David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Critical Review 5 (2):291-299 (1991)
Real business cycle theory, as exemplified by Fischer Black's Business Cycles and Equilibrium, posits that business cycles are due to random ?technology shocks,? and not to monetary, fiscal or other government policies. Rational expectations and complete markets are supposed to enable decision makers to avoid the costly mistakes that would otherwise result from policies that distort incentives to borrow and invest. This paper questions the assumptions of rational expectations and complete markets from an Austrian?school perspective. It argues that decision makers economize on information costs by basing their plans at least in part on the actual prices observed in the course of doing business, and that government regulations have impinged on the evolution of markets, leaving them far from complete.
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
J. Barkley Rosser, Between Cambridge and Vienna: The Risky Business of New Austrian Business Cycle Theory.
J. Barkley Rosser (1999). Between Vienna and Cambridge: The Risky Business of New Austrian Business‐Cycle Theory. Critical Review 13 (3-4):373-389.
Tyler Cowen (2000). Risk and Business Cycles: Reply to Rosser. Critical Review 14 (1):89-94.
Stephen J. Conroy & Tisha L. N. Emerson (2008). Ethical Cycles and Trends: Evidence and Implications. [REVIEW] Journal of Business Ethics 81 (4):905 - 911.
Francisco Louçã (1997). Turbulence in Economics: An Evolutionary Appraisal of Cycles and Complexity in Historical Processess. E. Elgar Pub..
Samuel Agnew Schreiner (2009). The World According to Cycles: How Recurring Forces Can Predict the Future and Change Your Life. Skyhorse Pub..
Vladimir A. Lefebvre & Yuri N. Efremov (2008). Cosmic Intelligence and Black Holes. World Futures 64 (8):563 – 576.
Simcha B. Werner (1992). The Movement for Reforming American Business Ethics: A Twenty-Year Perspective. [REVIEW] Journal of Business Ethics 11 (1):61 - 70.
Julianne Nelson (1994). Business Ethics in a Competitive Market. Journal of Business Ethics 13 (9):663 - 666.
Kirsten Martin & Bidhan Parmar (2012). Assumptions in Decision Making Scholarship: Implications for Business Ethics Research. [REVIEW] Journal of Business Ethics 105 (3):289-306.
Andrew Gustafson (2010). Rorty, Caputo and Business Ethics Without Metaphysics: Ethical Theories as Normative Narratives. Business Ethics 19 (2):140-153.
Gjalt de Graaf (2001). Discourse Theory and Business Ethics. The Case of Bankers' Conceptualizations of Customers. Journal of Business Ethics 31 (4):299-319.
Daniel J. Ahearn Jr (1941). Turning Points in Business Cycles. Thought: A Journal of Philosophy 16 (2):355-355.
Added to index2011-10-18
Total downloads3 ( #439,653 of 1,700,240 )
Recent downloads (6 months)2 ( #269,935 of 1,700,240 )
How can I increase my downloads?