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Hayek´s Accelerationism: A Rectification

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  • Ludwig van den Hauwe

Abstract

The analogy between Hayekian monetary dynamics and the Friedman/Phelps accelerationist hypothesis is more problematic than some commentators have been prepared to admit. Hayek´s presentation of the 1930s did not produce a convincing argument in defense of the proposition that accelerating inflation was the inevitable logical consequence of permitting a process of forced saving to continue. On the other hand the Austrian emphasis on the unsustainability of a policy-induced boom, which is logically implied by the model, remains quite appropriate.

Suggested Citation

  • Ludwig van den Hauwe, 2005. "Hayek´s Accelerationism: A Rectification," Macroeconomics 0508012, University Library of Munich, Germany, revised 26 Dec 2005.
    • Handle: RePEc:wpa:wuwpma:0508012
    Note: Type of Document - pdf; pages: 6. A version of this paper was published in: Wirtschaftspolitische Blätter, 2-3/2001, pages 311-316.
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0508/0508012.pdf
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    Keywords

    inflation; accelerating inflation; monetary dynamics; business cycle theory; Hayek;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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