Thanks to the great Tatsuya Iwakura, who has translated numerous books by Austrian economists into Japanese, The Austrian Theory of the Trade Cycle and Other Essays, edited by Richard Ebeling, is now available as a Kindle book in Japanese.
The new trend among famous economists is pointing out the times they changed their views in light of new empirical findings. Far from defending economics as a science and a profession, this trend actually reveals the unscientific and ideological nature of mainstream economics.
The fundamental divide between Austrian economics and the mainstream is apparent on the first page of many textbooks, in which the authors simply define economics.
While the policy may appear to work ─ the effect is temporary. One can achieve a short term lower unemployment rate but only at the cost of higher unemployment long term and increased instability.
