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The Left vs. Austrian Business Cycle Theory

Finally an attack on Meltdown. It comes from leftist Matthew Yglesias, whose knowledge of business cycle theory I leave you, dear readers, to judge for yourselves. The Austrian theory of the business cycle has been "superseded," our expert tells us. Yes, because the mainstream view of capital -- a gigantic, synchronous blob we can represent in a single magnitude -- is just so much more sophisticated than the Austrian, don't you know. (Ahem.)

Comments are enabled on his site.

I'm on vacation or I'd write a full-fledged smash. That will have to wait a few days.

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Contact Thomas E. Woods, Jr.

Tom Woods, a senior fellow of the Mises Institute, is the author of a dozen books, most recently Real Dissent: A Libertarian Sets Fire to the Index Card of Allowable Opinion. Tom's articles have appeared in dozens of popular and scholarly periodicals, and his books have been translated into a dozen languages. Tom hosts the Tom Woods Show, a libertarian podcast that releases a new episode every weekday. With Bob Murphy, he co-hosts Contra Krugman, a weekly podcast that refutes Paul Krugman's New York Times column.

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