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CREDIT MONEY AND CYCLICAL CRISES: THE VIEWS OF HAYEK AND FISHER COMPARED

The paper reviews two competing versions of what was commonly described as the monetary over-investment theory of the business cycle put forth by Hayek and Fisher during the 1930s. Given the different characteristics of the monetary process highlighted by each author, from otherwise similar explanations of cyclical crises Hayek and Fisher derived diametrically-opposed policy conclusions. Fisher opted in favour of the "nationalization" of money, while Hayek ultimately came to advocate its "denationalization".

 

 
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