"Quite simply, Hayek's aim was to analyze the mechanism by which an inflation-fed boom must, sooner or later, be reversed by a decline in investment. 'The cumulative process of contraction,' likely to then set in, however, he wrote in 1969, 'is another matter which must be analyzed by conventional means.' 'Conventional means,' In 1969, mean Keynesian means." -- Goodspeed, Rethinking the Keynesian Revolution, p.145
I have previously made this point on this blog: Hayek explains why the boom must end; Keynes explains why the bust gets as bad as it does. Once again, I see that Hayek got there decades before me.