Hayek and Schumpeter's macroeconomic business cycle theories fell out of favor while their microeconomic work remained respected, largely because Keynes came along; Hayek had a good explanation for the downturn but no good explanation for why the economy kept deteriorating and stayed down so long after 1931.

factualpending

Speaker

Larry White

Evidence Quote

he didn't have such a good explanation for why the economy continued to deteriorate after thirty-one continued to go down and stayed down for so long

Source

Larry White on Hayek and Money 02/01/2010EconTalk
Created: 6/17/2026, 10:31:20 AM

My Notes

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