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Production Period and Cycles: Several Interpretations in a Neo-Austrian Economic Perspective

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  • Augier, Jose
  • Augier, Laurent

Abstract

The aim of this contribution is to study the notion of the period of production by taking into consideration the time-consuming nature of capital. Long delays between investment expenditures and receipts of profits from capital are indeed a remarkable property of the Austrian theory of capital. The study of the great essays of the neo-Austrian capital theory modeling allows us to postulate that there are at least two large contributing groups depending upon whether the production period is endogenous or exogenous. Our work consists in showing the well-founded methodology of the first current by suggesting a neo-Austrian interpretation of the non-steady state behavior of the standard macroeconomic model. We show that the origin of economic cycles is the potential conflict between the producer's plan of investment through the period of production and the inter-temporal choices of the consumers. Copyright 2003 by Kluwer Academic Publishers

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  • Augier, Jose & Augier, Laurent, 2003. "Production Period and Cycles: Several Interpretations in a Neo-Austrian Economic Perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(2-3), pages 205-229, September.
    • Handle: RePEc:kap:revaec:v:16:y:2003:i:2-3:p:205-29
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    Cited by:

    1. George Bitros, 2008. "Why the structure of capital and the useful lives of its components matter: A test based on a model of Austrian descent," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 301-328, December.
    2. Robert Mulligan, 2006. "Accounting for the business cycle: Nominal rigidities, factor heterogeneity, and Austrian capital theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(4), pages 311-336, December.

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