Friedrich A. Hayek (1899-1992)

1975, University of Hartford, Hartford, Connecticut

CAPITAL-BASED MACROECONOMICS These PowerPoint shows (below left) represent three successive versions of capital-based analytics. The original show was created in early 1999, when the end of the credit-driven boom was not yet in sight and when Bill Clinton had almost two years left of his second term.

Consistent with the Mises-Hayek theory of the business cycle, the graphical analytics demonstrate the inevitability--but not the timing--of the subsequent bust. Part V of the original show depicts Bill Clinton still in office when the bust comes.

In 2003 I created a second edition of the show, mainly to add some pedagogical features in the early sections and additional explanatory text throughout. I also made changes in Part V to reflect the fact that George W. Bush was in office when the downturn came.

In 2006, I created a third edition---a total remake of the show using the 2003 PowerPoint software. I also created a second show to contrast the Keynesian and Hayekian frameworks. And I tweaked both of thise shows in 2009.

--RWG