Abstract
Abstract Tyler Cowen's ?New Austrian? theory of business cycles is based on risk analysis and the assumption of rational expectations. This contrasts with the Old Austrian view, which questions the feasibility of measuring economic risk. Despite Cowen's admirable eclecticism, the way he applies risk analysis to business cycles suffers from serious inconsistencies, and his use of rational expectations is mistaken in the face of economic complexity?a phenomenon that was accurately understood by the traditional Austrians.
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DOI 10.1080/08913819908443538
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References found in this work BETA

A Treatise on Probability.John Maynard Keynes - 1921 - London, England: Dover Publications.
Risk, Uncertainty and Profit.Frank Knight - 1921 - University of Chicago Press.
A Treatise on Probability.Harry T. Costello - 1923 - Journal of Philosophy 20 (11):301-306.

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Citations of this work BETA

From Hayek to Keynes: G.L.S. Shackle and Ignorance of the Future.Greg Hill - 2004 - Critical Review: A Journal of Politics and Society 16 (1):53-79.
Risk and Business Cycles: Reply to Rosser.Tyler Cowen - 2000 - Critical Review: A Journal of Politics and Society 14 (1):89-94.
Hayek's Business-Cycle Theory: Half Right.Daniel Kuehn - 2013 - Critical Review: A Journal of Politics and Society 25 (3-4):497-529.
Risk and Austrian Business‐Cycle Theory: Rejoinder to Cowen.J. Barkley Rosser - 2000 - Critical Review: A Journal of Politics and Society 14 (1):95-97.

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