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A Discussion of the Main Tenets of Austrian Business Cycle Theory
Austrian business cycle theory Stability of consumers time preference Technical progress
2016/1/27
The aim of this paper is to critically assess Austrian Business Cycle (ABC) theory. Its foundation was laid in Theory of Money and Credit (1912) by Ludwig von Mises, which F. A. Hayek elaborated in mo...
The Austrian School in the American Economic Review (1911-2004): The Initial and Final Decades
American Economic Review Initial Final Decades
2009/7/23
Reference to an Austrian or neo-Austrian economist has appeared in the American
Economic Review each year since the journal was first published in 1911. Topics examined
in the first (1911-20) and la...
Tyler Cowen on Austrian Business Cycle Theory: A Critique
Austrian Business Cycle Theory: Critique
2009/7/23
Cowen (1997) criticizes Austrian Business Cycle Theory (ABCT) on eight
grounds: 1. systematic errors; 2. inflation volatility; 3. confusion of inflation and savings;
4. confusion of inflation and in...
Entrepreneurship, Externalities and Development: An Austrian Critique of the Hausmann-Rodrik New Argument for Industrial Policy
Entrepreneurship Externalities Development
2009/7/23
The information externality in entrepreneurship theory argues that the social
benefits arising from entrepreneurial actions are greater than the private gains.
Entrepreneurs who discover profit oppo...
Austrian Economics and the Political Economy of Freedom
Austrian Political Economy Freedom
2009/7/23
The revival of the modern Austrian School of economics may be said to
have begun 30 years ago. In 1974 the Austrian School had been on hiatus for almost a
quarter of a century. For more than 60 year...
In this paper I show that Austrian trade cycle theory is fully consistent with
rational expectations. I also compare and contrast rational expectations with an alternative
theory of rationality and ...
AUSTRIAN ECONOMICS AND VALUE JUDGEMENTS: A CRITICAL COMPARISON WITH NEOCLASSICAL ECONOMICS
AUSTRIAN ECONOMICS VALUE JUDGEMENTS A CRITICAL COMPARISON NEOCLASSICAL ECONOMICS
2014/6/25
The article points out the limits of Austrian economics in so far as the passage from positive to normative economics is concerned. We propose a comparison with neoclassical economics and discuss the ...
In this contribution I first present a selective review of the literature on learning theories in economics. I then show that those theories are often assimilatingknowledge to information or consideri...