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Austrian And New Classical Business Cycle Theories

Author

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  • Rudy Van Zijp

Abstract

Austrian and New Classical Business Cycle Theories makes a major contribution to recent developments in macroeconomic theory. In the last two decades, economics has experienced a remarkable shift in focus. Keynesian macroeconomics, at least in its Hickian IS/LM version, has been the ruling orthodoxy since World War II. Although it was sometimes closely challenged by monetarism, it retained its dominant position until the 1970s. In that decade, however, monetarist criticism received support from two other research traditions – the Austrian School and New Classical Economics, which stressed the allocative efficiency of markets.

Suggested Citation

  • Rudy Van Zijp, 1993. "Austrian And New Classical Business Cycle Theories," Books, Edward Elgar Publishing, number 449.
    • Handle: RePEc:elg:eebook:449
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    File URL: http://www.e-elgar.com/shop/isbn/9781852786748
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    Cited by:

    1. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, University Library of Munich, Germany, revised 17 May 1995.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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