Théorie autrichienne du cycle et théorie des cycles d'équilibre

Christelle Mougeot

Revue française d'économie, 2009, vol. Volume XXIV, issue 4, 67-92

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.

Date: 2009
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