Austrian Business Cycle Theory: An Introduction

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.

 

 

Full Reserve Banking versus the Real Bills Doctrine: A Critique of the Monetary Theory of J.R. Rallo

Philipp Bagus defends Austrian monetary theory and full reserve banking against the real bills doctrine. Responding to economist Juan Ramón Rallo’s critique of Ludwig von Mises’s The Theory of Money and Credit in Una crítica a la teoría monetaria de Mises, Bagus demonstrates that Mises’s supposed errors are not errors at all. He mercilessly dismantles Rallo’s proposed alternative theory of money point by point. Bagus shows that only by abandoning the aberrations of real bills doctrine, fractional reserve banking, and Feketian liquidity theory and adopting Austrian monetary theory will the economic discipline be able to advance in reaching a true understanding of monetary phenomena.

 

Mises Bookmarks

Never lose your place in a great Austrian treatise again with these beautiful, handmade bookmarks now available at the Mises Store.

 

Mises Crest Tie

This all-silk woven tie, embroidered with the Mises shield, is of dazzling beauty and stately elegance.