期刊名称：Reason Papers : A Journal of Interdisciplinary Normative Studies
印刷版ISSN：0363-1893
出版年度：2008
卷号：30
页码：59-90
出版社：Reason Papers
摘要：Jeffrey Rogers Hummel criticizes Austrian Business Cycle Theory (ABCT), and it is our intent in the present article to reply to his criticisms,1defending this viewpoint against the difficulties he raises with it. Hummel sees six separate problems with the Austrian or praxeological analysis of the 1Why expend so much time and effort here to respond to Jeffrey Rogers Hummel, "Problems with Austrian Business Cycle Theory," Reason Papers 5 (1979), pp. 41-53, which was, we readily admit, published a long time ago. This is because no matter that this author mischaracterizes ABCT, and thus his criticisms of it fall wide of the mark, we are appreciative of the fact that they are serious criticisms. On that ground alone they deserve a serious reply. Additionally, there are few thought-provoking negative assessments of ABCT. See, e.g., Gordon Tullock, "Why the Austrians Are Wrong about Depressions," Review of Austrian Economics 2 (1987), pp. 73-78; Gordon Tullock, "Reply to Comment by Joseph T. Salerno," Review of Austrian Economics 3 (1989), pp. 147-49; Richard E. Wagner, "Austrian Cycle Theory: Saving the Wheat While Discarding the Chaff," essays in honor of James Buchanan (2000), available online at http://www.gmu.edu/jbc/fest/files/wagner.htm; J. Snippe, "Intertemporal Coordination and the Economics of Keynes: Comment on Garrison," History of Political Economy 19, no. 2 (1987), pp. 329-34. For Austrian defenses, see Joseph T. Salerno, "Comment on Tullock's 'Why Austrians Are Wrong about Depressions'," Review of Austrian Economics 3 (1989), pp. 141-45; Walter Block, "Yes, We Have No Chaff: A Reply to Wagner's 'Austrian Business Cycle Theory: Saving the Wheat While Discarding the Chaff'," Quarterly Journal of Austrian Economics 4, no. 1 (2001), pp. 63-73; Roger Garrison, "Intertemporal Coordination and the Invisible Hand," History of Political Economy 17 (1985), pp. 309-21; Roger Garrison, "Full Employment and Intertemporal Coordination," History of Political Economy 19, no. 2 (1987), pp. 335-41. There is also Tyler Cowen, Risk and Business Cycles (London: Routledge, 1997), which has had no reply. This by itself would be sufficient to justify a reply to Hummel. In sharp contrast, many critiques of ABCT amount to no more than name-calling. For example, Leland Yeager, "The Significance of Monetary Disequilibrium," Cato Journal 6, no. 2 (1986), p. 378, says that ABCT is an "embarrassing excrescence."
