Professor Tullock on Austrian Business Cycle Theory

Abstract

In “Why the Austrians Are Wrong About Depressions,” Professor Tullock (1987, p. 73) makes some statements that are incorrect and others which, properly interpreted, refute or at least, fail egregiously to support, his thesis that the Austrian theory of the trade cycle is incorrect. We begin by considering one of Tullock's minor points in Section 2 and then consider his major point in Section 3. In Section 4 we take to task Tullock (1989), also on this same topic, and conclude in Section 5.

Citation

Barnett, W. and Block, W. (2004), "Professor Tullock on Austrian Business Cycle Theory", Kurrild-Klitgaard, P. (Ed.) The Dynamics of Intervention: Regulation and Redistribution in the Mixed Economy (Advances in Austrian Economics, Vol. 8), Emerald Group Publishing Limited, Leeds, pp. 431-443. https://doi.org/10.1016/S1529-2134(05)08018-X