MENGER COLLEGIUM
MENGER COLLEGIUM
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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.
/a kurzus nyelve magyar/
PROVISIONAL STRUCTURE OF THE LECTURE TOPICS:
Historical overview
Intellectual climate of the early 20th
Hayek’s background and early interest’s
Monetary issues before and after the first world war such as inflation and the gold standard
Hayek’s personal experiences in the first world war and with inflation
Early monetary theories and an overview of the foundations of neoclassical macroeconomic theory
Basic assumptions on money, interest, equilibrium and cycles
Early inquiries into the effects of monetary expansion on the economy: Cantillon, Hume, Thornton
Bullionist controversy
Banking school-Currency school debate
The fundamental building blocks of Hayekian trade cycle theory
Capital and interest theory of Eugen Böhm von Bawerk
Money and Credit theory of Ludwig von Mises (Relevant sections)
Price and interest theory Of Knut Wicksell
Monetary and trade cycle theory of Friedrich August von Hayek
Fundamental assumptions
Causes of the trade cycle
The process of the cycle
A brief excursion: Keynesianism
Foundations of John Maynard Keynes’s theory
Hayek and Keynes
Unresolved issues of the Hayekian trade cycle theory
Problems with the concept of natural rate of interest (Hayek-Sraffa debate)
The theory of endogenous money supply
Problems with the actual magnitude of the effect of distorted production patterns on the level of output and employment
Relevance of the Hayekian framework in the 21st century
Austrian features of modern macroeconomic theories: New classicism, Institutionalism