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Hayek's Anti-Cycle Theory as the Rule of Necessity

Hayek's Anti-Cycle Theory as the Rule of Necessity Jean-Gabriel Bliek° "There is no virtue like necessity" W. Shakespeare. Richard II. 1. Introduction Much like Hayek's intellectual life, the cycle theory went through several versions. The most commonly held idea is that once the 1940s had come and gone, Hayek lost interest in economics in general, and the cycle theory in particular. The general picture that remains of him is his 1970s version, somewhat similar to Mises'. Confusion between the two cycle theorists comes from neglecting his first cycle theory, that still bears the mark of Wicksell, and forgetting the "anti-cycle" theory that finds its origins in his work on competition and money. In the 1930s, Hayek's cycle theory was as famous as Keynes' General Theory. With the "Keynesian avalanche", Hayek's theory fell into oblivion, but inflation in the 1970s brought Hayek's campaign against Keynesianism back into the limelight. In 1974, the Swedish Royal Academy cited his cycle theory as one of the achievements for which he was awarded the Nobel Memorial Prize in Economics: "Professor Hayek's contributions in the field of economics are both profound and original... He tried to penetrate more deeply into the business-cycle mechanism than usual at that time. Perhaps partly due to http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

Hayek's Anti-Cycle Theory as the Rule of Necessity

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Publisher
de Gruyter
Copyright
Copyright © 1999 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1999-0407
Publisher site
See Article on Publisher Site

Abstract

Jean-Gabriel Bliek° "There is no virtue like necessity" W. Shakespeare. Richard II. 1. Introduction Much like Hayek's intellectual life, the cycle theory went through several versions. The most commonly held idea is that once the 1940s had come and gone, Hayek lost interest in economics in general, and the cycle theory in particular. The general picture that remains of him is his 1970s version, somewhat similar to Mises'. Confusion between the two cycle theorists comes from neglecting his first cycle theory, that still bears the mark of Wicksell, and forgetting the "anti-cycle" theory that finds its origins in his work on competition and money. In the 1930s, Hayek's cycle theory was as famous as Keynes' General Theory. With the "Keynesian avalanche", Hayek's theory fell into oblivion, but inflation in the 1970s brought Hayek's campaign against Keynesianism back into the limelight. In 1974, the Swedish Royal Academy cited his cycle theory as one of the achievements for which he was awarded the Nobel Memorial Prize in Economics: "Professor Hayek's contributions in the field of economics are both profound and original... He tried to penetrate more deeply into the business-cycle mechanism than usual at that time. Perhaps partly due to

Journal

Journal des Économistes et des Études Humainesde Gruyter

Published: Dec 1, 1999

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