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Thanks for this post.

I have been reading up on Dixit and other scholars in the "irreversibility" literature. One of those other scholars is none other than Ben Bernanke himself, who wrote about irreversibility and uncertainty as far back as 1983. I totally agree with you that "Austrian" types have under engaged these scholars with regard to capital theory. My question is - why?

To Leo: IMO too often modern Austrians have abandoned serious study of capital theory. When Dixit, Caballero, Harberger, etc. begin to realize its importance and start tackling it with mainstream tools, Austrians are off doing other stuff (usually much less important stuff, IMO).

Ok, so I'm going to read the Making of Economic Policy. It's been on my bookshelf for a couple of years, but I had forgotten about its existence until five minutes ago. Thanks.

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