Quarterly Journal of Austrian Economics

Hayek's Theory of Money and Cycles: Retrospective and Reappraisal

The Quarterly Journal of Austrian Economics


Volume 8, No. 1 (Spring 2005)


That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new. Its  contemporaneous failure to win approval might be attributed to Hayek having “purposely refrained from combining purely theoretical considerations with discussions of current events” (Hayek 1933, p. 18). Further explanation might lie in a methodology in which theory, founded upon introspection, takes precedence over empirical work.


Steele, G.R. "Hayek's Theory of Money and Cycles: Retrospective and Reappraisal." The Quarterly Journal of Austrian Economics 8, No. 1 (Spring 2005): 3–14.

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