Hayeks Contribution to the business cycle
Friedirch August von Hayek was born in Vienna on May 8, 1899 and died on March 23, 1992, in the city of Freiburg in Breisgan in Germany. Hayek was a central figure in 20th-century economics and he represented the Austrian tradition. After Hayek served military service, he became a student at the University of Vienna where he got his doctorate in law and political science. In 1923-4, Hayek visited New York and then returned to Vienna where he continued his work. Hayek became the first director of the Austrian Institute for Business Cycle Research in 1927. He also gave some lectures in England at the London School of Economics in 1931. In England, he participated in such debates as monetary, capital, and business-cycle theories during the 1930s. Hayeks' contributions were very important. To describe, business cycles, one has to examine the historical record of a nation's overall economic performance. "It is a pattern of long-term growth marked by alternations of expansion and contradiction. These recurrent alternations above and below the long-term trend are business cycles" (Outhwaite, 55). The term "economic fluctuations" is used to describe the same phenomena. Economists have distinguished many cause of the busines
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Approximate Word count = 2071
Approximate Pages = 8 (250 words per page double spaced)
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