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On the microeconomic foundations of macroeconomics in the Hayek-Keynes controversy

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  • Abdallah Zouache

Abstract

This article contributes to the literature on the Hayek-Keynes controversy on two points. The first contribution is to show that the question of the micro-foundations of macroeconomics is crucial to understand the Hayek-Keynes controversy. The second contribution is to reveal that Hayek's attack on the micro-foundations issue had a methodological impact on the making of the General Theory especially via the concept of marginal efficiency of capital. The paper concludes that what finally contrasts Hayek and Keynes is the kind of micro-foundations that economists should adopt to explain business cycles.

Suggested Citation

  • Abdallah Zouache, 2008. "On the microeconomic foundations of macroeconomics in the Hayek-Keynes controversy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 15(1), pages 105-127.
    • Handle: RePEc:taf:eujhet:v:15:y:2008:i:1:p:105-127
    DOI: 10.1080/09672560701858707
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    References listed on IDEAS

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    1. Hayek, F. A., . "Money, Capital, and Fluctuations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226321271 edited by McCloughry, R. K., April.
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    Cited by:

    1. Spahn, Peter, 2019. "Keynesian capital theory: Declining interest rates and persisting profits," Hohenheim Discussion Papers in Business, Economics and Social Sciences 10-2019, University of Hohenheim, Faculty of Business, Economics and Social Sciences.

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