The Austrian Business Cycle in the European Context


Book Description

Dating business cycle turning points is still an important task for economic policy decisions. This study does this for the Austrian economy for the period between 1976 and 2005, using only quarterly national accounts data of Austria, Germany and the euro area. Three different filtering methods are applied: first-order differences, the Hodrick-Prescott filter, and the Baxter-King filter. To all of them, two different methods of determining the business cycle are applied: the ad-hoc determination of the business cycle and a dynamic factor model, taking into account the common variations of Austria, the euro area and the German business cycle movements. The results of both methods are dated by the Bry-Boschan algorithm in order to locate peaks and troughs of the cycle. The results are interpreted and compared to already exiting studies on the euro area and the Austrian business cycle.




The Oxford Handbook of Austrian Economics


Book Description

The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.




Practicing Strategy - A South African Steel Industry Context


Book Description

Discussion on strategic management practices that have been applied in the South African steel industry, including theory on business rescue that was applied to turn around the industry




The Viennese Students of Civilization


Book Description

A fresh look at Austrian economists and the dynamic intellectual and political context in which they lived and worked.




The Routledge Course in Arabic Business Translation


Book Description

The Routledge Course in Arabic Business Translation: Arabic-English-Arabic is an essential coursebook for university students wishing to develop their skills in translating different types of business texts between English and Arabic. Practical in its approach, the book introduces translation students to the concept of translation and equivalence in the context of business texts, business translators, and the linguistic and syntactic features of business texts. It also highlights translation tools and technology in addition to the translation strategies which can be adopted to render business texts between English and Arabic. Key features in the book include: • Six comprehensive chapters covering (after the Introduction) the areas of economics, management, production, finance, and marketing in the translation industry; • Detailed explanation of the lexical and syntactic features of business texts; • Practical English and Arabic business translation texts featuring a vast business vocabulary bank; • Authentic business texts extracted from English and Arabic books containing economic, management, production, finance, and marketing texts; • Great range of English and Arabic translation exercises to enable students to practice their familiarity with business vocabulary they learned throughout the book; and • Glossaries following all English and Arabic business texts containing the translation of main vocabulary items. The practicality of the approach adopted in this book makes it an essential business translation coursebook for translation students. In addition, the carefully designed content helps students to easily explore different types of business texts, familiarize themselves with main words, and do translation exercises. University instructors working on English and Arabic business translations will find this book highly useful.




Management of Stochastic Demand in Make-to-Stock Manufacturing


Book Description

Up to now, demand fulfillment in make-to-stock manufacturing is usually handled by advanced planning systems. Orders are fulfilled on the basis of simple rules or deterministic planning approaches not taking into account demand fluctuations. The consideration of different customer classes as it is often done today requires more sophisticated approaches explicitly considering stochastic influences. This book reviews current literature, presents a framework that addresses revenue management and demand fulfillment at once and introduces new stochastic approaches for demand fulfillment in make-to-stock manufacturing based on the ideas of the revenue management literature.







Austrian Capital Theory


Book Description

This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian capital theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian capital theory.




America's Great Depression


Book Description

This book is an analysis of the causes of the Great Depression of 1929. The author concludes that the Depression was caused not by laissez-faire capitalism, but by government intervention in the economy. The author argues that the Hoover administration violated the tradition of previous American depressions by intervening in an unprecedented way and that the result was a disastrous prolongation of unemployment and depression so that a typical business cycle became a lingering disease.




OECD Journal


Book Description