By Ludwig von Mises, Murray N. Rothbard, Gottfried Haberler, Friedrich A. Hayek
Booms and busts aren't endemic to the unfastened industry, argues the Austrian conception of the company cycle, yet occur via manipulation of cash and credits by way of imperative banks. during this monograph, Austrian giants clarify and guard the speculation opposed to choices. contains essays via Mises, Rothbard, Haberler, and Hayek. In his later years, Professor Haberler allotted lots of those monographs to associates and co-workers. new version with an creation through Roger Garrison and an index.
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Extra info for The Austrian Theory of the Trade Cycle and Other Essays
Now, in the equipment of these successive stages of production, the capital stock of a country, which has been accumulated during centuries, is embodied. The amount of accumulated capital is a measure of the length of the stream. In a rich country the stream is very long, and goods have to pass through many stages before they reach the consumer. In a poor country this stream is much shorter, and the volume of output correspondingly smaller. If, during a time of economic progress, capital is accumulated and invested, new stages of production are added, or, in technical economic parlance, the process of production is lengthened, it becomes more roundabout.
Invariably, the booms and busts are much more intense and severe in the "capital goods industries"-the industries making machines and equipment, the ones producing industrial raw materials or constructing industrial plants-than in the industries making consumers' goods. Here is another fact of business cycle life that must be explained-and obviously can't be explained by such theories of depression as the popular underconsumption doctrine: That consumers aren't spending enough on consumer goods.
All these things, upon which the traditional monetary doctrine builds its entire explanation, will make things even worse than they are, and it may very well be that this secondary wave of depression, which is induced by the more fundamental maladjustment, will grow to an overwhelming importance. This depends, however, largely upon the concrete circumstances of the case in hand, upon the peculiar features of the credit organization, on psychological factors, and need not bear a definite proportion of the magnitude of the "real" dislocation of the structure of production.