Business cycles / edited by Hansjoerg Klausinger.

By:

Hayek, Friedrich A. von (Friedrich August), 1899-1992

Contributor(s):

Klausinger, Hansjörg [edt]

Material type:

TextSeries: The collected works of F.A. Hayek ; volumes 7-8Publication details: Carmel, Indiana : Liberty Fund, 2017.Description: 2 v. (x, 349 p.) ; 23 cmISBN:

9780865979031 (pt. 1)
9780865979048 (pt. 2)

Uniform titles:

Works. Selections

Subject(s):

DDC classification:

338.5

Contents:

Part I: Introduction -- Monetary theory and the trade cycle -- Princes and production -- Part II: Introduction -- Ch. 1. Investigations into monetary theory -- Ch. 2. The purchasing power of the consumer and the depression -- Ch. 3. A note on the development of the doctrine of " forced saving' -- Ch. 4. The present state and immediate prospects of the study of industrial fluctuations -- Ch. 5. Restoring the price-level? -- Ch. 6. Capital and industrial fluctuations: a reply to a criticism -- Ch. 7. Investment that raises the demand for capital -- Ch. 8. Profits, interest and investment -- Ch. 9. The Ricardo effect -- Ch. 10. Professor Hayek and the concertina-effect, by Nicholas Kaldor -- Ch. 11. Three elucidations of the Ricardo effect -- Ch. 12. The flow of goods and services.

Summary: In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what later became known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. Business Cycles, Part I and Business Cycles, Part II bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Part I contains his two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Part II assembles twelve of his shorter papers on the topic, covering a period from the 1920s to 1981 and revealing the evolution of Hayek’s thought. In addition to bringing together Hayek’s work on business cycles, these two volumes also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context, including their reception and the theoretical debates to which they contributed.

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Holdings
Item type	Current library	Call number	Status	Notes	Barcode
Books	Marbella International University Centre Library	338.5 HAY bus v. 1 (Browse shelf(Opens below))	Available	Part I	12016
Books	Marbella International University Centre Library	338.5 HAY bus v. 2 (Browse shelf(Opens below))	Available	Part II	11991

Includes bibliographical references and index.

Part I:
Introduction --
Monetary theory and the trade cycle --
Princes and production --
Part II:
Introduction --
Ch. 1. Investigations into monetary theory --
Ch. 2. The purchasing power of the consumer and the depression --
Ch. 3. A note on the development of the doctrine of " forced saving' --
Ch. 4. The present state and immediate prospects of the study of industrial fluctuations --
Ch. 5. Restoring the price-level? --
Ch. 6. Capital and industrial fluctuations: a reply to a criticism --
Ch. 7. Investment that raises the demand for capital --
Ch. 8. Profits, interest and investment --
Ch. 9. The Ricardo effect --
Ch. 10. Professor Hayek and the concertina-effect, by Nicholas Kaldor --
Ch. 11. Three elucidations of the Ricardo effect --
Ch. 12. The flow of goods and services.

In the years following its publication, F. A. Hayek’s pioneering work on business cycles was regarded as an important challenge to what later became known as Keynesian macroeconomics. Today, as debates rage on over the monetary origins of the current economic and financial crisis, economists are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions.

Business Cycles, Part I and Business Cycles, Part II bring together Hayek’s work on what causes periods of boom and bust in the economy. Moving away from the classical emphasis on equilibrium, Hayek demonstrates that business cycles are generated by the adaptation of the structure of production to changes in relative demand. Thus, when central banks artificially lower interest rates, the result is a misallocation of capital and the creation of asset bubbles and additional instability. Part I contains his two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Part II assembles twelve of his shorter papers on the topic, covering a period from the 1920s to 1981 and revealing the evolution of Hayek’s thought.

In addition to bringing together Hayek’s work on business cycles, these two volumes also include extensive introductions by Hansjoerg Klausinger, placing the writings in intellectual context, including their reception and the theoretical debates to which they contributed.

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