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- Search found 2 items for:
- Austrian Economics Overview
- Business Cycles
- Jeffrey M. Herbener
Quarterly Journal of Austrian Economics
Online Publish Date:
ABSTRACT: According to Austrian business cycle theory (ABCT), there is no macroeconomic market failure. Under laissez faire capitalism, with extremely limited or no government, there will be no credit-induced business cycles. However, suppose one part of the world engages in credit expansion, which, according to ABCT creates the business cycle,