Contrary to some accounts, the Hayek-Robbins ("Austrian") theory of the business cycle did not prescribe a monetary policy of "liquidationism" in the sense of passive indifference to sharp deflation during the early years of the Great Depression. There is no evidence that Hayek or Robbins...

<DIV><DIV><DIV><P><I>The Pure Theory of Capital</I>, F. A. Hayek’s long-overlooked, little-understood volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek’s manifesto of capital theory is now available again...</i></p></div></div></div>

<DIV>Produced throughout the first fifteen years of Hayek’s career, the writings collected in <I>Capital and Interest</I> see Hayek elaborate upon and extend his landmark lectures that were published as <I>Prices and Production</I> and work toward the technically sophisticated line of thought seen in his later...</i></i></i></div>

<DIV>Produced throughout the first fifteen years of Hayek’s career, the writings collected in <I>Capital and Interest</I> see Hayek elaborate upon and extend his landmark lectures that were published as <I>Prices and Production</I> and work toward the technically sophisticated line of thought seen in his later...</i></i></i></div>

June Flanders (2015) provides a useful introduction to Hyman Minsky’s views on banking and macroeconomics. Minsky’s “financial instability hypothesis” (FIH) basically says that debt-based intermediation does not enable intertemporal equilibrium but rather self-generates boom and bust...