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Yes, We Have No Chaff: A Reply to Wagner's Austrian Cycle Theory: Saving the Wheat While Discarding the Chaff

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Tags Business Cycles

07/30/2014Walter Block

 

Volume 4, No. 1 (Spring 2001)

 

Wagner charges the Austrian business cycle with “obsolescence,” and describes it as “incoherent.” What is the reason for this denunciation? It is obsolete. It cannot be denied that institutions have changed during these seven decades, but to think that this would call for an alteration of a praxeological theory is surely mistaken. No one denies that alternative ways of doing things may or may not make praxeological theories irrelevant, in the sense of not being applicable. But Wagner, in urging his “chaff” thesis, is clearly going beyond these parameters. It is time to bring this discussion to a close. Wagner set out to separate the Austrian wheat from the Austrian chaff, in an attempt to retain the former and jettison the latter. It is difficult to see in what way he has succeeded.

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Cite This Article

Block, Walter. "Yes, We Have No Chaff: A Reply to Wagner's "Austrian Cycle Theory: Saving the Wheat While Discarding the Chaff." The Quarterly Journal of Austrian Economics  4, No. 1 (Spring 2001): 63–73.

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