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Abstract - Early Macro Divergence from Micro: Keynes vs Hayek, Fisher and Friedman
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Abstract: The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes. The Keynesian Cross arose to explain how government could create new investment and allow the economy to rise from Depression. Fisher and Hayek instead emphasized banking and monetary policy with "reflation" of price stabilization, upon which Friedman built. The Great Recession policy today echoes more firmly the ideas of Fisher and Hayek in avoiding another depression. Keywords: Debt-deflation, money supply, government spending, currency to demand deposit ratio.Download Full Article |
Abstract - Editorial: Hayek, Keynes and the Crisis: Analyses and Remedies. An Introduction
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Editorial |
Abstract - Capital Theory, Crises, and Business Cycles: The Triangular Debate between Hayek, Keynes, and Sraffa
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Abstract: The paper discusses aspects of the triangular debate between Hayek, Keynes, and Sraffa on economic crises, business cycles and the role of capital theory in an analysis of these phenomena. It is argued that Sraffa was both critical of Hayek's monetary overinvestment theory and Keynes's use of the concept of commodity rates of interest Sraffa had employed in his criticism of Hayek and of Keynes's theory of liquidity preference. Keywords: Business cycles, Capital theory, Crises, F.A. von Hayek, J.M. Keynes, P. Sraffa.Download Full Article |
Abstract - Economic Growth and Financial Instability: The Ideas of Hayek and Keynes
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Abstract: Complex monetary systems in capitalist economies, whose financial markets can cause financial instabilities and economic downturns is an accepted argument by both John M. Keynes and Friedrich A. Hayek, disagreeing in terms of the factors generating financial instability, the mechanism in which financial variables affect the real sector, and more importantly how to generate economic growth. In this paper we discuss Hayek and the Austrian monetary school innovative ideas in terms of money in capitalist economies (i.e., liquidity provisions and credit devaluations) from where the monetarism and later the New Classical framework developed; and revise Keynes and Post Keynesian views that recognized the full effects of money in productions arguing that debts precede money, which is non neutral, thereby can expand economic activity but also unfold financial instability. We concentrate in the dissenting views over financial instability and argue that the main way to overcome economic activity is through expansive fiscal policies, opposing wages cuts, along financial market regulation. Keywords: Economic Theory, Financial Instability, Hayek and Keynes.Download Full Article |
