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Hayek's early writings on business-cycle theory and the Great Depression argued that cyclical downturns, including that … policy recommendations inconsistent with his own theory, because of (1) his early attachment to the gold standard and the …
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This paper addresses the perspective of Hayek's doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek's view on free banking (i.e. for the free issue of bank notes) that would enable the...
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historical perspective. In a first step the develop- ment of the Keynesian economic theory, its ascent during the Great …
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