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Richard Cantillon (French: [kɑ̃tijɔ̃]; 1680s – May 1734) was an Irish-French economist and author of Essai Sur La Nature Du Commerce En Général (Essay on the Nature of Trade in General), a book considered by William Stanley Jevons to be the "cradle of political economy". [4]
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics seeking to explain how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. [1]
The Austrian school is a heterodox [1] [2] [3] school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively ...
These contributions include: his cause and effect methodology, monetary theories, his conception of the entrepreneur as a risk-bearer, and the development of spatial economics. Cantillon's work had significant influence on the early development of political economy, including the works of Adam Smith , Anne Turgot , Jean-Baptiste Say ...
The Cantillon effect [20] ... In 1922, inflation in Austria reached 1,426%, and from 1914 to January 1923, the consumer price index rose by a factor of 11,836, ...
In response to the Economic Calculation Problem proposed by the Austrian School of Economics that disputes the efficiency of a state-run economy, the theory of Market Socialism was developed in the late 1920s and 1930s by economists Fred M. Taylor (1855–1932), Oskar R. Lange (1904–1965), Abba Lerner (1903–1982) et al., combining Marxian ...
The Historical school was involved in the Methodenstreit ("strife over method") with the Austrian School, whose orientation was more theoretical and a prioristic. In English speaking countries, the Historical school is perhaps the least known and least understood approach to the study of economics, because it differs radically from the now ...
Austrian School Topics - As the topics of writing are becoming more diversified, articles, podcasts and videos about economy are all classified here. Austrian Economics Overview; Business Cycles; Calculation and Knowledge; Cantillon; Capital and Interest Theory - By explaining these two terms and analyzing current events, readers can understand ...