Austrian and new classical business cycle theories : a comparative study through the method of rational reconstruction

Author(s)

• Zijp, Rudy van

Bibliographic Information

Austrian and new classical business cycle theories : a comparative study through the method of rational reconstruction

Rudy van Zijp

Edward Elgar, c1993

Note

Revision of the author's thesis (Ph.D.)

Includes bibliographical references (p. 239-254) and index

Description and Table of Contents

Description

Austrian and New Classical Business Cycle Theories makes a major contribution to recent developments in macroeconomic theory.In the last two decades, economics has experienced a remarkable shift in focus. Keynesian macroeconomics, at least in its Hickian IS/LM version, has been the ruling orthodoxy since World War II. Although it was sometimes closely challenged by monetarism, it retained its dominant position until the 1970s. In that decade, however, monetarist criticism received support from two other research traditions - the Austrian School and New Classical Economics, which stressed the allocative efficiency of markets. Rudy van Zijp critically compares these two traditions. He builds his argument on very careful and sustained analysis of developments in the Austrian and new-classical explanations of cyclical fluctuations, dismissing the claim that the business cycle theories of the two traditions are simply variations on a theme. After a comprehensive description of what he terms the Hayek Programme and the Lucas Programme, he concludes by contrasting the different aims and methods of the two traditions.

Table of Contents

• Part 1 Austrian economics: early vertical malajustment theories
• the onset of Austrian business cycle theory
• Hayek's years of high theory
• the years in the wilderness
• tghe Austrian revival. Part 2 New classical economics: the roots of new classicism
• the rise of new classicism
• persistence, capital and global information
• the effectiverness of monetary policy. Part 3 A comparison: Austrian versus new classical economics
• summary, conclusions and epilogue.

by "Nielsen BookData"

Details

• NCID: BA19519554
• ISBN:
  • 1852786744
• LCCN: 92041278
• Country Code: uk
• Title Language Code: eng
• Text Language Code: eng
• Place of Publication: Aldershot, Hants, England ; Brookfield, Vt.
• Pages/Volumes: vii, 260 p.
• Size: 24 cm
• Classification:
  • LCC : HB3711
  • DC20 : 338.5/42
• Subject Headings:
  • LCSH : Business cycles