Tags » Austrian Business Cycle Theory

Capital in Disequilibrium: The Austrians’ Answer to New Growth Theory

This book, Capital in Disequilibrium: The Role of Capital in a Changing World by Peter Lewen, is supposed to be Austrian Economics’ answer to “new growth theory”, which recognizes that new human knowledge is the most important component to economic growth.  840 more words


Excess Volatility Strikes Again

Both David Henderson and Scott Sumner had some fun with this declaration of victory on behalf of Austrian Business Cycle Theory by Robert Murphy after the recent mini-stock-market crash. 1,084 more words


Was the Recession Caused by a Lack of Spending?

The National Bureau of Economic Research (NBER) officially dates the most recent recession from December 2007 until June 2009, which is the shaded area in the graph below. 342 more words

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In Praise of Israel Kirzner

Over the holiday weekend, I stumbled across, to my pleasant surprise, the lecture given just a week ago by Israel Kirzner on being awarded the 2015 Hayek medal by the Hayek Gesellschaft in Berlin. 2,630 more words


Recession Unemployment Data Fits Austrian Theory

I just wrote a piece reviewing the Austrian Business Cycle Theory, Hayekian Triangle (mostly for my own understanding), but I wanted to run a central feature of the theory across some data. 403 more words

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