TY - JOUR
T1 - Early Macro Divergence from Micro: Keynes vs Hayek, Fisher and Friedman
AU - Gillman, Max
N1 - Max Gillman () Additional contact informationMax Gillman: University of Missouri, St. Louis, 1 University Boulevard, Department of Economics, St. Louis, MO 60311, USA Journal of Reviews on Global Economics , 2015, vol. 4, 268-280 Abstract: The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes.
PY - 2015/1/1
Y1 - 2015/1/1
N2 - The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes. The Keynesian Cross arose to explain how government could create new investment and allow the economy to rise from Depression. Fisher and Hayek instead emphasized banking and monetary policy with "reflation" of price stabilization, upon which Friedman built. The Great Recession policy today echoes more firmly the ideas of Fisher and Hayek in avoiding another depression.
AB - The paper presents facts and theory of the Great Depression that led to the clash of the Neoclassical ideas of Fisher and Hayek with the new interventionalist concept of Keynes. The Keynesian Cross arose to explain how government could create new investment and allow the economy to rise from Depression. Fisher and Hayek instead emphasized banking and monetary policy with "reflation" of price stabilization, upon which Friedman built. The Great Recession policy today echoes more firmly the ideas of Fisher and Hayek in avoiding another depression.
UR - http://econpapers.repec.org/article/lifjrgelg/v_3a4_3ay_3a2015_3ap_3a268-280.htm
M3 - Article
VL - 4
JO - Journal of Reviews on Global Economics
JF - Journal of Reviews on Global Economics
ER -