Business cycle: From birth to the Austrian school theory

Approaching the theory of economic cycle is not an issue that comes in hand! We are permitted to make such a statement based on the idea that explanations concerning the business cycle theory are strictly related to how each school of thought was able to understand the system that makes market, with its habitual basic functions, operate; how was the idea of equilibrium understood and, last but not least, which is the role of the state in this entire „story”. Although some of the doctrines tend to insist on a particular factor, considered to be the most important one and also the one that is responsable for triggering the economic crisis, in fact we can talk about a consistent number of factors that include some worth mentioning like monetary expansion, state interventionism, excessive regulation, lack of regulation, low level of consumption, various changes in consumer preferences and so on. The serious problems that economy had to face during the years rise, therefore, many questions that require a thorough and consistent analysis. The limited space that we have at our disposal determines this essay to be considered only a „superficial” investigation of how the economic cycle can be addressed, from various points of view. Throughout this paper we will make a brief doctrinaire promenade starting with the monetary theory, reaching the Keynesian doctrine and finishing with the point of maximum interest, the Austrian School. Exhaustively passing through the theories mentioned above, along with their fundamental ideas about the phenomenon of economic cycles, does not represent the basis for the current paper. The specialized literature has no shortage of such work. The purpose of this research, as we will try to highlight, is to present the main differences that can be noticed between the ideologies that built, over time, their way into the history of economic thought. We are particularly interested in the problem of business cycle and the recurrence of crises.Crisis, business cycle, Austrian School, Keynesian, Monetarist

The Forgotten Austrian Economics Language

In light of the current events, namely the crisis that economy has to face for quite some years now, plenty of questions are raised, not only among specialists in the field but also among ordinary people as they prove to be most impoverished by these imbalances. Thus, this paper aims, as a first objective, to explain, from a general perspective and using an inductive-subjective methodology based on a brief survey as well as on observation, two of the most important causes that, according to the Austrian Business Cycle Theory, are the leading motives for triggering crises. We are referring particularly to an excessive state interventionism manifested throughout its expansionary monetary policy. Secondly, we seek to establish the interconnections between these elements and the case of the Great Depression as well as the current recession. The results we came across point out towards the same pattern designed by the Austrian economists, although the circumstances are, each time, different. Hence, the contribution of this paper consists of handling the details that surround the subject by extracting only the essential aspects regarding the triggering of crises; we refer to the main ideas that need to be underlined for a better comprehension of the topic

How can we anticipate crises?

Every crisis should teach us a valuable lesson. However, it seems that we learn almost nothing since they still occur from time to time strongly affecting the world economies. The basic question from where we started our research and to which we tried to answer as clearly as possible is the following: How can we anticipate future crises before they begin to make their presence felt on the global economic scene? The answer is both simple and handy, as the most consistent and relevant explanations in this regard come from the Austrian School of economics. We refer, in particular, to the theory of business cycle. Analyzing this problem, we discovered multiple causes, or better said clues that might help us anticipate and recognize the onset time of economic recessions. We will focus on two of them, considered to be the most important ones. The first clue is closely linked to an expansionary monetary policy that led to a deterioration of credit and to inflation. The second sign that we will be argued in this paper, a sign in close connection with the first clue, is due to the application of protectionist measures or, in other words, the second cause was actually the state’s interventionism

Business cycle: From birth to the Austrian school theory

Approaching the theory of economic cycle is not an issue that comes in hand! We are permitted to make such a statement based on the idea that explanations concerning the business cycle theory are strictly related to how each school of thought was able to understand the system that makes market, with its habitual basic functions, operate; how was the idea of equilibrium understood and, last but not least, which is the role of the state in this entire „story”. Although some of the doctrines tend to insist on a particular factor, considered to be the most important one and also the one that is responsable for triggering the economic crisis, in fact we can talk about a consistent number of factors that include some worth mentioning like monetary expansion, state interventionism, excessive regulation, lack of regulation, low level of consumption, various changes in consumer preferences and so on. The serious problems that economy had to face during the years rise, therefore, many questions that require a thorough and consistent analysis. The limited space that we have at our disposal determines this essay to be considered only a „superficial” investigation of how the economic cycle can be addressed, from various points of view. Throughout this paper we will make a brief doctrinaire promenade starting with the monetary theory, reaching the Keynesian doctrine and finishing with the point of maximum interest, the Austrian School. Exhaustively passing through the theories mentioned above, along with their fundamental ideas about the phenomenon of economic cycles, does not represent the basis for the current paper. The specialized literature has no shortage of such work. The purpose of this research, as we will try to highlight, is to present the main differences that can be noticed between the ideologies that built, over time, their way into the history of economic thought. We are particularly interested in the problem of business cycle and the recurrence of crises

How can we anticipate crises?

