- Downloads:
- ABCT rev 3.pdf
- austrian-business-cycle-theory.epub
- ABCTAI by PFC PowerPoint Slides 1-6-25.pptx
The idea for this book came about because of my inability to find a book like this. When I taught Principles of Macroeconomics in the past, I was always compelled to assign a collection of outside readings to supplement my lectures because Austrian business cycle theory isn’t covered or taught by the mainstream textbook writers. This short book, a product of my lectures, is designed to fill this long-standing gap at last.
Austrian economists argue that macroeconomics must be built upon microeconomic foundations. Once we understand how the smaller parts of an economy work together can we begin to understand how the larger system works. In this book I construct a model to illustrate macroeconomics from an Austrian perspective.
NOTE: The PowerPoint slides that Professor Cwik uses in his classroom presentation can be downloaded. See above.
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Paul Cwik is Professor of Economics and Finance at the University of Mount Olive and taught the BB&T courses in Free Market Economics at North Carolina State University.
Keynesian orthodoxy claims that cuts in government spending mean less “aggregate demand,” and less “aggregate demand” leads to recessions. Economic experience, however, shows us this is a false theory, something Austrian economists have known for a long time.
Cwik and Ritenour revisit the often-overlooked "forgotten Austrians" who extended Mengerian economics beyond Vienna.
Paul Cwik explains how artificial credit expansion triggers unsustainable booms and inevitable busts.
