Salter, Alexander W.; Luther, William J. - In: Studies in Austrian macroeconomics, (pp. 45-60). 2016
Since Hayek’s pioneering work in the 1930s, the Austrian business cycle theory (ABCT) has been presented as a disequilibrium theory populated by less-than-perfectly rational agents. In contrast, we maintain that (1) the Austrian business cycle theory is consistent with rational expectations...
