Value and Capital in the Equilibrium Business Cycle Programme

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. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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