Capital Theory, Crises, and Business Cycles: The Triangular Debate between Hayek, Keynes, and Sraffa

Authors

  • Heinz D. Kurz The Graz Schumpeter Centre, University of Graz, Graz, Austria

DOI:

https://doi.org/10.6000/1929-7092.2015.04.19

Keywords:

Business cycles, Capital theory, Crises, F.A. von Hayek, J.M. Keynes, P. Sraffa

Abstract

The paper discusses aspects of the triangular debate between Hayek, Keynes, and Sraffa on economic crises, business cycles and the role of capital theory in an analysis of these phenomena. It is argued that Sraffa was both critical of Hayek's monetary overinvestment theory and Keynes's use of the concept of commodity rates of interest Sraffa had employed in his criticism of Hayek and of Keynes's theory of liquidity preference.

Author Biography

Heinz D. Kurz, The Graz Schumpeter Centre, University of Graz, Graz, Austria

heinz.kurz@uni-graz.at

Downloads

Published

2015-12-14

Issue

Section

Special Issue - Hayek, Keynes and the Crisis: Analyses and Remedies. An Introduction