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The Austrian Theory of the Trade Cycle and Other Essays

4.15  ·  Rating details ·  540 ratings  ·  16 reviews
Booms and busts are not endemic to the free market, argues the Austrian theory of the business cycle, but come about through manipulation of money and credit by central banks. In this monograph, Austrian giants explain and defend the theory against alternatives. Includes essays by Mises, Rothbard, Haberler, and Hayek. In his later years, Professor Haberler distributed many ...more
Paperback, 125 pages
Published March 28th 1996 by Ludwig Von Mises Inst (first published 1978)
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Qasim Zafar
Nov 09, 2014 rated it really liked it
Shelves: economics
I read this book last year as a matter of general reading, and read it again this year again as a refresher on the fundamentals of the boom and bust business cycle as seen by the Austrian School, and it was definitely better the second time around. Perhaps the best feature of this fundamental work is that it presents different facets of the cycle in essays written by prominent Austrian theorists which goes a long way in adding perspective, and depth which anyone reading this will be able to appr ...more
Julian Haigh
Aug 08, 2013 rated it it was ok
Little more than a pamphlet with cursory notes on the Austrian School. Focused almost exclusively on the dangers of credit-induced booms, particularly those inducing short-term allocations to investment from consumption or vice versa. Essentially, the government can 'make' monetary policy and the economy 'lags' to fall back to equilibrium, requiring more and more pumping to have the same effect - like a drug. Keynesian economics views the primary actors as states, but with increased globalizatio ...more
Jared Lovell
Jun 22, 2018 rated it really liked it
A collection of essays that forms a very helpful introduction to the nuances and particularities of the Austrian theory of the business cycle. Of particular importance is Murray Rothbard's essay "Economic Depressions: Their Cause and Cure" which is a must read for anyone who wants to acquire a basic understanding not only of what happened during the Great Depression, but more contemporary events such as the market crash of 2008.
Otto Lehto
Sep 30, 2015 rated it liked it
This is essentially a collection of five essays (plus a short introduction), all of which are fundamental elaborations - statements and restatements - of the Austrian Business Cycle Theory. It escapes me, it truly does, why you'd want to read six versions of the same thing, which are pretty much written from a near- identical perspective, unless 1) you are interested in intellectual history and want to study the small differences between the Austrian authors, or else 2) you are a doctrinaire Aus ...more
Ed Wagemann
Apr 17, 2012 marked it as to-read
How The Superbowl Encourages Socialism:

D. Jason
Essays by Mises, Hayek, Rothbard, and others less well-known giving an overview of the Austrian theory of the business cycle.

The essays are generally very accessible (particularly Rothbard's), and make the theory not only very clear, but almost painfully obvious. Let's just say that finishing this book, then hearing clips from Obama's 2013 State of the Union address did nothing to raise my estimation of his knowledge of how the economy works. It also sadly made clear that we're in for a real cor
Aaron Crofut
Nov 27, 2010 rated it really liked it
Shelves: economics
The basic outline of the Austrian school of economic thought. Economics in general is rarely an easy read, especially for non economists like myself, but this book sketched out the basic theory in a fairly clear manner. The short of it is, improper interest rates (generally low rates instigated by the government) create economic booms via malinvestments, but like every good binger the hangover is killer. And yes, that analogy comes from this great YouTube video "Fear the Boom and Bust": http://w ...more
Jun 19, 2009 rated it really liked it
This book explains some of the main ideas of the Austrian economic theory. With essays by von Mises, Haberler, Rothbard, and Hayek, this is a good place to get some of the basics from the original sources. It was interesting to me that each writer, often writing about near the same thing, wrote in such an individual style that some were easy to understand, and others very difficult. This book has valuable ideas, especially in this crazy time of economic “crisis” (depression, anyone?) This is one ...more
Steven Hoffer
Apr 15, 2009 rated it really liked it
Shelves: economics
Oct 11, 2012 rated it really liked it
Helpful to economically ignorant people (such as myself) in understanding the fundamental ideas of Austrian economics.
Brian Ogstad
Oct 24, 2014 rated it it was amazing
A great short book describing the Austrian analysis of the Trade Cycle or stated another way, the correct analysis of the Trade Cycle.
May 10, 2015 rated it it was amazing
An excellent collection of essays and lectures on capital based macroeconomics. Roger Garrison's introduction and summary are fantastic.
Jan 26, 2009 rated it really liked it
I found this book very enlightening on opposing economic views. In opposition to Keynes, the Austrian school of economics makes a lot of sense to me.
Oct 13, 2011 rated it liked it
Shelves: kindle
Not light bedtime reading, but a lot of interesting comment on the worldwide financial markets and the South African labour market of today, as written more than 50 years ago...
Jun 05, 2012 rated it it was amazing
Great introduction to Austrian Business Cycle Theory.
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“If the prices rise in a continuous manner and if the borrower as a result gains a supplementary profit from the sale of the merchandise which he bought with the borrowed money, he will be disposed to pay a higher rate of interest than he would have paid in a period of stable prices; the capitalist, on the other hand, will not be disposed to lend under these conditions, unless the interest includes a compensation for the losses which the diminution in the purchasing power of money entails for creditors.” 0 likes
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