Austrian Business Cycle Theory: An Evolution and Contemporary Condition

Теория экономического цикла австрийской школы: эволюция и современное состояние

Kavaliou, Aliaksandr (Ковалев, Александр) ()
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Kavaliou, Aliaksandr (Ковалев, Александр): Centre for Business Education, European Humanities University

Ekonomicheskaya Politika / Economic Policy, 2015, vol. 2, 43-62

Abstract: 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.

Keywords: Austrian school; business cycles; fiduciary media; malinvestment; capital structure (search for similar items in EconPapers)
JEL-codes: B13 B53 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:1526

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