|
|
Friedrich August von Hayek on the Evolution of Liberal Rules
Doleček, Pavel ; Znoj, Milan (advisor) ; Profant, Martin (referee) ; Hříbek, Tomáš (referee)
The present dissertation deals with the topic of the relationship between political and moral philosophy and the epistemological and methodological arguments of Friedrich August von Hayek. The aim of the dissertation is to defend in general the assertion that Hayek's philosophy is the application of epistemological and methodological positions to moral and political philosophy and that this application is implemented through the continuous process of defining the basic theoretical positions towards philosophical tradition. This general statement is elaborated on in several perspectives. The first perspective puts the concept of knowledge in the forefront, both in the sense of a certain concept of rationality, i.e. the nature of reason and human thinking, and also in the sense of defining the nature and limits of scientific inquiry. The latter follows the development of Hayek's thinking, pointing out the aspects of his philosophy, which are the elaboration of the theories of his predecessors in thought within the Austrian economic school or classical sociology. This perspective also shows that, at a certain stage of his thinking, Hayek considerably moves away from these predecessors, particularly in the context of grasping individualism. The third perspective shows the deeper roots of some of...
|
|
|
Business cycle and monetary policy: a modern Austrian approach
Komrska, Martin ; Chytil, Zdeněk (advisor) ; Zamrazilová, Eva (referee) ; Kadrmas, Tomáš (referee)
This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.
|
guest ::
