Articles
Marxism and the Austrian School on the Business Cycle: the Opposition to Keynes
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AuthorJaehong Hwang
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Year2009
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VolumeVol.57
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NumberNo.2
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The purpose of this paper is to identify the similarities between Marxism and
the Austrian School in macroeconomic theory. In spite of the fact that the
overinvestment theory of Marxists had a major impact on the business cycle
theory of the Austrian School, the direct comparison between Marxism and the
Austrian School is rare, and the Marx-Keynes/Minsky synthesis is considered
as an explanation of the capitalism instability and crisis. The overinvestment
theories of both Marxism and the Austrian School essentially represent a real
tradition in business cycle theory, and are fundamentally different from
Keynes/Post Keynesian theory that is incompatible with the real tradition. -
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