Clarifications of the Austro-Wicksellian Business Cycle Theory

by Mario Rizzo There has been a lively debate on forecasts of high inflation made by those worried about the Fed’s recent policy of quantitative easing. For details I refer the reader to Daniel Kuehn's excellent blog. The question to which I address myself is solely “What do these predictions have to do with core Austrian … Continue reading Clarifications of the Austro-Wicksellian Business Cycle Theory

A “Kleinian” Version of Austrian Business Cycle Theory

by Gene Callahan The next phase in my (now our, as I've taken on a colleague) project of thinking through Dan Klein's Knowledge and Coordination is to see how his ideas might be used to help describe business cycle theories and demonstrate commonalities they share. Note: the point of the present exercise is simply to try to … Continue reading A “Kleinian” Version of Austrian Business Cycle Theory

Fads as Social Cycles

We don't follow fashion That would be a joke You know we're going to set them set them So everyone can take note take note -- Adam Ant and Marco Pirroni by Gene Callahan* In his book Knowledge and Coordination, Daniel Klein distinguishes between mutual coordination and concatenate coordination. Mutual coordination is coordination which people intend: you … Continue reading Fads as Social Cycles

Notes on a General Theory of the Social Cycle

by Gene Callahan Monday past at our colloquium Andreas Hoffman presented a fascinating paper attempting to depict Austrian Business Cycle Theory as a special case of a more general business cycle theory based upon Hayek's later work on spontaneous orders. Hoffman's general idea (I won't do it justice in this brief summary, so please have a … Continue reading Notes on a General Theory of the Social Cycle