Empirical Proof of Austrian Business Cycle Theory

[krazy kaju]

Right here (http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf). URL: http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf

Hope this comes in handy for someone. :)

[Fox McCloud]

Right here (http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf). URL: http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf

Hope this comes in handy for someone. :)

mark my words, one day we'll see the Austrian theory quantified with equations; maybe not every single aspect, but few of the major ones...enough that the mainstream can no longer accuse them of "having no equations" and "hating math".

thanks for the document

[low preference guy]

mark my words, one day we'll see the Austrian theory quantified with equations one day; maybe not every single aspect, but few of the major ones...enough that the mainstream can no longer accuse them of "having no equations" and "hating math".

thanks for the document

i don't think you really understand austrian economics. the day austrian economics is quantified with equations, it will no longer be austrian economics, because the heart of its method doesn't allow that.

[Fox McCloud]

i don't think you really understand austrian economics. the day austrian economics is quantified with equations, it will no longer be austrian economics, because the heart of its method doesn't allow that.

never said it would be perfect, I merely said it would be quantified; ie, a "best fit" that works in enough scenarios to warrant attention, but not necessarily in every scenario...ie: like Block's equation involving rent control. There's a difference between trying to quantify something and making that the heart of the theory.

[low preference guy]

never said it would be perfect, I merely said it would be quantified; ie, a "best fit" that works in enough scenarios to warrant attention, but not necessarily in every scenario...ie: like Block's equation involving rent control. There's a difference between trying to quantify something and making that the heart of the theory.

oh, sure, but that would be more like a rule-of-thumb. i thought you were referring to the actual theory, got it.

[hugolp]

Right here (http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf). URL: http://www.gmu.edu/depts/rae/archives/VOL14_4_2001/5_keeler.pdf

Hope this comes in handy for someone. :)

I cant believe nobody has said it: Empirical evidences can not prove something is right in a social science like economics. :p EDIT: This sentence from the paper explains it very nicely:


Empirical evidence is necessary, if not to evaluate the validity
of the theory, then to assess whether the processes identified by the theory are of sufficient
magnitude to be observable and to account for business cycle behavior.

That said, your like has peaked my curiosity and I am going to read it. Thanks for the link.


mark my words, one day we'll see the Austrian theory quantified with equations; maybe not every single aspect, but few of the major ones...enough that the mainstream can no longer accuse them of "having no equations" and "hating math".

thanks for the document

In fact, if at some point of my life I have time I would love to do this. I guess its deformation from being an engineer, I lean towards mathematics. I have even though of the theoretical fundations on how to integrate the uncertainty of human action into mathematical models.