Discussion in 'Economy' started by Kevin_Kennedy, May 28, 2009.
Secretary Geithner: Hayekian or Keynesian? - D.W. MacKenzie - Mises Institute
I've long been hoping for an improvement from Cwik's observation that "[t]he Austrian business cycle theory (ABCT) has been criticized for not being a true theory of the business cycle. The main emphasis of the ABCT has been on the theory of the upper-turning point—the artificial expansion of credit, the manipulation of interest rates, the malinvestments committed by entrepreneurs and then the credit crunch and/or real resource crunch."
However, socialist economics has enjoyed more recent benefit from a Hayekian perspective than the Austrian school has, given the development of post-Hayekian market socialism.
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