GREAT CRASH/CREDIT CRUNCH: FRIEDRICH HAYEK'S BUSINESS CYCLE THEORY
"Friedrich Hayek's foreboding of the Great Crash would have been equally relevant for the Credit Crunch. It was based upon precepts that have never been taken up by the economics mainstream. Although Maynard Keynes set no store by quantification, mathematical modelling of the economy and statistical analysis saturate the journals. Thoughtful analysis "per se" carries little weight if it does not lend itself to econometric confirmation, which means that Hayek's microeconomic analysis of the impact of easy-money policy and the mechanisms that best explain the débâcles of 1929 and 2008 are again likely to be ignored." Copyright (c) 2009 The Author. Journal compilation (c) Institute of Economic Affairs 2009.
Year of publication: |
2009
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Authors: | Steele, G. R. |
Published in: |
Economic Affairs. - Wiley Blackwell. - Vol. 29.2009, 1, p. 92-94
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Publisher: |
Wiley Blackwell |
Saved in:
freely available
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