MENGER COLLEGIUM

MENGER COLLEGIUM

Intézetünk a változó tematikájú konferenciák és klubestek mellett kurzusokat is szervez, melyeken egy-egy komplex témát kívánunk a lehető legmélyrehatóbban feldolgozni. Az órák menetét a jelentkezők létszámához és összetételéhez igazítjuk, azonban a Collegium elsősorban egyetemi hallgatóknak szól, hiszen az egyetemi társadalomtudományi képzésekben, gyakran csak lábjegyzet szintjén kerülnek említésre az osztrák közgazdaságtani iskolához sorolt szerzők elméletei.

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THE HAYEKIAN TRADE CYCLE THEORY IN THEORETICAL AND HISTORICAL CONTEXT

The aim of the lecture series is to present the Austrian, especially Hayekian, monetary and trade cycle theory in a comprehensible yet extensive fashion. Among the numerous reasons why an essentially Hayekian framework shall be adopted is the fact that Hayek’s 1974 nobel price for his monetary and trade cycle theory helped revivify interest in Austrian economics and helped integrate the ideas of a long line of thinkers following the Austrian intellectual traditions into the body of mainstream economic thought. Despite the specific theme, however, further related topics shall also be pursued and presented in some depth such as the assumptions and theoretical frameworks of the neoclassical thinkers, the ideas of early monetary thinkers such as David Hume or Henry Thornton, and of course the results of Hayek’s major predecessors such as Eugen Böhm von Bawerk and Ludwig von Mises.

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/a kurzus nyelve magyar/

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PROVISIONAL STRUCTURE OF THE LECTURE TOPICS:

1. Historical overview

   1. Intellectual climate of the early 20th

   2. Hayek’s background and early interest’s

   3. Monetary issues before and after the first world war such as inflation and the gold standard

   4. Hayek’s personal experiences in the first world war and with inflation

2. Early monetary theories and an overview of the foundations of neoclassical macroeconomic theory

   1. Basic assumptions on money, interest, equilibrium and cycles

   2.  Early inquiries into the effects of monetary expansion on the economy: Cantillon, Hume, Thornton

   3. Bullionist controversy

   4. Banking school-Currency school debate

3. The fundamental building blocks of Hayekian trade cycle theory

   1. Capital and interest theory of Eugen Böhm von Bawerk

   2. Money and Credit theory of Ludwig von Mises (Relevant sections)

   3. Price and interest theory Of Knut Wicksell

4. Monetary and trade cycle theory of Friedrich August von Hayek

   1. Fundamental assumptions

   2. Causes of the trade cycle

   3. The process of the cycle

5. A brief excursion: Keynesianism

   1. Foundations of John Maynard Keynes’s theory

   2. Hayek and Keynes

6.  Unresolved issues of the Hayekian trade cycle theory

   1. Problems with the concept of natural rate of interest (Hayek-Sraffa debate)

   2. The theory of endogenous money supply

   3. Problems with the actual magnitude of the effect of distorted production patterns on the level of output and employment

7. Relevance of the Hayekian framework in the 21st century

   1. Austrian features of modern macroeconomic theories: New classicism, Institutionalism