Hayek's Anti-Cycle Theory As The Rule Of Necessity

Abstract

Lidee la plus repandue est que dans les annees 40 Hayek delaissa leconomie en general et la theorie du cycle des affaires en particulier. En fait, Hayek est demeure fidele a ses idees sur ce dernier point. Sa theorie du cycle economique differe de celle de Mises : Hayek a mis laccent sur les perturbations endogenes qui donnent naissance aux cycles. Selon Hayek et Wicksell, le systeme bancaire ne parvient pas a arreter cette expansion illusoire. Les derniers travaux de Hayek sur la concurrence et la monnaie sont dans la lignee de son objectif de stabilisation monetaire. Il ne propose pas une theorie du cycle des affaires mais plutot une theorie a propos de labsence de cycles, une theorie de lanti-cycle.The most commonly held idea is that in the 1940s Hayek lost interest in economics in general and in trade cycle theory in particular. Hayek did not change his mind on this subject. His trade cycle theory differs from Misesone: Hayek puts the stress on the endogenous disturbance at the beginning of the trade cycle. According to both Hayek and Wicksell, the banking system fails to stop the false expansion. His late works on competition and money remain in line with his objective of monetary stabilization. Hayek does not present a trade cycle theory but rather a theory about the absence of a cycle, an anticycle theory.