Sunday, July 20, 2014

Lord Keynes — A Candid Admission from Hayek?

Hayek therefore seems to have conceded the need for monetarist or Keynesian interventions to prevent deflationary depressions: he renounced his earlier liquidationism.
But to return to the more interesting point: if Hayek’s ABCT never claimed to explain anything but “the upper turning point of the typical nineteenth-century business cycle,” then why did Hayek apply it to 20th century business cycles and the Great Depression?

Social Democracy For The 21St Century: A Post Keynesian Perspective
A Candid Admission from Hayek?Lord Keynes

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