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by Rudy Van Zijp
Download Austrian and New Classical Business Cycle Theories: A Comparative Study Through the Method of Rational Reconstruction fb2
Economics
  • Author:
    Rudy Van Zijp
  • ISBN:
    1852786744
  • ISBN13:
    978-1852786748
  • Genre:
  • Publisher:
    Edward Elgar Pub (April 1, 1993)
  • Pages:
    260 pages
  • Subcategory:
    Economics
  • Language:
  • FB2 format
    1166 kb
  • ePUB format
    1842 kb
  • DJVU format
    1427 kb
  • Rating:
    4.8
  • Votes:
    724
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Rudy van Zijp critically compares these two traditions. He builds his argument on very careful and sustained analysis of developments in the Austrian and new-classical explanations of cyclical fluctuations, dismissing the claim that the business cycle theories of the two traditions are simply variations on a theme. After a comprehensive description of what he terms the Hayek Programme and the Lucas Programme, he concludes by contrasting the different aims and methods of the two traditions.

ZIJP, Rudy van, (1993), Austrian and New Classical Business Cycle Theories: A Comparative Study . This landmark book changed that for good.

ZIJP, Rudy van, (1993), Austrian and New Classical Business Cycle Theories: A Comparative Study Through the Method of Rational Reconstruction, Edward Elgar Publishing Limited, Cambridge.

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a comparative study through the method of rational reconstruction.

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Austrian And New Classical Business Cycle Theories," Books, Edward Elgar Publishing, number 449, November. Handle: RePEc:elg:eebook:449. as. HTML HTML with abstract plain text plain text with abstract BibTeX RIS (EndNote, RefMan, ProCite) ReDIF JSON. Download full text from publisher. 2786748 Download Restriction: no. More about this item. More services and features. Follow serials, authors, keywords & more.

Although Austrian business cycle theory (ABCT) is a powerful price-theoretic explanation for monetary-induced booms and .

Although Austrian business cycle theory (ABCT) is a powerful price-theoretic explanation for monetary-induced booms and busts, it is not without critics. Indeed, many find ABCT implausible for two reasons. The first is that it seems to rely on individuals making systematic and economy-wide errors. This seems inconsistent with rational decision making, especially the theory of rational expectations. Admittedly, the magnitude of production errors will probably be smaller in a world of rational expectations, since individuals will recognize that they live in a world of signal extraction problems and, to the extent it is cost effective, will adjust somewhat.

oceedings{Zijp1993AUSTRIANAN, title {AUSTRIAN AND NEW CLASSICAL BUSINESS CYCLE THEORIES}, author {R. W. van Zijp}, year {1993} }. R. van Zijp. Austrian and New Classical Business Cycle Theories makes a major contribution to recent developments in macroeconomic theory. In the last two decades, economics has experienced a remarkable shift in focus. Keynesian macroeconomics, at least in its Hickian IS/LM version, has been the ruling orthodoxy since World War II. Although it was sometimes closely challenged by monetarism, it retained its dominant position until the 1970s.