WP: Adverse Selection Problem and the Rational Expectations Critique of the Mises-Hayek Business Cycle Theory

Hace unos días dejé en un post un comentario sobre la crítica de las expectativas racionales al ABCT [Austrian Business Cycle Theory]. En este link se encuentra el borrador completo.


One of the most important objections to the Mises-Hayek business cycle theory is the rational expectations critique. The debate between supporters and critics of the Mises-Hayek theory has not paid due attention to the problem of adverse selection in the market of factors of production and capital goods. I study an adverse selection process in these markets that explains how Austrian imbalances take place in the framework of rational behavior.