Business Cycles

This paper contrasts mainstream analysis of the recent boom/bust episode and its massive interventions with Austrian business cycle theory (ABCT). 

Hayek’s writings on business cycle theory; the seminal work of the 1930s and 1940s and the modifications he made in the 1970s after he received the Nobel Prize, 

The purpose of this article is threefold. First, we challenge Mises's theory by arguing that it is not generally and apodictically valid. Therefore, it cannot be part of economic theory which

Professor Garrison’s work in Austrian macroeconomics over the past twenty-plus years has been most influential. Time and Money and its detailed development of a capital-based macroeconomics

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 

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

The Austrian theory mainly deals with analyzing the effects of an increased credit offer on productive structures.

Most historians claim that Herbert Hoover adhered to a policy of laissez faire after the stock market crash of 1929. This laissez faire policy is allegedly responsible for the severity and persistence of unemployment 

The financial crisis and the events leading up to it have sparked a remarkable renewal of interest in Austrian Business Cycle Theory (ABCT).

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