“Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.”

— Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

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Alan O. Ebenstein 47

American political scientist, educator and author 1959

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“It is my hypothesis that the fundamental source of conflict in this new world will not be primarily ideological or primarily economic. The great divisions among humankind and the dominating source of conflict will be cultural.”

Samuel P. Huntington The Clash of Civilizations?

"The Clash of Civilizations?," in Foreign Affairs (1993)
Context: It is my hypothesis that the fundamental source of conflict in this new world will not be primarily ideological or primarily economic. The great divisions among humankind and the dominating source of conflict will be cultural. Nation-states will remain the most powerful actors in world affairs, but the principal conflicts of global politics will occur between nations and groups of different civilizations. The clash of civilizations will dominate global politics. The fault lines between civilizations will be the battle lines of the future.

“The historic terrain of macro-economic theory is the explanation of the levels and fluctuations of overall economic activity. Macro-economists have been especially interested in the effects of alternative fiscal, financial, and monetary policies.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

“Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. If these empirical assumptions as to capital’s heterogeneity are false, then his theoretical system of economic activity falls. Hayek never established that changes in interest rates primarily and predominantly influence capital production of goods of higher order and their prices.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions.”

N. Gregory Mankiw (1958) American economist

N. Gregory Mankiw]], Macroeconomics, Preview ; Cited in: David Colander (2005). 'The Stories Economists Tell. p. 182
2000s -

“The things we fear most in organizations - fluctuations, disturbances, imbalances - need not be signs ofan impending disorder that will destroy us. Instead, fluctuations are the primary source of creativity.”

Margaret J. Wheatley (1941) American writer

Source: Leadership and the New Science (1992), p. 19-20 as cited in: Michael C. Jackson (2000) Systems Approaches to Management. p. 77

“Although many of us consider ourselves forward-thinkers, we still cling tenaciously to the old values of the monetary system.”

Jacque Fresco (1916–2017) American futurist and self-described social engineer

1. A design for the future.
The Best That Money Can't Buy: Beyond Politics, Poverty, & War (2002)

“The 'new theory of money and the cycle' which is spoken of in the opening paragraph is of course Hayek's. It was from Hayek that I began - where I got to will be seen. Even at the end, I was minimising my differences from Hayek. I could do so because, as I have elsewhere explained (Economic Perspectives, p. 141n), I still thought, like Pigou and Robertson, and Hayek, but by that time unlike Keynes, that 'we were talking about fluctuations, which, since they did not result in complete collapse or complete explosion, could not have engendered an expectation of going on forever. Booms could then be considered as times of high prices, slumps as times of low prices - with regard to some norm, which throughout the which throughout the fluctuations would not be changed, or not much changed'.”

John Hicks (1904–1989) British economist

Source: Money, Interest and Wages, (1982), p. 28; on his "Equilibrium and the Cycle" (1933), an influential work on the topics of intertemporal equilibrium, monetary theory, and trade cycle phenomena.

“To what shall the character of utility be ascribed, if not to that which is a source of pleasure?”

Jeremy Bentham (1748–1832) British philosopher, jurist, and social reformer

Théorie des peines et des récompenses (1811); translation by Richard Smith, The Rationale of Reward, J. & H. L. Hunt, London, 1825, Bk. 3, Ch. 1

“The topic that I have attempted to explore is the usefulness of these notions of the engineer, about feeds-back, harmonic components and the like, in application to the analogous problems of economic fluctuation and economic regulation.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. v

“Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.”

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Alan O. Ebenstein 47

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