The role of ideal types in Austrian business cycle theory
What is so Austrian about Austrian Economics?
ISBN: 978-0-85724-261-7, eISBN: 978-0-85724-262-4
Publication date: 10 August 2010
Abstract
The 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.
Citation
Callahan, G. and Horwitz, S. (2010), "The role of ideal types in Austrian business cycle theory", Koppl, R., Horwitz, S. and Desrochers, P. (Ed.) What is so Austrian about Austrian Economics? (Advances in Austrian Economics, Vol. 14), Emerald Group Publishing Limited, Leeds, pp. 205-224. https://doi.org/10.1108/S1529-2134(2010)0000014013
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited