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Introduction to The Austrian Theory of the Trade Cycle and Other Essays , edited by Richard M. Ebeling. The four essays in this volume, each written by a major figure in the Austrian school of economics, set out and apply a distinctive theory of the business cycle. The span of years (1932–1970) over which they appeared saw a dramatic waxing and

The economics of John Maynard Keynes as taught to university sophomores for the last several decades is now nearly defunct in theory but not in practice. Keynes’s 1936 book, The General Theory of Employment, Interest, and Money , portrayed the market as fundamentally unstable and touted government as the stabilizer. The stability that allegedly

Over the past several years, I have participated in a number of short courses on Austrian economics, and for some I was involved in the planning stages. The one aspect of such planning that stands out in my memory has to do with the issue of methodology. How should we present the methodological precepts that underlie Austrian theory? There seemed

Volume 1, No. 1 (Spring 1998)   From Adam Smith’s day to our own, economists have tended to treat the  intertemporal  trade-off as something quite different from other trade-offs that market participants face. Whether based on the impartial spectator or on a perceived consensus among economists or on a supposed magic of compounding, their thinking

Volume 1, No. 2 (Summer 1998)   As substantial as economist as  Schumpeter  could claim that interest is a disequilibrium phenomenon and fantasize about a long-run equilibrium where market forces have pushed the interest rate to zero. John Maynard Keynes imagined interest to be a purely monetary phenomenon. Creating what Hayek called a “mythology

  Volume 3, No. 3 (Fall 2000)   Factoring into our national accounting scheme the true value of nonrenewable resources and the imputed value of natural-resource degradation is seen as an essential corrective for the myopia that would otherwise distort the market process.  The key to resolving the problem is “new institutions and conventions.”

Interest has a title role in many pre-Keynesian writings as it does in Keynes’s own General Theory of Employment, Interest, and Money (1936). Eugen Böhm-Bawerk’s Capital and Interest (1889), Knut Wicksell’s Interest and Prices (1898), and Gustav Cassel’s The Nature and Necessity of Interest (1903) readily come to mind. The essays in F.A. Hayek’s

  Brian  Snowdon , Howard Vane, and Peter  Wynarczyk ,  A Modern Guide to Macroeconomics: An Introduction to Competing Schools of Thought ,  Aldershot , England: Edward  Elgar , 1994.  pp .

   in Jack  Birner  and Rudy van  Zijp ,  eds .,  Hayek, Coordination and Evolution: His Legacy in Philosophy, Politics, Economics, and the History of Ideas . London:  Routledge , 1994,  pp .

   South African Journal of Economics ,  vol . 65, no. 4 (December), 1997,  pp . 459-481.