TR
Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets
The original article was published on January 1, 2018. https://dergipark.org.tr/en/pub/marufacd/article/460686
Erratum Note
Sayın Editör,
Malumlarınız üzere derginizin 2018 yılı, Cilt 10, sayı 18'de yayınlanan "Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets" başlıklı makalemizde sonradan biz yazarlar tarafından bazı maddi hataların olduğu gözlemlenmiştir. Bu bağlamda makalemizde aşağıdaki düzeltmeler yapılmış ve makalenin son hali bu mailin ekinde gönderilmiştir.
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Doç. Dr. M. Levent YILMAZ
Abstract
In keeping with the pattern of the last century, today we observe staunch and oftentimes vociferous opposition
to even the prospect of state intervention in the market place to either curtail recessionary downturns
or mitigate the corollaries of market failure. To whom or to what is this knee-jerk revulsion to government
interference attributable? Is it justified? And what is the role of government in the contemporary
economy? Figures that have dominated this hemisphere of thought include free-market advocates such as
Friedrich von Hayek. On the other end of the spectrum, personalities like John Maynard Keynes challenged
fundamentally the idea that market economies will automatically adjust to create full employment, in the
process setting the parameters of a debate that rages on into the contemporary era.
to even the prospect of state intervention in the market place to either curtail recessionary downturns
or mitigate the corollaries of market failure. To whom or to what is this knee-jerk revulsion to government
interference attributable? Is it justified? And what is the role of government in the contemporary
economy? Figures that have dominated this hemisphere of thought include free-market advocates such as
Friedrich von Hayek. On the other end of the spectrum, personalities like John Maynard Keynes challenged
fundamentally the idea that market economies will automatically adjust to create full employment, in the
process setting the parameters of a debate that rages on into the contemporary era.
Keywords
References
- BURNS, Arthur, F., MITCHELL, Wesley C., “Measuring Business Cycles” (1946). National Bureau of Economic Research, ISBN: 0-870-14085-X. BEAUDRY, Paul, GALIZIA, Dana and PORTIER, Franck. (2017) "Reconciling Hayek's And Keynes Views Of Recessions." Review of Economic Studies, 1-38. DEARDORFF, Alan V. (2000). "The Economics Of Government Market Intervention, And Its International Dimension." Research Seminar In International Economics, University of Michigan. HANS, V. Basil. (2014). “State And The Market – Debate And Developments." SSRN, E-Journal, January 2, 2014.1-12. JAHAN, Sarwat, Chris PAPAGEORGIOU. (2014). "What Is Monetarism? - Back To Basics” IMF, Finance & Development, Vol 51, No 1. March.1-2. JAHAN, Sarwat, MAHMUD, Ahmed Saber and Chris PAPAGEORGIOU. (2014). "What Is Keynesian Economics? - Back To Basics” IMF, Finance & Development, Vol 51, No 3., September. JEVONS, William Stanley. “The Solar Period and the Price of Corn (1875)”. Investigations in Currency and Finance. London: Macmillan, 1909. MANKIW, N. Gregory, “What Would Keynes Have Done?” (2008). The New York Times, 28 November. PETTINGER, Tejvan. (2017). "Causes Of Business Cycle." Economics Help. Web. 10 November 2017. STEFANO. Eusepi and PRESTON Bruce. (2011). "Expectations, Learning And Business Cycle Fluctuations." National Bureau Of Economic Research. American Economic Review, American Economic Association, vol. 101(6). STIGLITZ, Joseph E. (2013). “The Global Financial Crisis has made capital account management more important than ever”. Global Capital. Web. 13 November 2017. STOCK, James H. and WATSON, Mark W., (1998). "Business Cycle Fluctuations In Us Macroeconomics Times Series" National Bureau of Economic Resaarch, Cambridge. SUBHO, Mukher. (2008). “4 Essential Theories of Business Cycles – Discussed!”. http://www.economicsdiscussion.net/, Web. 12 November 2017. Von HAYEK, F. A., & KALDOR, N. (1933). Monetary Theory and The Trade Cycle. London: Jonathan Cape. Von HAYEK, F. A. (2014). The Road to Serfdom: Text and Documents: The Definitive Edition. Routledge. Original Printed April 1945 Edition.
- Internet Bibliography "Keynes V Hayek: Two Economic Giants Go Head To Head”. (2011). BBC News. Web. 11 November 2017. "Prophets For Today." (2014) The Economist. The Economist Newspaper, 14 Mar. 2014. Web. 11 November 2017. "What Is Austrian Economics?" (2017) Mises Institute. Web. 13. November 2017.
Details
Primary Language
English
Subjects
-
Journal Section
Erratum
Early Pub Date
October 2, 2023
Publication Date
October 3, 2023
Submission Date
-
Acceptance Date
-
Published in Issue
Year 2023 Volume: 15 Number: 28
APA
Yılmaz, M. L., & Keskin, H. A. (2023). Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets. Finansal Araştırmalar Ve Çalışmalar Dergisi, 15(28), 107-115. https://izlik.org/JA59ZJ32JX
AMA
1.Yılmaz ML, Keskin HA. Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets. Finansal Araştırmalar ve Çalışmalar Dergisi. 2023;15(28):107-115. https://izlik.org/JA59ZJ32JX
Chicago
Yılmaz, Mehmet Levent, and Hüseyin Atakan Keskin. 2023. “Keynes Versus Hayek: On the Appropriateness of Government Intervention in Markets”. Finansal Araştırmalar Ve Çalışmalar Dergisi 15 (28): 107-15. https://izlik.org/JA59ZJ32JX.
EndNote
Yılmaz ML, Keskin HA (October 1, 2023) Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets. Finansal Araştırmalar ve Çalışmalar Dergisi 15 28 107–115.
IEEE
[1]M. L. Yılmaz and H. A. Keskin, “Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets”, Finansal Araştırmalar ve Çalışmalar Dergisi, vol. 15, no. 28, pp. 107–115, Oct. 2023, [Online]. Available: https://izlik.org/JA59ZJ32JX
ISNAD
Yılmaz, Mehmet Levent - Keskin, Hüseyin Atakan. “Keynes Versus Hayek: On the Appropriateness of Government Intervention in Markets”. Finansal Araştırmalar ve Çalışmalar Dergisi 15/28 (October 1, 2023): 107-115. https://izlik.org/JA59ZJ32JX.
JAMA
1.Yılmaz ML, Keskin HA. Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets. Finansal Araştırmalar ve Çalışmalar Dergisi. 2023;15:107–115.
MLA
Yılmaz, Mehmet Levent, and Hüseyin Atakan Keskin. “Keynes Versus Hayek: On the Appropriateness of Government Intervention in Markets”. Finansal Araştırmalar Ve Çalışmalar Dergisi, vol. 15, no. 28, Oct. 2023, pp. 107-15, https://izlik.org/JA59ZJ32JX.
Vancouver
1.Mehmet Levent Yılmaz, Hüseyin Atakan Keskin. Keynes Versus Hayek: on the Appropriateness of Government Intervention in Markets. Finansal Araştırmalar ve Çalışmalar Dergisi [Internet]. 2023 Oct. 1;15(28):107-15. Available from: https://izlik.org/JA59ZJ32JX