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Erschienen in:
1989 | OriginalPaper | Buchkapitel
The Austrians II: Hayek and the Trade Cycle
verfasst von : Gordon A. Fletcher
Erschienen in: The Keynesian Revolution and its Critics
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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From the Austrian point of view, Keynesian policies provided temporary stimulation of output and employment, but the longer-term effects have been to produce serious inflation and unemployment. The only curious feature is that the predicted consequences were so long delayed. The only solution to the problem is a painful period of readjustment before full employment and stable prices can be achieved through the operation of free-market forces.