van den Hauwe, Ludwig (2000): The Drama Revisited. Published in: The Quarterly Journal of Austrian Economics , Vol. Vol. 3, No. No. 2 (Summer) (June 2000): pp. 63-79.
This is the latest version of this item.
Download (53kB) | Preview
Capital-based business cycle theory identifies monetary mismanagement as a major source of economy-wide distortions in the intertemporal allocation of resources by focusing on the relative-price effects - and the corresponding quantity adjustments - of a monetary disturbance, as compared to tracking the movements in macroeconomic aggregates that conceal those relative-price effects. It thus gives us a superior understanding of the real coupling between the short-run and the long-run macroeconomic pictures and of the nature of business cycles.
|Item Type:||MPRA Paper|
|Original Title:||The Drama Revisited|
|Keywords:||Business Cycle Theory; Capital-based macroeconomics; Hayek-Keynes Debate;|
|Subjects:||E - Macroeconomics and Monetary Economics > E0 - General > E00 - General|
|Depositing User:||Ludwig M. P. van den Hauwe|
|Date Deposited:||22. May 2008 09:29|
|Last Modified:||12. Feb 2013 22:04|
Bellante, Don, and Roger W. Garrison. 1988. “Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics.” History of Political Economy 20:2. Block,Walter, and Kenneth M. Garschina. 1996. “Hayek, Business Cycles, and Fractional Reserve Banking: Continuing the DeHomogenization Process.” Review of Austrian Economics 9(1): 77–94. Cochran, John P., Steven T. Call, and Fred R. Glahe. 1999. “Credit Creation or Financial Intermediation?: Fractional-Reserve Banking in a Growing Economy.” Quarterly Journal of Austrian Economics 2(3): 53–64. Cochran, John P., and Fred R. Glahe. 1999. The Hayek–Keynes Debate-Lessons for Current Business Cycle Research. Lewiston, N.Y.: Edwin Mellen Press. Cowen, Tyler. 1997. Risk and Business Cycles: New and Old Austrian Perspectives. London: Routledge. Friedman, Milton. 1987. “The Role of Monetary Policy.” In The Essence of Friedman. Kurt Leube, ed. Palo Alto, Calif.: Hoover Institution Press. Garrison, Roger W. 1996a. “Central Banking, Free Banking, and Financial Crises.” Review of Austrian Economics 9(2): 109–27. - . 1996b. “Friedman’s ‘Plucking Model’: Comment.” Economic Inquiry 4(4). - . 2000. Time and Money. Chapter 2.www.auburn.edu/~garriro/. Hayek, F.A.  1935. Prices and Production. New York: Augustus M. Kelley. - .  1980. “Economics and Knowledge.” In Hayek, Individualism and Economic Order. Chicago: University of Chicago Press. - .  1969. Profits, Interest, and Investment. London: Routledge. - . 1941. The Pure Theory of Capital. London: Routledge. Hoover, Kevin D. 1998. “New Classical Macroeconomics.” In: The Handbook of Economic Methodology. John Davis, Wade Hands, and Uskali Mäki. Cheltenham, U.K.: Edward Elgar. Hoppe, Hans, Jörg Guido Hülsmann, and Walter Block. 1998. “Against Fiduciary Media.” Quarterly Journal of Austrian Economics 1(1): 19–50. Kaldor, Nicholas. 1942. “Professor Hayek and the Concertina-Effect.” Economica (November): 359–82. Lachmann, Ludwig M. 1976. “On the Central Concept of Austrian Economics: Market Process.” In The Foundations of Modern Austrian Economics. Edwin Dolan, ed. Kansas City: Sheed and Ward. Lewin, Peter. 1997. “Rothbard and Mises on Interest: An Exercise in Theoretical Purity.” Journal of the History of Economic Thought 19. Mises, Ludwig von.  1981. The Theory of Money and Credit. Indianapolis: Liberty-Classics. - .  1998. Human Action: A Treatise on Economics. The Scholar’s Edition. Auburn, Ala.: Ludwig von Mises Institute. - .  1976. The Ultimate Foundation of Economic Science. Kansas City: Sheed Andrews and McMeel. - Moss, Lawrence S., and Karen I. Vaughn. 1986. “Hayek’s Ricardo Effect: A Second Look.” History of Political Economy 18:4. - O’Driscoll, Gerald P., and Mario J. Rizzo. 1985. The Economics of Time and Ignorance. London: Routledge. - Rothbard, Murray N. 1962. “The Case For a 100 Percent Gold Dollar.” In In Search of a Monetary Constitution. Leland B. Yeager, ed. Boston: Harvard University Press. - .  1975. America’s Great Depression. Kansas City: Sheed and Ward. Salerno, Joseph T. 1993. “Mises and Hayek Dehomogenized.” Review of Austrian Economics 6(2): 113–46. Sargent, Thomas J., and Neil Wallace. 1975. “Rational Expectations: The Optimal Monetary Instrument and the Optimal Money Supply Rule.” Journal of Political Economy 83(2): 241–54. Sechrest, Lawrence J. 1998. “Review of Risk and Business Cycles: New and Old Austrian Perspectives. Quarterly Journal of Austrian Economics 1(3). Selgin, George A. 1988. The Theory of Free Banking. Totowa, N.J.: Rowman and Littlefield. - . 1990. Praxeology and Understanding. Auburn, Ala.: Ludwig von Mises Institute. - .1996. Bank Deregulation and Monetary Order. London: Routledge. Sheffrin, Steven M. 1996. Rational Expectations. 2nd ed. Cambridge: Cambridge University Press. Sraffa, Piero.  1995. “Dr. Hayek on Money and Capital.” Reprinted in Contra Keynes and Cambridge. Vol. 9. The Collected Works of F.A. Hayek. Bruce Caldwell, ed. Chicago: University of Chicago Press. Steele, G.R. 1996. The Economics of Freidrich Hayek. London: Macmillan Press. Van den Hauwe, Ludwig. 1999. “Constitutional Economics.” In The Elgar Companion to Law and Economics. Jürgen G. Backhaus, ed. Cheltenham, U.K.: Edward Elgar. White, Lawrence H. 1999a. “Hayek’s Monetary Theory and Policy: A Critical Reconstruction.” Journal of Money, Credit and Banking 31(1): 109–20. - .1999b. “Why Didn’t Hayek Favor Laissez-Faire in Banking?” History of Political Economy 31(4): 753–69
Available Versions of this Item
The Drama Revisited. (deposited 09. May 2008 13:09)
- The Drama Revisited. (deposited 22. May 2008 09:29) [Currently Displayed]