The Hayek-Keynes Debate: Lessons for Current Business Cycle Research

Examines the nature of the business cycle and the Hayek-Keynes debate of the 1930s, a debate which raises important questions about the nature of a market economy that remain inadequately addressed in formal macro models popular today. The authors argue that new classical approaches are not adequate for understanding the root causes of cyclical fluctuations in business activity, and that further development of the insights of Hayek and the Austrians would be a beneficial addition to modern macroeconomics. Cochran is chair and professor of economics at Metropolitan State College of Denver. Glahe is professor of economics at the University of Colorado-Boulder. Annotation c. Book News, Inc., Portland, OR (booknews.com)