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Knowledge and individual behaviour in the Austrian tradition of business cycles: von Mises vs. Hayek


  • Agnès Festré

    () (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)


In 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.

Suggested Citation

  • Agnès Festré, 2003. "Knowledge and individual behaviour in the Austrian tradition of business cycles: von Mises vs. Hayek," Post-Print halshs-00272394, HAL.
  • Handle: RePEc:hal:journl:halshs-00272394
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    Cited by:

    1. Festré, Agnès, 2006. "Knut Wicksell and Ludwig von Mises on Money, Interest, and Price Dynamics," Journal of the History of Economic Thought, Cambridge University Press, vol. 28(03), pages 333-357, September.
    2. Marco, Passarella & Hervé, Baron, 2010. "Concorrenza senza equilibrio. La "scoperta imprenditoriale" nella Teoria Economica Austriaca
      [Competition without equilibrium. The 'entrepreneurial discovery' in Austrian Economic Theory]
      ," MPRA Paper 28505, University Library of Munich, Germany.
    3. Agnès Festré & Nathalie Lazaric, 2007. "Routines and leadership in Schumpeter and von Mises' analysis of economic change," Post-Print halshs-00271338, HAL.


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