F. A. von Hayek’o verslo ciklo teorija: jos gimimo aplinkybės, esmė ir aktualumas šiandienai.

THE BUSINESS CYCLE THEORY OF F.A. VON HAYEK: THE CIRCUMSTANCES OF ITS CREATION, ITS ESSENCE, AND ITS RELEVANCE TODAY.

Relevance of the subject and scientific problem: the main goal of the article is shown in its title, to introduce to the reader the business cycle theory of F.A. von Hayek, one of the most important members of the Austrian school of economics, and to try to answer the question how relevant this theory is today. For this purpose, the circumstances of the creation of von Hayek’s business cycle theory and its relevance today are revealed. Methods: logical abstraction, which includes and combines the generalisation of economic and historical theoretical statements, theoretical systematic analysis, and a synthesis of the ideas of the Austrian school of economics and their impact on the development of economic thought, based on the conclusions and thoughts of the work of scientists from different countries, as well as general and logical analysis and comparison. Research results: in the book Prices and Production (Von Hayek, 1967 [1935, 1931]) von Hayek explained strictly analytically how the business cycle is established. To illustrate this, he presented in the book a new heuristic analytical tool for business cycle theory, his famous ‘von Hayek’s triangles’. This different form of von Hayek’s triangles combined two related concepts, the average period of production and the different stages of production, and gives a practical but very stylised way to describe changes (generated by interest rates) in the time model of capital structure, naming the business cycle as the absence of coordination in time. According to von Hayek, the structure of the triangle changes when interest rates change. In R. W. Garrison’s book Time and Money: The Macroeconomics of Capital Structure (Garrison, 2001), the central place is taken by a capital-based macroeconomic construct’s original diagram of three combined quadrants. Other economists expanded the operation of Garrison’s model, adding new parts, which allows for the model to give a better explanation of the business cycle operation. [ABSTRACT FROM AUTHOR]

Straipsnyje pateikiamas F. A. von Hayek’o verslo ciklo teorijos gimimo aplinkybių, esmės ir jos realaus aktualumo šiandienai teorinis tyrimas, grindžiamas nuostata, kad siekiant suprasti šiuolaikinę visuomenę reikia rimtai priimti dėmesin idėjų ir visuomenių istoriją. Atliekant tyrimą siekiama atskleisti F. A. von Hayek’o verslo ciklo teorijos gimimo aplinkybes, esminius jos momentus ir parodyti šios teorijos poveikį tuometiniams ir šiandieniams politiniams-ekonominiams monetarinės srities procesams. Tyrimo rezultatai atskleidžia, kad šia teorija F. A. von Hayek’as metė iššūkį tuometinei vyriausybių ir centrinių bankų makropolitikai. [ABSTRACT FROM AUTHOR]

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