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Value and Capital in the Equilibrium Business Cycle Programme

In: Value and Capital: Fifty Years Later

Author

Listed:
  • Robert G. King

    (University of Rochester)

Abstract

In the late 1920s and early 1930s, when Sir John Hicks was a young scholar at the London School of Economics, there was growing interest in the prospect of an equilibrium approach to the study of business cycles. In 1931, Hayek gave the LSE lectures that were to become Prices and Production, a first attempt to use Austrian capital theory to study aspects of economic fluctuations. Next, in one of his earliest published papers, ‘Equilibrium and the Cycle’, written in 1932, Hicks made two key observations about the developing equilibrium approach.

Suggested Citation

  • Robert G. King, 1991. "Value and Capital in the Equilibrium Business Cycle Programme," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 10, pages 279-309, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_18
    DOI: 10.1007/978-1-349-11029-2_18
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    Cited by:

    1. Jean Chateau, 2002. "When are Structural Deficits Good Policies?," Working Papers 2002-14, CEPII research center.
    2. Guido Ascari & Louis Phaneuf & Eric Sims, 2020. "Can New Keynesian Models Survive the Barro-King Curse?," Working Papers 20-05, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management.
    3. Enders, Zeno & Müller, Gernot J., 2009. "On the international transmission of technology shocks," Journal of International Economics, Elsevier, vol. 78(1), pages 45-59, June.
    4. Junning Cai, 2003. "Asset Prices and Monetary Policy: Some Notes," Macroeconomics 0305006, University Library of Munich, Germany, revised 13 May 2003.
    5. McLaughlin, Kenneth J., 1995. "Intertemporal substitution and [lambda]-constant comparative statics," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 193-213, February.
    6. Junning Cai, 2003. "Fundamental Paper Wealth and Monetary Policy," Macroeconomics 0309001, University Library of Munich, Germany.

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