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Value and Capital in the Equilibrium Business Cycle Programme

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Book cover Value and Capital: Fifty Years Later

Part of the book series: International Economic Association Series ((IEA))

Abstract

In the late 1920s and early 1930s, when Sir John Hicks was a young scholar at the London School of Economics, there was growing interest in the prospect of an equilibrium approach to the study of business cycles. In 1931, Hayek gave the LSE lectures that were to become Prices and Production, a first attempt to use Austrian capital theory to study aspects of economic fluctuations. Next, in one of his earliest published papers, ‘Equilibrium and the Cycle’, written in 1932, Hicks made two key observations about the developing equilibrium approach.

Comments from Neil Ericsson, Ching-Sheng Mao, Lionel McKenzie and Mark Wynne are appreciated. Support from the National Science Foundation is gratefully acknowledged.

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Authors and Affiliations

  1. University of Rochester, USA

    Robert G. King

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  1. Robert G. King
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Editor information

Lionel W. McKenzie Stefano Zamagni

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© 1991 International Economic Association

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King, R.G. (1991). Value and Capital in the Equilibrium Business Cycle Programme. In: McKenzie, L.W., Zamagni, S. (eds) Value and Capital: Fifty Years Later. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11029-2_18

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