Did Hayek and Robbins Deepen the Great Depression?

Lawrence H. White

TR EN

Did Hayek and Robbins Deepen the Great Depression?

Abstract

Contrary to some accounts, the Hayek-Robbins (“Austrian”) theory of the business cycle did not prescribe a monetary policy of “liquidationism” in the sense of passive indifference to sharp deflation during the early years of the Great Depression. There is no evidence that Hayek or Robbins influenced any “liquidationist” in the Hoover administration or the Federal Reserve System. Federal Reserve policy during the Great Depression was instead influenced by the real bills doctrine, which (despite some apparent similarities) was diametrically opposed in key respects to Hayek’s norms for central bank policy

Kaynakça

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Lawrence H. White Bu kişi benim

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H. White, L. (2010). Did Hayek and Robbins Deepen the Great Depression? Liberal Düşünce Dergisi, 60, 103-121. https://izlik.org/JA69YJ93BW

Did Hayek and Robbins Deepen the Great Depression?

Did Hayek and Robbins Deepen the Great Depression?

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Did Hayek and Robbins Deepen the Great Depression?

Abstract

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