Hayek´s Accelerationism: A Rectification
The 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.
|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.|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
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