Share far and wide.
Many readers of this blog gave me reactions to this, and for that I am very grateful.
I hope people will be interested in it. I like to think of it as a thoughtful analysis of Hayek's business cycle theory. I come out liking his capital theory for both theoretical and empirical reasons, and not liking the business cycle theory for both theoretical and empirical reasons.
I offer what I think is a new way of putting what I think is wrong with his business cycle theory that I think is right with Keynes, and it connects both of them back to their Wicksellian roots. I don't mention Wicksell specifically so as not to overcomplicate the argument. I had been planning on including it, and it was certainly in the back of my head when I was writing it.
I also think it's a nice paper in that it collects and reviews the scope of the empirical literature. I don't do that in grueling detail (it's really not the venue for that), but I think that my separation of the studies into what can be thought of as reduced form and structural analyses helps a lot to clarify what we do and don't know.
And if nothing else I provide what I think is the most or at least one of the most comprehensive empirical lit reviews.
Philosophy of Nature
1 hour ago