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4 April, 08:09

Hayek is best known for his contribution to the understanding of __

Hayek disagreed with Keynes about expansionary policy because it could cause__ and ___influence consumer decisions.

Unlike Keynes, Hayek believed that consumer actions ___be accurately displayed on a supply and demand curve.

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Answers (2)
  1. 4 April, 08:16
    0
    1 - price changes

    2 - inflation; negatively

    3 - could not
  2. 4 April, 09:18
    0
    -price changes.

    -inflation, negatively.

    -could not.

    Explanation:

    -Hayek's theory, on how changing prices provide data useful for people to define their plans is a significant milestone in economics, led him to win the Nobel Prize.

    -In his theory, fighting recession with expansionary policies was believed to lead to too many investment plans that could not actually be maintained, limiting a needed process of adjustment and setting up possibilities for future inflation.

    -Hayek stated as a fallacy of the dogma of perfect competition the idea that producers can know as a fact the shape of the consumers demand curve because that's a variable to be discovered.
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