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The new-classicals and Hayek’s Cycle Theory

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  • Jorge Eduardo de Castro Soromenho

Abstract

It has been recently discussed the similitude between new-classical business cycletheory and Hayek’s works on economic fluctuations. In this article, we aim at rejectingthe thesis of similitude. Firstly, we present the new-classical theory with emphasis both onLucas’s works and on microeconomics foundations. After that, we discuss the difficulty tocharacterize Hayek’s thought and we present a reconstruction of this project on the theoryof cycles. We intend to demonstrate that Hayek and new-classical theories have differentconceptions on the modus operandi of capitalistic economies. JEL Classification: B25; B22; B31.

Suggested Citation

  • Jorge Eduardo de Castro Soromenho, 1998. "The new-classicals and Hayek’s Cycle Theory," Brazilian Journal of Political Economy, Center of Political Economy, vol. 18(3), pages 405-423.
    • Handle: RePEc:ekm:repojs:v:18:y:1998:i:3:p:405-423:id:1143
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    Keywords

    Business cycle theory; Austrian School; new classical; Hayek; Lucas;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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