Wednesday, June 18, 2014

JUST RELEASED: Austrian School Business Cycle Theory

I have long considered the first part of Murray Rothbard's America's Great Depression to be the best discussion of Austrian business cycle theory, bar none.

Rothbard starts off with a thorough explanation of the theory, he then goes on to discuss objections to the theory and knocks them all down. He continues with a discussion of other business cycle theories, including Keynesianism, and points to their weaknesses compared to Austrian theory. He discusses the problems with various current government "solutions" to business cycles and the true method to eliminate business cycles now and forever.

I have always felt that Rothbard's entire discussion should be put into a stand alone publication. It makes it handy to read and is a great way to introduce others to the theory.

I am pleased to report that the Mises Institute has given me permission to publish such a stand alone version.

If you already own AGD, there is nothing new here, it is just part 1 of  that book. But if you don't own AGD and want to learn what the Austrian theory is, then Austrian School Business Cycle Theory by Murray Rothbard is for you.

Further, as I say, it is a great way to introduce someone to the theory. It is only 129 pages and less intimidating than AGD in its entirety. For example, I just sent a copy to Richard Peach, Senior Vice President, Federal Reserve Bank of New York..

In publishing Austrian School Business Cycle Theory, I am aiming at the broader world of students of economics, who may not be familiar with the Austrian school and are looking for a book that will bring them up to date about business cycle theory. I am also aiming the book at current students of Austrian theory, who hold discussions with others about Austrian theory. Whether the discussion is with a  local banker, friends or college classmates, this is the book to slap in their hands.



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