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

Agnès Festré

History of Economic Ideas, 2003, vol. 11, issue 1, 13-45

Abstract: 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 Wrst 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 diVerent phases of the trade cycle, by underlying the role played by knowledge and individual behaviour within market adjustments.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:hid:journl:v:11:y:2003:1:2:p:13-45

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