Business Cycles: a comparative analysis between Minsky's instability and Mises' austrian theory.
Minsky, Mises, Austrian Theory, Business Cycle, Housing Crisis, Speculation
The present study aims to assess the premise that the Austrian cycle theory and the Minskyan theory, have relevant degree of similarity about the analysis of the dynamics of economic cycles, based on from the considerable points of correlation between the two theories. The research follows this comparative line between theories, seeking to understand the similarities, divergences and points of complementarity, identifying at each stage the influence of speculation. For this, a theoretical-bibliographic methodology of literature review on the proposed theme was used. In this perspective, from the model descriptions and the comparison between them, the hypothesis about the relevance of the degree of similarity of the analyzes of the two cycles theories in question was evaluated. From the results obtained, it appears that the theories present a considerable degree of compatibility, in various elements and principles, in their model proposals for the cycle, but there are fundamental divergences in terms of causalities and prescriptions. In addition, speculation stands out as a determinant for the structuring of both theories, presenting itself as destabilizing when it is widely disseminated.