessions Wages & salaries |
| title | Mr. Hayek and the Classics: A Suggested Interpretation of the Business Cycle Theory in Prices and Production |
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