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The Austrians And The Crisis

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  • Robert C. B. Miller

Abstract

The Austrian economists' analysis of the trade cycle and the Great Depression has relevance for the current global economic crisis. Excessive bank lending leads to unsustainable distortions in the economy causing the recession, which government spending can do little to mitigate. The long‐run solution is a banking system with a high reserve ratio or competition in currencies.

Suggested Citation

  • Robert C. B. Miller, 2009. "The Austrians And The Crisis," Economic Affairs, Wiley Blackwell, vol. 29(3), pages 27-34, September.
    • Handle: RePEc:bla:ecaffa:v:29:y:2009:i:3:p:27-34
    DOI: 10.1111/j.1468-0270.2009.01915.x
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    References listed on IDEAS

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    1. Lawrence H. White, 2008. "Did Hayek and Robbins Deepen the Great Depression?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 751-768, June.
    2. Gottfried Haberler, 1986. "Reflections on Hayek's Business Cycle Theory," Cato Journal, Cato Journal, Cato Institute, vol. 6(2), pages 421-435, Fall.
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