The role of ideal types in Austrian business cycle theory
2010; Linguagem: Inglês
10.1108/s1529-2134(2010)0000014013
ISSN1529-2134
AutoresGene Callahan, Steven Horwitz,
Tópico(s)Monetary Policy and Economic Impact
ResumoThe Austrian theory of the business cycle (henceforth ABC) frequently has been a target for critics of Austrian economics. In particular, a number of economists who are generally appreciative of other Austrian themes have singled out ABC as being, in one such critic's words, an “embarrassing excrescence” marring the otherwise generally sound body of modern Austrian thought.1 Despite such criticisms, many Austrian economists persist in forwarding ABC as the best available, or perhaps even the only valid, explanation for the cycles of boom and bust regularly occurring in most modern, national economies.
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