Quarterly Journal of Austrian Economics

Volume  6, No. 4 (Winter 2003)

In my opinion there is a reason why Austrian monetary policy views are largely not shared by the mainstream. It is not due to a grand conspiracy against Austrian scholars but due to their monocausal,often ideological-driven economic reasoning. In this context I want to follow Laidler (2003, p. 13): “This is not the place to embark on a detailed critique of the Austrian cycle theory. Suffice it to suggest that its exponents took logical possibilities . . . and treated them as logical necessities.” Be that as it may—one thing is for sure: possibly, no single currency regime is best for all countries and for all times (Bordo 2003, p. 33) as Austrians want us to believe.