NDLI: From Keynes to Hayek: The marvel of thriving macroeconomies

Content Provider	Springer Nature Link
Author	Garrison, Roger W.
Copyright Year	2006
Abstract	Inherent ignorance of and uncertainties about the future may translate into doubts about the overall viability of market mechanisms. However, these doubts are quelled by a broad empirical observation: market economies thrive. Hayek sometimes abstracted from such ignorance and uncertainties in order to identify the market mechanisms that are essential to thriving economies. His often-overlooked “interest-rate brake,” for instance, keeps the rate of implementation of new technologies in line with peoples willingness to save. A careful reading of macroeconomic history suggests that artificial booms often ride piggyback on genuine booms. During a period of technological breakthroughs, the central bank's adherence to the Real Bills Doctrine overrides the interest-rate brake and engenders an unsustainable boom.
Starting Page	5
Ending Page	15
Page Count	11
File Format	PDF
ISSN	08893047
Journal	The Review of Austrian Economics
Volume Number	19
Issue Number	1
e-ISSN	15737128
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2006-01-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Ignorance Dispersed knowledge Interest-rate brake Austrian theory of the business cycle Public Finance & Economics Methodology and the History of Economic Thought Political Science
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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From Keynes to Hayek: The marvel of thriving macroeconomies