1999 0-7734-7970-8 This work examines the Hayek-Keynes debates on business cycle theory and argues that the key issues at the heart of the controversy in the areas of money, interest, and capital theory are much neglected in current macroeconomic modeling. A reexamination of these unsettled issues could enhance our understanding of the operation of a monetary production economy and enable economists to make better policy recommendations.
“I found this book to be a very worthwhile addition to the existing literature on business cycles. Although most of the text is devoted to Hayek and Keynes, there are brief but insightful presentations of classical theory, monetarism, real business cycles, and rational expectations. .. . . The next time I teach a university course on business cycles I intend to use this book as the main text.” – Larry Sechres in Ideas On Liberty