Business Cycles

Michael Pollaro, Mark Thornton, and I went looking for some good introductory materials to help newcomers understand Austrian Business Cycle Theory

Once interest rates begin to rise — and rise they must, whether as a result of Fed policy or not — the end of the asset price inflation will be at hand.  The result will be another financial crisis and accompanying recession.

This lecture by Roger Garrison was presented at the 2012 Mises University in Auburn, Alabama. Includes an introduction by Mark Thornton.

In “The Theory of Money and Credit”, Mises provided the basics for the long-sought explanation for that mysterious and troubling econom

Jeff Deist and David Howden discuss the history of banking in America before 1913 and the entanglements of the Federal Reserve.

There is trouble lurking in each of the book’s four chapters. The text gets off on a wrong foot as Bernanke overviews the origins and purposes of the Fed.

This paper identifies merger waves as parts of Austrian-type business cycles. According to Austrian business cycle theory, when loan rates are reduced below their natural level through bank credit expansion, this falsifies the monetary calculation of capitalist-entrepreneurs, and investments are initiated that calculation showed were not profitable before the interest rate reduction.

Ludwig von Mises Memorial Lecture from the 2014 Austrian Economics Research Conference presented by J. Huston McCulloch. Ludwig von Mises’s writings contain many insights that are very relevant for mainstream macroeconomics.

The book brings together sources that to some Austrians may appear hardly compatible, if not inconsistent. Insiders know that there are some significant differences between the views of, say, Mises, Hayek, and Lachman

I would like to emphasize two implications of my argument.  First, the concept of secular growth as an uncaused phenomenon contradicts the Mengerian method of analyzing