The View from Vienna: An Analysis of the Renewed Interest in the Mises-Hayek Theory of the Business Cycle

NICOLAS CACHANOSKY, ALEXANDER W. SALTER
THE REVIEW OF AUSTRIAN ECONOMICS (2016). ADVANCED ONLINE PUBLICATION. DOI
10.1007/s11138-016-0340-5

Abstract: We review the post-crisis literature that engages Austrian business cycle theory and we discuss what is being said that is correct, what is being said that is incorrect, and what is not being said that ought to be said. This last category is important due to the fact that the post-crisis literature engaging Austrian business cycle theory has not addressed advances in the theory made since the days of Mises and Hayek. We also highlight three key areas of contemporary economics where Austrian business cycle theory has the potential to do significant work.