Knowledge and individual behaviour in the Austrian tradition of business cycles: von Mises vs. Hayek
AbstractIn this paper, we reconsider Ludwig von Mises and Friedrich Hayek's theories of business cycles in the light of their methodological approach. In the first part, we clarify Mises and Hayek's methodological frameworks in order to provide a better understanding of their programmatic approach of business cycles. The second part is dedicated to their respective theoretical framework, as applied to capital, interest and monetary theory. Finally, in the last part, we investigate the mechanisms at work in Mises and Hayek's explanations of the different hases of the trade cycle, by underlying the role played by knowledge and individual behaviour within marketadjustments.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00272394.
Date of creation: 2003
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Publication status: Published, History of Economic Ideas, 2003, 11, 1, 13-45
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Hayek ; von Mises ; knowledge ; beliefs ; business cycle theory;
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