Review of Austrian Economics, Volumes 1-10

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Why the Austrians Are Wrong about Depressions

The Review of Austrian Economics

Tags Booms and BustsAustrian Economics Overview

02/19/2015Gordon Tullock

For many years, I have been critical of the Austrian theory of depressions and this led Walter Block to ask me to put my criticisms in print. Since in oral discussions, I am frequently accused of misrepresenting the theory, I asked him to give me a canonical version and he gave me the Rothbard pamphlet, "Economic Depressions: Their Cause and Cure".


Gordon Tullock

Tullock and his 1962 coauthor, Nobel laureate James M. Buchanan, are widely recognized as cofounders of public choice, a field that systematically applies the rational choice approach of economics to the analysis of political markets. During the past half-century Gordon Tullock has continually advanced the frontiers of political economy, most particularly with respect to the workings of representative democracies and autocracies. His exposure to formal economic training was limited to one course taught by Henry Simons as part of the law curriculum at the University of Chicago. Although Tullock does not hold a degree in economics, he is one of the most respected and widely cited economists of the modern age. His influence on modern political economy is simply immense.