Business Cycles

This short note is a contribution to the solution of the problem of indifference in Austrian economics (“Nozick’s problem”). The problem is divided into two questions:

Garrison has a vivid sense for the necessity of adequate pedagogy to communicate Austrian ideas about the working of the economy, and he is very conscious of the power of symbols. 

The 2007–2008 financial crisis, accompanying recession, and continuing slow recovery have reinvigorated crude Keynesianism as the foundation of a "somebody in charge" policy to combat recession and high unemployment.

 According to this writer Garrison’s Time and Money is precisely what it purports to be: an exercise in comparative frameworks. Even if it should be recognized that the comparison

Monetary disequilibrium theory has some common ground with Austrian economics, but there is substantial disagreement regarding the analysis of business cycles.

The Austrian theory of the business or trade cycle is an intricate blend of monetary theory and capital theory. Mises’s (and Hayek’s) monetary and capital theories differ in both significant 

Volume 19, Number 1 (Spring 1999)

The skyscraper index, created by economist Andrew Lawrence shows a correlation between the construction of the world’s tallest building and the business cycle.

Volume 20, Number 4 (Winter 2000)

Roger W. Garrison is interviewed on his contributions to Austrian Economics.

Richard Cantillon was the first economist to successfully examine the cyclical nature of the capitalist economy. He lived at a time (168?–1734) when the institutions of the modern capitalist  economy