The recent flourishing of New Classical economics, and especially its Equilibrium Business Cycle Theory (EBCT), has given a fresh hearing to the Old-but still developing-Austrian Business Cycle Theory (ABCT). While the New and the Old differ radically in both substance and methods, they exhibit a certain formal congruency that has captured the attention of both schools. The formal similarities between EBCT and ABCT invites a point-by-point comparison, but the comparison itself dramatizes differences between the two views in a way that adds to the integrity and plausibility of the Austrian theory.
Roger GarrisonRelated topics
attention austrian business certain classical comparison congruency cycle differ economics equilibrium exhibit flourishing formal fresh given hearing integrity plausibility recent substance theory way while ebctRelated quotes
Small business is the gateway to opportunity for those who want a piece of the American dream. [...] Well, wouldn't it be nice to hear a little more about the forgotten heroes of America-those who create most of our new jobs, like the owners of stores down the street; the faithfuls who support our churches, synagogues, schools, and communities; the brave men and women everywhere who produce our goods, feed a hungry world, and keep our families warm while they invest in the future to build a better America? That's where miracles are made, not in Washington, D. C.
Ronald Reagan
Suppose that the organism is given the problem of determining the analysis of a stimulus at a certain level of representation - e.g., the problem of determining which sequence of words a given utterance encodes. Since, in the general case, transducer outputs underdetermine perceptual analyses, we can think of the solution of such problems as involving processes of nondemonstrative inference. In particular, we can think of each input system as a computational mechanism which projects and confirms a certain class of hyputheses on the basis of a certain body of data.
Jerry Fodor
We are living in a period in which many people have changed their mind about what the use of music is or could be for them. Something that doesn't speak or talk like a human being, that doesn't know its definition in the dictionary or its theory in the schools, that expresses itself simply by the fact of its vibrations. People paying attention to vibratory activity, not in reaction to a fixed ideal performance, but each time attentively to how it happens to be this time, not necessarily two times the same. A music that transports the listener to the moment where he is.
John Cage
In [Aristotle's] formal logic, thought is organized in a manner very different from that of the Platonic dialogue. In this formal logic, thought is indifferent toward its objects. Whether they are mental or physical, whether they pertain to society or to nature, they become subject to the same general laws of organization, calculation, and conclusion - but they do so as fungible signs or symbols, in abstraction from their particular "substance." This general quality (quantitative quality) is the precondition of law and order - in logic as well as in society - the price of universal control.
Herbert Marcuse
War means fighting. The business of the soldier is to fight. Armies are not called out to dig trenches, to throw up breastworks, to live in camps, but to find the enemy and strike him; to invade his country, and do him all possible damage in the shortest possible time. This will involve great destruction of life and property while it lasts; but such a war will of necessity be of brief continuance, and so would be an economy of life and property in the end. To move swiftly, strike vigorously, and secure all the fruits of victory is the secret of successful war.
Stonewall Jackson
