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Post en Sound Monery Project sobre expectativas racionales y teoría austriaca del ciclo económico.

A few days ago Alexander W. Salter wrote an interesting post on the problem of optimal resource allocation during an Austrian business cycle. His argument is that the Austrian business cycle theory (ABCT) can be understood within “a framework of rational expectations and ‘equilibrium always’ modeling conventions.” The argument against the ABCT based on rational expectations is that if we assume a representative agent, then it is not plausible to assume that he persistently errs on investing in projects that might be too long or roundabout. If the agent truly is rational, then he should be able to sort out the “model” and correct his mistakes rather than always erring on the “too long or “roundabout” side.

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