-- Books Notes --
The Hayek-Keynes Debate: Lessons
for Current Business Cycle Research
Promotional copy from the Edwin Mellon Press:
THE HAYEK-KEYNES DEBATE: LESSONS FOR CURRENT BUSINESS CYCLE RESEARCH
By John P. Cochran and Fred R. Glahe
This work examines the Hayek-Keynes debates on business cycle theory and argues that the key issues at the heart of the controversy in the areas of money, interest and capital theory are much neglected in current macroeconomic modeling. A reexamination of these unsettled issues could enhance our understanding of the operation of a monetary production economy and enable economists to make better policy recommendations.
"Nobelist von Hayek was one of the few economists who anticipated the great crash of 1929. For the happy few who understood Hayek's business cycle analytics, the Asian crisis of 1997-98 was fully anticipated, too. Cochran and Glahe have now made von Hayek's voluminous and complex works accessible as a coherent whole to students of business cycles. This exhaustive and thorough treatment of von Hayek on cycles is a 'must-read'." - Steven H. Hanke
"In my 18 years of academic career I have not seen a book that makes Austrian Economics such a main topic of discussion and exploration. The authors have made valuable and worthwhile comparison of all branches of economic thought... a significant contribution to the knowledge of economics... it will stand out in the book collection of economists in the US and abroad." - Kishore G. Kulkarni
Table of Contents:
Foreword by Roger W. Garrison; Preface
Part I. Introduction
1. Introduction to the Drama
Part II.- Hayek, Keynes, and Classical Monetary Theory
2. Monetary Theory and Coordination
3. The'Wicksell Connection'
4. Keynes and the Quantity Equations
5. Hayek and the Theory of Prices
Part III: An Interpretation of the Hayekian
6. Methodology of Trade Cycle Theory
7. The Foundations of a Theory of the Trade Cycle
8. Capital Theory and the Theory of the Trade Cycle
9. The Self Reversing Nature of a Monetary Change
10. Crisis, Unemployment, and Policy Implications
11. The Use and Abuse of Equilibrium in Business Cycle Theory: A Praxeological Approach
Part IV- The Drama Revisited and Updated
12. The Hayek-Keyncs Debate: Lessons for Contemporary Business Cycle Theorists
References, Index
About the authors:
Dr. John P. Cochran received his PhD in Economics from the University of Colorado. He is currently professor of Economics at Metropolitan State College, Denver.
Dr. Fred Glahe is Professor of Economics at the University of Colorado - Boulder. He is the author of two successful text books, numerous journal articles, and has published concordances for The Wealth of Nations and The General Theory.
The Edwin Mellen Press 0-7734-7970-8 240 pp. 1999