Every crisis should teach us a valuable lesson. However, it seems that we learn almost nothing since they still occur from time to time strongly affecting the world economies. The basic question from where we started our research and to which we tried to answer as clearly as possible is the following: How can we anticipate future crises before they begin to make their presence felt on the global economic scene? The answer is both simple and handy, as the most consistent and relevant explanations in this regard come from the Austrian School of economics. We refer, in particular, to the theory of business cycle. Analyzing this problem, we discovered multiple causes, or better said clues that might help us anticipate and recognize the onset time of economic recessions. We will focus on two of them, considered to be the most important ones. The first clue is closely linked to an expansionary monetary policy that led to a deterioration of credit and to inflation. The second sign that we will be argued in this paper, a sign in close connection with the first clue, is due to the application of protectionist measures or, in other words, the second cause was actually the state’s interventionism

THE ECOLOGIST SPIRIT UNDERNEATH AUSTRIAN ECONOMIST CLOTHES

Capital is strongly related to growth and development. Unfortunately, nowadays not many are those who actually understand the meaning underneath these connections. Our main concern becomes providing strong proof for the idea according to which a misallocation of capital betrays disastrous consequences, both from a pure economical as well as from an ecological perspective. Thus, the purpose of our paper finds its roots in revealing the answer to the question whether society requires a new economico-ecological mentality oriented towards a sane and efficient resource allocation along the productive process. The response we found is that it desperately does so. Formulating the argument benefits from the Austrian School precepts as it bifurcates into separate paths to follow along the paper. The first one highlights our main assumption according to which Austrian economics are, from a certain perspective, ecological oriented as their capital theory is thoroughly linked to an environmental friendly growth. The second trail entails the development of a plan under the form of possible solutions for escaping the recurrence of imbalances. A considerable part is also allocated to pointing out the main indicators that emphasize the guiding alarm signals: prices and private property

Business cycle: From birth to the Austrian school theory

Approaching the theory of economic cycle is not an issue that comes in hand! We are permitted to make such a statement based on the idea that explanations concerning the business cycle theory are strictly related to how each school of thought was able to understand the system that makes market, with its habitual basic functions, operate; how was the idea of equilibrium understood and, last but not least, which is the role of the state in this entire „story”. Although some of the doctrines tend to insist on a particular factor, considered to be the most important one and also the one that is responsable for triggering the economic crisis, in fact we can talk about a consistent number of factors that include some worth mentioning like monetary expansion, state interventionism, excessive regulation, lack of regulation, low level of consumption, various changes in consumer preferences and so on. The serious problems that economy had to face during the years rise, therefore, many questions that require a thorough and consistent analysis. The limited space that we have at our disposal determines this essay to be considered only a „superficial” investigation of how the economic cycle can be addressed, from various points of view. Throughout this paper we will make a brief doctrinaire promenade starting with the monetary theory, reaching the Keynesian doctrine and finishing with the point of maximum interest, the Austrian School. Exhaustively passing through the theories mentioned above, along with their fundamental ideas about the phenomenon of economic cycles, does not represent the basis for the current paper. The specialized literature has no shortage of such work. The purpose of this research, as we will try to highlight, is to present the main differences that can be noticed between the ideologies that built, over time, their way into the history of economic thought. We are particularly interested in the problem of business cycle and the recurrence of crises

Lenition of intra-lexical intervocalic /bdg/ and coda -s in Peninsular vs Latin American Spanish: a large scale study

This study focuses on two lenition processes in Peninsular and Latin America varieties of Spanish : the weakening and/or suppression of the intra-lexical intervocalicV/bdg/V and of the coda-s. We examine lenition from the perspective of the geographical and stylistic frequency in large scale corpora and we use forced alignment ofpronunciation variants to quantify its frequency across dialects. Corpora covers several varieties, from Spain and Latin America, and speaking styles. The results showthat lenition occurs more frequently in Latin America varieties and the spontaneous settings lead to increased lenition rates.Fil: Hernandez, Nidia Alejandra. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Saavedra 15. Centro Argentino de Información Científica y Tecnológica; ArgentinaFil: Vasilescu, Ioana. Centre National de la Recherche Scientifique; FranciaFil: Vieru, Bianca. Vocapia Research; FranciaFil: Lamel, Lori. Centre National de la Recherche Scientifique; FranciaLabPhon16 - Variation, development and impairment: Between phonetics and phonologyLisboaPortugalAssociation for Laboratory Phonolog

The Vocapia Research ASR Systems for Evalita 2011

Abstract. This document describes the speech recognizers submitted by Vocapia Research to the Evalita 2011 evaluation for the open unconstrained automatic speech recognition (ASR) task. The aim of this evaluation was to perform automatic speech recognition of parliament audio sessions in the Italian language. Two systems were submitted. The primary system has a single decoding pass and was optimized to run in real time. The contrastive system, developed in collaboration with LIMSI-CNRS, has two decoding passes and runs in about 5×RT. The case-insensitive word error rates (WER) of these systems on the Evalita development data are respectively 10.2% and 9.3%