Mises Daily
Author:
Predrag Rajsic
Online Publish Date:
The Austrian business-cycle theory, initiated by Ludwig von Mises and further developed and elaborated by F.A. Hayek, is by many considered the cornerstone of this school of thought. However, in 1998, Paul Krugman plainly dismissed the theory as not “worthy of serious study .” More recently in his New York Times blog , Professor Krugman claimed