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Re-switching, the average period of production and the Austrian business-cycle theory: A comment on Fratini


  • Peter Lewin

    () (University of Texas at Dallas)

  • Nicolas Cachanosky

    (Metropolitan State University, Denver)


Abstract In a recent contribution to this journal Saverio Fratini (Review of Austrian Economics, 2019) offers a critique of our work on Austrian Capital Theory on the grounds that our conception of capital and “roundaboutness” does not appear to provide adequate support for the Austrian business-cycle theory. In this comment we explain why we think this criticism is wrong.

Suggested Citation

  • Peter Lewin & Nicolas Cachanosky, 2019. "Re-switching, the average period of production and the Austrian business-cycle theory: A comment on Fratini," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 375-382, December.
  • Handle: RePEc:kap:revaec:v:32:y:2019:i:4:d:10.1007_s11138-019-00460-1
    DOI: 10.1007/s11138-019-00460-1

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    More about this item


    Average period of production; Degree of roundaboutness; Capital; Re-switching; Austrian business-cycle theory;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles


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