Hayek, Hicks and the rise of walrasianism

Authors

DOI:

https://doi.org/10.1590/egpkwz73

Keywords:

Hayek, Hicks, Business cycle theory

Abstract

In this article, the origins and evolution of the equilibrium and time concepts that Hicks later used to interpret Keynes’ theory are discussed. The paper is organized into two parts. In the first, the work of Hayek is analyzed, examining his conception of intertemporal equilibrium, his project to develop a theory of cycles, and lastly, the implementation of this project in Prices and Production and the related problems. In the second part we examine how Hicks, reflecting on the problems raised by Hayek’s theory, developed his own concepts of equilibrium and time.

Author Biography

  • Jorge Eduardo de Castro Soromenho, University of São Paulo

    PhD in Economics from the University of São Paulo (USP). Professor in the Department of Economics at the University of São Paulo (USP), São Paulo, SP – Brazil.

References

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Published

2012-10-11

Issue

Vol. 21 No. 2 (2012)

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Article

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