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Austrian Business Cycle Theory and the GFC

In: Critique of the New Consensus Macroeconomics and Implications for India

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

The Austrian business cycle tradition owes its full-scale development to the several writings of Hayek in the 1930s. It seems to have staged something of a comeback in the wake of the Global Crisis, with many analysts believing that the facts of the crisis seem to uncannily follow the pattern set out by the theory. The general Austrian school philosophy is that market economies (grounded firmly in an institutional setting of the rule of law and property rights) possess self-correcting properties, and absent government intervention, are capable of weeding out any inefficiencies and malfeasances in the system. In keeping with this thrust, inappropriate monetary and fiscal policies and over-lax regulation are seen as the key factors in perpetrating the recent global crisis.

Suggested Citation

  • Dilip M. Nachane, 2018. "Austrian Business Cycle Theory and the GFC," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 177-191, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_7
    DOI: 10.1007/978-81-322-3920-8_7
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