From: <[EMAIL PROTECTED]> > Rejecting equilibirum theory is not equivalent to doubting that > markets tend to stability.
Correct. > Austrians attribute business cycles to > misjudgments, thus cycles will be limited by information and > skill. They disagree with each other, and keep changing their > story, on which misjudgments matter, and how one misjudgment > influences the next but the basic idea -- that business cycles are > the result of public and private errors -- is the same as the > chicago theory. Very interesting, where did you get this from? As far as I could see, the misjudgment that matter most is credit expansion. And I definitely have to see a similarity between the Austrian and Chicago business cycle theories - in fact, I'm sure the guys at the Mises institute would like that too :) Mark
