publication . Thesis . 2016

The relevance of Hayek’s theory of the trade cycle for\ud understanding the United Kingdom business cycle

Whittle, Richard Robert;
Open Access English
  • Published: 01 Jun 2016
  • Country: United Kingdom
Abstract
The ‘Great Recession’ has brought about a justified critique of the neoclassical economic model. It is within the context of this shock to the mainstream that the economic orthodoxy can be queried. The calls for a new economic paradigm request the mainstream’s acceptance of heterodox ideas creating a pluralist approach to economic theory, research and teaching.\ud \ud Following the shock of the financial crisis, UK government economic institutions indeed appear more pluralist than before the crisis. The Bank of England’s One Bank Research Agenda (2015) aims to remove its institutional ‘group think’ to incorporate different economic perspectives to better allow i...
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