Mises Daily
Author:
Roger W. Garrison
Online Publish Date:
Paul Krugman smears with a broad brush when he condemns the Austrian theory of the business cycle as the “hangover theory” ( Slate , December 3, 1998). Does he intend to reject wholesale the idea that artificial booms (and drinking binges) lead to busts (and hangovers)? If so, he condemns much more than the Austrian theory of boom and bust.