Prosperity and Depression - Harberler

Thursday, March 24, 2011
"Are you serious about business cycle theory? In 1937, back when economists thought big and coherent thoughts about the boom-bust cycle, long before mainstream economists began to doubt the existence of theoretical universals, Professor Gottfried Haberler, an exponent of the Austrian theory, wrote a full and wonderful treatise on the topic. He sought to answer the question of how a developed and thriving economy could find itself plunged into economic crisis. In the course of his narrative, he gives a full and robust presentation and defense of the Austrian perspective, comparing and contrasting it with the emerging Keynesian one. The treatment stands on its own merits today, but what is especially striking is how little has changed in the meantime. Yes, the mathematics are more sophisticated and the theories are ever more obscure and seemingly complicated today, but the theoretical debate is essentially the same." Get it here! Prosperity and Depression  Gottfried Harberler  Via the Ludwig von Mises Institute.