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Austrian Business Cycle Theory: An Evolution and Contemporary Condition

Listed author(s):
  • Kavaliov, Aliaksandr

    ()

    (Centre for Business Education, European Humanities University)

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    The aim of the paper is to analyze the process of evolution of Austrian Business Cycle Theory (ATBC). The theory was very popular until 1940 however after that it was in the shadow for the long years. The theory explains business cycle with fiduciary credit and other governmental distortion which lower interest rates and lead to incorrect capital structure compare to sustainable growth which supported by voluntary savings. ATBC considers laissez-faire as the most effective anticyclical economic policy. The paper presents the contribution to the theory made both by former leaders of the school (Mises, Hayek) and by contemporary adepts of the school.

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    File URL: ftp://w82.ranepa.ru/rnp/ecopol/ep1526.pdf
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    Article provided by Russian Presidential Academy of National Economy and Public Administration in its journal Economic Policy.

    Volume (Year): 2 (2015)
    Issue (Month): ()
    Pages: 43-62

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    Handle: RePEc:rnp:ecopol:1526
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    1. S. E Oppers, 2002. "The Austrian Theory of Business Cycles; Old Lessons for Modern Economic Policy?," IMF Working Papers 02/2, International Monetary Fund.
    2. Caliendo, Marco & Fossen, Frank & Kritikos, Alexander, 2012. "Trust, positive reciprocity, and negative reciprocity: Do these traits impact entrepreneurial dynamics?," Journal of Economic Psychology, Elsevier, vol. 33(2), pages 394-409.
    3. L. Grebnev., 2007. "On the Subject Matter of Economic Science, or Where Should We Begin while Teaching Economics?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    4. Vaughn,Karen I., 1994. "Austrian Economics in America," Cambridge Books, Cambridge University Press, number 9780521445528, December.
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