Business Cycles

Business Cycles by Friedrich A. Von Hayek & Hansjoerg Klausinger

By: Friedrich A. Von Hayek & Hansjoerg Klausinger

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$206.99
 
 
ISBN
9780226320472
Date Released
Binding
Hardcover
Pages
349
Dimensions
159 x 235 x 26mm

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Description
Information
In the years following its publication, F.A. Hayek's pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek's thoughts on the repercussions of excessive central bank interventions. The latest editions in the University of Chicago Press's ongoing series The Collected Works of F.A. Hayek, Business Cycles, Part I contains Hayek's two major contributions on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Moving away from the classical emphasis on equilibrium analysis, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability.
ISBN:
9780226320472
Publication Date:
16 / 06 / 2012
Pages:
349
Dimensions:
159 x 235 x 26mm

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