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Austrian Business Cycles Theory and Equilibrium Business Cycles Theory
[Théorie autrichienne du cycle et théorie des cycles d'équilibre]

Author

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  • Christelle Mougeot

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)

Abstract

According to Lucas' equilibrium business cycle theory, cycles are not the result of market failure but due to unavoidable errors on the part of optimizing agents. This approach is built on pre-war theories. Because misleading price signals are the catalysts of cyclical fluctuations, which means that individual behaviour is fundamental to explain aggregated phenomena, Lucas' equilibrium business cycle theory is called « neo-austrian » economics. But these Austrian roots are controversial. This article shows that concepts - equilibrium, expectations and information -, methods - structural analysis versus procedural and historical analysis - and research programs - forecasting versus coordination - fundamentally divide Lucas and Hayek.

Suggested Citation

  • Christelle Mougeot, 2009. "Austrian Business Cycles Theory and Equilibrium Business Cycles Theory [Théorie autrichienne du cycle et théorie des cycles d'équilibre]," Post-Print hal-03777072, HAL.
    • Handle: RePEc:hal:journl:hal-03777072
    DOI: 10.3917/rfe.094.0067
    as

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    Cited by:

    1. Alonso-Neira, Miguel A. & Sánchez-Bayón, Antonio & Castro-Oliva, Marcos, 2023. "Teoría austriaca del ciclo económico aplicada al caso español: del inicio del euro a la gran recesión y su recuperación [Austrian economic cycle theory applied to the Spanish case: from the begging," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 35(1), pages 280-310, June.

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