Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

Abstract: This article contains a survey and a critique of F. A. Hayek’s monetary overinvestment theory of the trade cycle from the 1930’s. However, first there will be a discussion of Hayek’s concept of capital, which is central for his trade cycle theory and is inspired from the capital theoretic thoughts of Böhm-Bawerk from the end of the 19th century. Hayek´s trade cycle theory is compared with key elements in Keynes’ and Friedman’s corresponding theories, and it is concluded, that Hayek’s theory seems to explain aspects of the causes and the development of the current financial crisis.

Keywords: F. A. Hayeks; konjunkturteori

JEL-codes: A10

Language: Danish

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