Austrian Business Cycle Theory: An Introduction

A great introduction or a friendly refresher for those interested in the contributions of Mises, Hayek, and Rothbard. The lessons inside are an essential resource for anyone fighting for liberty in the battle against leviathan states that grow from economic crisis to economic crisis.

Politicians have long used business cycles to justify greater state intervention in the economy, growing the size of the state at the expense of civilization. One of the most potent weapons in debunking this narrative has been the unique understanding of Austrians that it is previous government intervention, the manipulation of money and credit, that is the cause for the so-called "boom and bust."

The Austrian theory of the business cycle, originated by Ludwig von Mises, celebrated by the profession with F.A. Hayek's Nobel Prize, and brilliantly applied in Murray Rothbard's economic history, is one of the great achievements of this tradition. Yet a simple, short book focused singularly on this contribution could not be found—until now.

Paul Cwik was inspired to write Austrian Business Cycle Theory by his own experience as an economics professor and his desire to have a book he could provide his students with to offer an alternative to mainstream economics. Based on his own lectures, this book serves as the perfect introduction for those wanting to learn how the economy actually works, knowledge they won't find in most modern economics books.

At just 58 pages, Austrian Business Cycle Theory works as a great introduction or a friendly refresher for those interested in the contributions of Mises, Hayek, and Rothbard. The lessons inside are an essential resource for anyone fighting for liberty in the battle against leviathan states that grow from economic crisis to economic crisis.

Paul Cwik is Professor of Economics and Finance at the University of Mount Olive and taught the BB&T courses in Free Market Economics at North Carolina State University.