The discussion is specifically about unemployment but Hayek analyzes the Keynesian solution to unemployment in terms of Austrian school business cycle theory and how Keynesian solutions distort the capital-consumption structure of the economy.
For a detailed discussion of the Austrian business cycle theory, see Austrian School Business Cycle Theory.
-RW
Inflation also result in the consumption of capital as well.
ReplyDeleteNothing about M2, huh? That's what I thought. Maybe you should post a video of yourself talking about the importance of M2 in the ABCT, since you're such the Austrian-know-it-all.
ReplyDeleteDid you miss the part where Hayek explains that "The General Theory" is a hoax designed by Keynes as a political expedient in an attempt to repair prior British central bank shenanigans going back to WWI? And as such, Keynesian has nothing to do with providing a "cure" for a non-existent market failure.
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