The role of ideal types in Austrian business cycle theory

Gene Callahan and Steven Horwitz

A chapter in What is so Austrian about Austrian Economics?, 2010, pp 205-224 from Emerald Group Publishing Limited

Abstract: The Austrian theory of the business cycle (henceforth ABC) frequently has been a target for critics of Austrian economics. In particular, a number of economists who are generally appreciative of other Austrian themes have singled out ABC as being, in one such critic's words, an “embarrassing excrescence” marring the otherwise generally sound body of modern Austrian thought.1Despite such criticisms, many Austrian economists persist in forwarding ABC as the best available, or perhaps even the only valid, explanation for the cycles of boom and bust regularly occurring in most modern, national economies.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-2134(2010)0000014013

DOI: 10.1108/S1529-2134(2010)0000014013

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