Abstract
It has been recently discussed the similitude between new-classical business cycle theory and Hayek’s works on economic fluctuations. In this article, we aim at rejecting the thesis of similitude. Firstly, we present the new-classical theory with emphasis both on Lucas’s works and on microeconomics foundations. After that, we discuss the difficulty to characterize Hayek’s thought and we present a reconstruction of this project on the theory of cycles. We intend to demonstrate that Hayek and new-classical theories have different conceptions on the modus operandi of capitalistic economies.
Keywords:
Business cycle theory; Austrian School; new classical; Hayek; Lucas