Quarterly Journal of Austrian Economics

Austrian business cycle theory (ABCT), we contend, is essential to understanding the recent boom and bust cycle in the American (and, to a great extent, the global) economy.

Panelist Nancy-Ann DeParle’s description of Newhouse’s paper as a “nice job of cataloging” is an apt description of this 1063-page tome as a whole. Its reading level is low enough that professors can assign readings 

Whether the current recovery will strengthen, which appears to be the prevailing consensus, or whether unforeseen events in the financial arena abort it prematurely, 

The fundamental idea behind this book, as its title suggests, is that innovation is the driving force behind the remarkable growth miracle of capitalism. 

Let us begin our analysis by making the distinction between free markets in their pure, laissez faire or capitalist dimension, on the one hand, and market socialism on the other. 

oth the establishment of property rights and their violation spring from actions: acts of appropriation and expropriation. However, in addition to a physical appearance, actions also have an internal, subjective aspect. 

That Hayek’s work on money, investment, and business cycle theory should be misunderstood and misrepresented poses nothing new. 

The purpose of this paper is to extend Kirzner’s theory by explicitly introducing the role of space in entrepreneurial alertness and the coordination of markets.

Throughout much of modern history, gold served as the commodity that most widely facilitated free exchange. While its virtues as a medium-of-exchange were clear to people of previous eras, gold has fallen out of favor,

Nonetheless, Rothbard and Mises have been criticized by Nozick (1977) and Caplan (1999), for inconsistency in admitting the concept of indifference into economic analysis after all, even if only indirectly.