The Hayek-Keynes Debate: Lessons for Current Business Cycle Research

Abstract

Part 1 Introduction: introduction to the drama. Part 2 Hayek, Keynes, and classical monetary theory: monetary theory and coordination the Wicksell connection Keynes and the quantity equations Hayek and the theory of prices. Part 3 An interpretation of the Kayekian: methodology of the trade cycle theory the foundations of a theory of the trade cycle capital theory and the theory of the trade cycle the self reserving nature of a monetary change crisis, unemployment and policy implication the use and abuse of equilibrium in business cycle theory - a praxeological approach. Part 4 The drama revisited and updated: the Hayek-Keynes debate - lessons for contemporary business cycle theorists.

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