Barnett & Block reageren op Cowen

Barnett & Block reageren op Tyler Cowen zijn kritiek op de Businesscycle theory (in zijn boek Risk and Business Cycles: New and Old Austrian Perspectives').

Uitgebreid - ze hebben nogal de gewoonte alles gedetailleerd te weerleggen - maar zeker het lezen waard, denk ik.

Hier.

Abstract:

Abstract Cowen (1997) criticizes Austrian Business Cycle Theory (ABCT) on eight grounds:
1. systematic errors;
2. inflation volatility;
3. confusion of inflation and savings;
4. confusion of inflation and investment;
5. real vs. nominal rates of interest;
6. interest rate information;
7. investor interpretation of interest rates;
8. validation of inflationary investments.
The present paper rejects all of these claims, and defends ABCT against them.