In our time, the most important contribution of the Austrian School of Economics is its unique theory of the business cycle. Rather than viewing the familiar boom-bust pattern as a necessary feature of capitalism, the Austrians blame it on the artificial expansion and contraction of bank credit. This process is exacerbated in modern times by the presence of a central bank , which is the Federal Reserve in the United States. The Austrian theory of the business cycle was developed by Ludwig von Mises.
Quarterly Journal of Austrian Economics
Austrian business cycle theory - Wikipedia
As the access to this document is restricted, you may want to search for a different version of it. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:jeehcn:vyin See general information about how to correct material in RePEc. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla.
The Austrian Theory of the Trade Cycle
David Glasner, ed. But even in its earliest rendition in Ludwig von Mises' Theory of Money and Credit and in subsequent exposition and extension in F. Hayek's Prices and Production , the theory incorporated important elements from Swedish and British economics.
Howard Vane and Brian Snowdon, eds. Garrison Originally conceived by Ludwig von Mises early last century and developed most notably by F. Hayek before and during the Great Depression, the Austrian theory of the business cycle is a theory of the unsustainable boom.