Home|Journals Follow on Twitter| Subscribe to List

Directory for Medical Articles
 

Open Access

Original Article

Ekonomik Yaklasim. 2009; 20(71): 37-56


Understanding Austrian Business Cycle Theory

Ersan BOCUTOĞLU, Aykut EKİNCİ.

Abstract
The business cycle theory of Hayek and the General Theory of Keynes were the two major rivals in the 1930s. After the Great Depression, the Keynesian Revolution came to the forefront, completely displacing all other approaches to macroeconomics. However, during the stagflation crisis the Keynesian economics was in decline, while Hayekian approach gained support by wide circles. This situation paved the way for a growing interest in Austrian economics. Yet, this tendency did not last long as Hayek’s works were pretty complicated and philosophical. Roger Garrison, an economist and advocate of the late Austrian school, developed a relatively simple and comprehensive macroeconomic model based on Hayek’s notion of “Intertemporal production structure.” This paper presents and evaluates Hayek’s theory of economic fluctuations in the light of Garrison’s contributions.

Key words: Hayekian Triangle, Economic Fluctuations, Austrian Economics



Article Language: Turkish English



Share this Article


Advertisement
Archives of Clinical and Experimental Surgery (ACES)

SUBMIT YOUR ARTICLE NOW


ScopeMed.com
BiblioMed Home
Follow ScopeMed on Twitter
Author Tools
eJPort Journal Hosting
About BiblioMed
License Information
Terms & Conditions
Privacy Policy
Contact Us

The articles in Bibliomed are open access articles licensed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (https://creativecommons.org/licenses/by-nc-sa/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, provided the work is properly cited.
ScopeMed is a Database Service for Scientific Publications. Copyright © ScopeMed® Information Services.