Here we will deal with Hayek economist and without considering his theoretical production completely. In fact, the purpose of the present work is to expose and discuss Hayek’s theory of economic cycle. To try to develop our assignment in best way, naturally, we have also to deal us with Hayek’s monetary theory as well as to mention his theory of capital and his methodological formulations. During this writing, after having delineated Hayek’s analytical tools and the general characters of his analysis, we will introduce the most important models of the cycle elaborated by him during the years; lot of time will be given to the discussion of the model reported in “Prices and Production”, for the reasons that will be subsequently exposed. Then, we will try to discuss the “internal” problems concerning Hayek’s theory to finally draw some conclusions concerning if this theory is still actual or not.
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Paper provided by Universita' degli Studi di Firenze, Dipartimento di Scienze Economiche in its series Working Papers Series with number
wp2007_04.
Find related papers by JEL classification: B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (includes Austrian, Marshallian, Walrasian) B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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