”The two extremes, simply stated, are "equilibrium always" and "equilibrium never." The "equilibrium always" view is the strict neoclassical/Chicago perspective which never permits us to consider a world in which everything is not completely adjusted. The other extreme is one in which there are no systematic, overriding tendencies that could lead to regularity. I don't think an Austrian economist can be satisfied with either of these positions.
“Austrian economics cannot be "...
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