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The Ludwig von Mises Institute

Advancing Austrian Economics, Liberty, and Peace

Advancing the scholarship of liberty in the tradition of the Austrian School

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The Austrian Theory of the Trade Cycle
Compiled by Richard M. Ebeling

About the Authors

Ludwig von Mises (1881-1973), leading proponent of the Austrian School in the 20th century, received his doctorate from the University of Vienna, where he taught. He was also economic advisor to the Austrian Chamber of Commerce. Mises later taught at the Graduate Institute for International Studies in Geneva and New York University. His most important works include The Theory of Money and Credit, Socialism, Theory and History, and Human Action.

Gottfried Haberler (1900-1995) received his doctorate from the University of Vienna, and taught there as well as at Harvard University. A student of Mises's, he was also resident scholar at the American Enterprise Institute and a distinguished scholar of the Ludwig von Mises Institute. His most important works include The Sense of Index Numbers, Theory of International Trade, Prosperity and Depression, and Economic Growth and Stability.

Murray N. Rothbard (1926-1995) received his doctorate from Columbia University. He also studied with Mises at New York University. He taught at New York Polytechnic Institute and the University of Nevada, Las Vegas, where he held the S.J. Hall Chair. He was also academic vice president of the Ludwig von Mises Institute from its founding. His most important works include Man, Economy, and State, Power and Market, America's Great Depression, and The History of Economic Thought. On-Line links include:

What Has Government Done to Our Money,
Freedom, Inequality, Primitivism, and the Division of Labor
"Economic Depression: Their Cause and Cure"

Friedrich A. Hayek (1899-1992) received his doctorate from the University of Vienna, and taught there as well as at the London School of Economics, the University of Chicago, and the University of Freiburg. A student of Mises's and the recipient of the Nobel Prize in Economics for his work with Mises, Hayek was a distinguished scholar of the Ludwig von Mises Institute. His most important works include Prices and Production, Monetary Theory and the Trade Cycle, Monetary Nationalism and International Stability, and The Pure Theory of Capital.

Roger W. Garrison received his doctorate from the University of Virginia and is Professor of Economics at Auburn University. He lectures for the Ludwig von Mises Institute and directs its Austrian Economics Workshop. He is also the author of many important articles on macroeconomics, and is considered a leading business-cycle theorist in the Austrian School. On-Line links include:

In Defense of the Misesian Theory of Interest [PDF File] Journal of Libertarian Studies 3:2 (Winter 1978): 141-50;
West's "Cantillon and Adam Smith" : A Comment [PDF File] Journal of Libertarian Studies 7:2 (Summer 1983): 287-94;
The Austrian Theory of the Business Cycle in the Light of Modern Macroeconomics [PDF File] The Review of Austrian Economics 3:1;
New Classical and Old Austrian Economics: Equilibrium Business Cycle Theory in Perspective [PDF File] The Review of Austrian Economics 5:1;
The Federal Reserve: Then and Now [PDF File] The Review of Austrian Economics 8:1;
Keynes Was a Keynesian [PDF File] The Review of Austrian Economics 9:1;
Central Banking, Free Banking, and Financial Crises [PDF File] The Review of Austrian Economics 9:2;
The Intertemporal Adam Smith [PDF File] The Quarterly Journal Of Austrian Economics 1:1 (Spring 1998).

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