Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94495
Authors: 
Spantig, Kristina
Year of Publication: 
2013
Series/Report no.: 
Working Papers on Global Financial Markets 45
Abstract: 
This paper scrutinizes the debate of Keynes and Hayek concerning the adequate re- sponse to economic crises from a historical perspective. In a first step the develop- ment of the Keynesian economic theory, its ascent during the Great Depression and its use during financially sound times is analyzed. In a second step the Hayekian cri- tique to discretionary government intervention and its long run consequences is scru- tinized. In the last step it is analyzed why, in the wake of a crisis, short-run oriented Keynesian therapy dominates long-run Hayekian therapy as in the most recent crisis.
Subjects: 
Keynes
discretionary fiscal policy
monetary policy
JEL: 
B20
E12
E52
E62
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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