This very ambitious book starts with the high promise of a radically new and superior theory of business cycles, but when it ends the reader cannot resist the conclusion that the promise has gone unfulfilled.
This book is a long-awaited project among Austrian economists; some of the central contributions found in the book date back nearly a quarter of a century.
Austrian business cycle theory (ABCT), we contend, is essential to understanding the recent boom and bust cycle in the American (and, to a great extent, the global) economy.
It is with great trepidation and anticipation that we review Robert Shiller’s new book, The Subprime Solution. Trepidation as to the causes of the problem, which were expected to take a behavioral spin.
This paper is a review of Austrian School references in business cycle studies published by the National Bureau of Economic Research.
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:
Austrian business cycle theory (ABCT) has focused on the effect of interest rates set below the natural rate, leading to unwarranted attempts by businessmen
While damning the free market with the faintest of praise, Krugman’s book provides us with an excellent example of why it is so important to get the analysis right before prescribing policy solutions for an economic problem.
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.
That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new.
