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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



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