Economic Depressions: Their Cause and Cure
Murray N. Rothbard
Need a short monograph on Austrian business cycle theory? This is the one to get.
Murray Rothbard was the master of reducing complicated theories to their very essence while retaining theoretical rigor, and this essay is a case in point. It was written in 1969 and published in the form of a tiny book that achieved a huge circulation. It has not been in print since that time, but it is now back in this new release.
It is thrilling how Rothbard is able to present the theory in an easy-to-digest format.
Its continued relevance speaks to an aspect of the Austrian theory that other theories can't boast. It is a real theory that applies across time and place, and its persuasive power is not contingent on the particulars of any individual boom bust cycle.
You will not only learn from this 50-page book; it is the perfect item to pass on to others who are wondering about the economic crisis of 2008 and following.