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Austrian Cycle Theory
Saving the Wheat While Discarding the Chaff
Originally published in Review of Austrian Economics
Well into the 1930s, Austrian contributions to business cycles and economic coordination stood at the forefront of economic theorizing. While the Austrian-type formulations represented a robust research program during that period, those formulations pretty much disappeared from economics in the 1940s, remaining alive only on a periphery here and there.
Well into the 1930s, Austrian contributions to business cycles and economic coordination stood at the forefront of economic theorizing. What is now labeled the Austrian theory of the business cycle was articulated originally by Mises (1912), with significant subsequent elaboration by Hayek (1935). While the Austrian-type formulations represented a robust research program during that period, those formulations pretty much disappeared from economics in the 1940s, remaining alive only on a periphery here and there.
Read the article at the Review of Austrian Economics.
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