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.
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.
Two of the best American Austrians feuded over a book review, trained no successors, and their school quietly died out. Paul Cwik and Shawn Ritenour on the Austrians you may not know, and the ones we almost lost.
When savers cut back and consumption falls, most economists cry "recession!" Paul Cwik on why an Austrian sees the opposite: an economy quietly retooling for future growth.
Ricardo's law of comparative advantage wasn't just about trade between nations. Mises saw something deeper: it's the reason human society exists at all.
