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Austrian business cycle theory

2019-12-06 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Austrian business cycle theory,供大家参考学习,这篇论文讨论了奥地利学派的商业周期理论。奥地利学派的商业周期理论又称为货币商业周期理论,由奥地利学派经济学家米塞斯开创,经诺贝尔经济学奖得主哈耶克完善而成。以往的商业周期理论对不是以货币信贷为研究对象的,均假定货币是中性的。米塞斯批评各种以货币中性为前提的货币理论,认为类似的货币理论是虚妄和不切实际的。货币商业周期理论是米塞斯货币信用理论的一个实际运用。米塞斯的商业周期理论直接以货币分析为出发点,哈耶克在其恩师的基础上,突出从资本角度的分析,构建一个更加精致、完美的米塞斯—哈耶克商业周期理论。

Austrian business cycle theory, also known as monetary business cycle theory, was initiated by Austrian economist mises and perfected by Nobel laureate hayek. It is worth mentioning that hayek won the Nobel Prize mainly for his research on monetary theory and business cycle theory. Hayek was awarded the Nobel Prize in economics in 1974, along with his theoretical rival, gonar myrdal, "for their pioneering work on monetary policy and the business cycle, and for their acute analysis of the effects of economic, social and institutional interactions".

Previous business cycle theories assumed that money was neutral when they did not study money and credit. Mises criticized various monetary theories based on the premise of monetary neutrality, believing that similar monetary theories are false and impractical. Credit expansion leads to a broad measure of the money supply, which eventually leads to a decline in the purchasing power of money or in market margins. Since money is not neutral, the increase in money supply does not lead to the increase in the same proportion of money held by all actors, which necessarily means that the process of credit expansion is also a process of wealth redistribution. The government's policy of credit expansion forces the money interest rate in the lending market to be lower than the original interest rate, and the deviation of the two causes the distortion of the whole social production, which will lead to economic crisis in serious cases. It is easy to understand from the axiom of human action that monetary nonneutrality and capital interest theory form the basis of mises's business cycle theory. Combining monetary theory with credit theory, we can easily come to the following conclusion: monetary business cycle theory is a practical application of mises's monetary credit theory. Mises's business cycle theory is directly based on monetary analysis, so it is also called monetary business cycle theory. On the basis of his teacher, hayek emphasized the analysis from the perspective of capital and constructed a more refined and perfect mises - hayek business cycle theory. "Mises' combined fett's theory of interest and pombawick's theory of capital and his own theory of the business cycle into a complete theoretical system, '" rothbard observes.

Mises's monetary business cycle theory with Austrian characteristics was refined by hayek and turned into a sophisticated theoretical model known as mises - hayek business cycle theory. Mises's study of business cycle theory originated from the early study of monetary credit theory. Mises always insisted that the explanation of any economic phenomenon should not depart from the general principles of economics. As we know earlier, mises placed the study of monetary theory within the framework of general economic theory, and later integrated monetary theory with capital interest theory to study business cycle theory. Essentially, business cycle theory is a comprehensive application of mises's economic theory system. Because of this profound imprint of "money", mises named this business cycle theory monetary business cycle theory.

Mises's business cycle theory, based on his monetary theory and capital interest theory, accepted the economic thought of the British monetary school in the middle of the 19th century to explain the economic crisis with the theory of monetary expansion. Mises believed that the non-neutrality of money was a concept of necessity derived from the action theorem of man. Therefore, non-neutrality of money must also be the factual premise of mi's monetary theory. Mises criticized various monetary theories based on the premise of monetary neutrality, believing that similar monetary theories are false and impractical. At the same time, mises criticized various forms of non-monetary business cycle theory, pointing out that they are untenable. These theories include Marx's explanation, jevons's sunspot theory, and imbalance theory. He pointed out that the errors of these doctrines originated from: first, the false understanding of interest as a monetary phenomenon and the attempt to eliminate the existence of interest by eliminating the scarcity of money. Therefore, low interest rates are desirable and a necessary condition for economic prosperity, while high interest rates are immoral. Mises demonstrated that interest belongs to the category of human action, determined by human time preference, and is objective, which also explains that the nominal interest rate can never be equal to zero at any time. Second, simply assume that money is neutral and ignore the monetary impulse theory. The effect of changes in monetary relations on various interest rates can be obtained only through currency neutrality. The theory of the non-monetary business cycle acknowledges that an increase in the number of money and credit intermediaries is a necessary condition for the market to flourish, but fails to answer the question of how the influx of additional money and credit intermediaries will affect interest rates in the lending market. Third, these doctrines treat entrepreneurs as static recipients, rather than entrepreneurial. Mises points out that unexpected external shocks are not enough to cause widespread business downturns, and it is not true to assume that all entrepreneurs are not equipped to withstand such shocks.

In the author's opinion, mises's business cycle theory is based on the premise of full employment. In his book the action of man, mises argues in particular: "the role of idle factors of production in the first stage of market prosperity." It is understandable that the assumption that there is no full employment is a technical simplification of the analysis and does not affect the substance. In his book, he notes that the existence of idle factors of production before credit expansion can only sustain a false boom for a longer period, "not a sustained boom. They're just messing up the recovery process." Hayek was more typical: pre-employment underemployment was itself a phenomenon to be explained. It seems even more unreasonable to explain a phenomenon with a phenomenon that needs to be explained! In addition, conceptually, mises opposed the word "full employment" to have a substantive meaning. He believed that the market social environment of free competition was necessarily efficient and full employment, and there was no need to emphasize it. But mises was always against trying to make full employment an economic policy goal. The argument can also be found in rothbard's the great depression. Krzner emphasized the important features of mises's cycle theory in the review of mises, and it was obvious that krzner's acceptance of this theory was based on mises - hayek's business cycle theory. The article quotes some sentences and paragraphs from the principle of money and credit. From this book we can also see that kozner criticized and accepted mises's time preference theory and capital interest theory. He believed that mises's concepts of "time" and "capital" were characterized by extreme subjectivism. On mises's theory of monetary cycles, kozner summarized five characteristics. First, the problem of economic cycles stems from the supply of money. Second, following wixel's theory, mises focused on the ways in which monetary expansion led to the systematic undervaluation of the monetary rate below the natural rate; Third, looked at the "deviation" influence on entrepreneurs to implement production plan, due to these plans obvious for-profit, entrepreneurs have made the irreversible and "wrong" plan, finally the "wrong" would be exposed, as a result, the project was abandoned, and their market value plummeted; Fourth, the "wrong" nature of these market plans is that they require consumers to give up a larger quantity of current consumer goods than they are actually willing to give up. Fifthly, the monetary business cycle theory is the theoretical application of monetary nonneutrality. Monetary expansion certainly affects - and disastrously affects - the structure of the real productive economy. In 1931 hayek gave six lectures at the London school of economics on Austrian business cycle theory, which later became known as "prices and production". Hayek's graphical reformulation of mises's theory made it more refined and accepted in economics. This is known as the hayek triangle, a model of the use of capital over time, known as the hayek-mises macroeconomic model.

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