Hayek´s Accelerationism: A Rectification
AbstractThe analogy between Hayekian monetary dynamics and the Friedman/Phelps accelerationist hypothesis is more problematic than some commentators have been prepared to admit. Hayek´s presentation of the 1930s did not produce a convincing argument in defense of the proposition that accelerating inflation was the inevitable logical consequence of permitting a process of forced saving to continue. On the other hand the Austrian emphasis on the unsustainability of a policy-induced boom, which is logically implied by the model, remains quite appropriate.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0508012.
Length: 6 pages
Date of creation: 10 Aug 2005
Date of revision: 13 Aug 2005
Note: Type of Document - pdf; pages: 6. A version of this paper was published in: Wirtschaftspolitische Blätter, 2-3/2001, pages 311-316.
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inflation; accelerating inflation; monetary dynamics; business cycle theory; Hayek;
Other versions of this item:
- E - Macroeconomics and Monetary Economics
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