Quarterly Journal of Austrian Economics 19, no. 4 (Winter 2016)
Whenever a new book on money and the business cycle from an Austrian perspective is published, the hope is that it will be another monumental contribution setting before the reader the best of monetary and business cycle theory. Alas, while Brian P. Simpson’s Money, Banking, and the Business Cycle includes 509 pages of small dense print stretching over two volumes, such hope is unfounded. While making numerous helpful contributions to our understanding of the economic history of business cycles in the United States, the way Simpson develops his business cycle theory leads to more confusion than clarification. So much so that the work is ultimately disappointing. One should not turn to Money, Banking, and the Business Cycle to learn Austrian business cycle theory. For those looking for a modern, book-length treatment of business cycle theory from an Austrian perspective, Huerta de Soto’s Money, Bank Credit, and Economic Cycles and Roger Garrison’s Time and Money are still preferable.
