Booms and Busts

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.

At the beginning of World War I, the US Treasury secretary closed the New York Stock Exchange to stop the sale of dollar-denominated securities.

This paper is a review of Austrian School references in business cycle studies published by the National Bureau of Economic Research. 

Hayek’s writings on business cycle theory; the seminal work of the 1930s and 1940s and the modifications he made in the 1970s after he received the Nobel Prize, 

The 2007–2008 financial crisis, accompanying recession, and continuing slow recovery have reinvigorated crude Keynesianism as the foundation of a "somebody in charge" policy to combat recession and high unemployment.

The book brings together sources that to some Austrians may appear hardly compatible, if not inconsistent. Insiders know that there are some significant differences between the views of, say, Mises, Hayek, and Lachman

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

The Austrian theory mainly deals with analyzing the effects of an increased credit offer on productive structures.

Rothbard (1963) provides a compelling explanation of the Great Depression. He used the Austrian business cycle theory to show that the inflationary policies of the Federal Reserve

Vedder and Gallaway's (2011) rejoinder to my comment on MacKenzie (2010) seems to fundamentally misunderstand both my comment's argument and the contribution of Rose (2010).