Abstract: In Hayek's early writings on business cycle theory and the Great Depression he argued that business cycle … not follow the logic of his own theory in favoring generally increasing prices during the contraction. This paper explores … the reasons for Hayek's reluctance to follow the logic of his own theory in his early policy recommendations. The key …

first 2 Sections we first present a succinct overview of Williams' main contributions to international trade theory and to …: the Ricardian theory of comparative advantages and the gold standard. These criticisms formed the theoretical rationale …

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …