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The Young Hayek: Toward a Monetary Theory of Cycles

In: Debates in Macroeconomics from the Great Depression to the Long Recession

Author

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  • Arie Arnon

    (Ben-Gurion University of the Negev)

Abstract

Friedrich A. von Hayek (1899–1992) is well-known for epitomizing the “free markets” position over many years. Among economists, he was famous in the 1930s for his role in the debates on economic theory and policy. In Monetary Theory and the Trade Cycle, written before the Great Depression, Hayek made the case that a theory, described by him as “a monetary explanation of the trade cycle,” was preferable to its alternatives, described as “real” explanations. Furthermore, he argued that the theories proposed by Knut Wicksell and Ludwig von Mises, among the many monetary theories he examined, were the closest to “true” explanations. A series of lectures presented in the LSE in 1931, which appeared as the famous Prices and Production, brought Hayek from Vienna to London. Hayek was also instrumental in redirecting attention in the 1930s to Henry Thornton, who was a great influence in his thinking.

Suggested Citation

  • Arie Arnon, 2022. "The Young Hayek: Toward a Monetary Theory of Cycles," Springer Studies in the History of Economic Thought, in: Debates in Macroeconomics from the Great Depression to the Long Recession, chapter 0, pages 43-61, Springer.
    • Handle: RePEc:spr:spshcp:978-3-030-97703-0_3
    DOI: 10.1007/978-3-030-97703-0_3
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