The Austrian Theory of Business Cycles
By:Mr. Stefan E. Oppers
Published on 2002-01-01 by International Monetary Fund
This paper reviews the |Austrian| theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover, that expansionary policies in recession could generally only postpone the necessary structural adjustment, making the subsequent correction more severe. Modern followers of this theory see Austrian features in a number of recent business cycles, including Japan in the 1980s and 1990s, and the more recent U.S. slowdown.
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Book which was published by International Monetary Fund since 2002-01-01 have ISBNs, ISBN 13 Code is 9781451890211 and ISBN 10 Code is 1451890214
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