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The Forgotten Austrian Economics Language

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  • Elena Bianca Vieru

    (Alexandru Ioan Cuza University of Iasi, Romania and Lorraine University, Nancy, France)

Abstract

In light of the current events, namely the crisis that economy has to face for quite some years now, plenty of questions are raised, not only among specialists in the field but also among ordinary people as they prove to be most impoverished by these imbalances. Thus, this paper aims, as a first objective, to explain, from a general perspective and using an inductive-subjective methodology based on a brief survey as well as on observation, two of the most important causes that, according to the Austrian Business Cycle Theory, are the leading motives for triggering crises. We are referring particularly to an excessive state interventionism manifested throughout its expansionary monetary policy. Secondly, we seek to establish the interconnections between these elements and the case of the Great Depression as well as the current recession. The results we came across point out towards the same pattern designed by the Austrian economists, although the circumstances are, each time, different. Hence, the contribution of this paper consists of handling the details that surround the subject by extracting only the essential aspects regarding the triggering of crises; we refer to the main ideas that need to be underlined for a better comprehension of the topic.

Suggested Citation

  • Elena Bianca Vieru, 2013. "The Forgotten Austrian Economics Language," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(1), pages 168-180, February.
    • Handle: RePEc:dug:actaec:y:2013:i:1:p:168-180
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    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1629
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    References listed on IDEAS

    as
    1. John B. Taylor, 2007. "Housing and monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 463-476.
    2. Vieru, Elena Bianca, 2011. "How can we anticipate crises?," MPRA Paper 41440, University Library of Munich, Germany.
    3. Kamran Dadkhah, 2009. "The Evolution of Macroeconomic Theory and Policy," Springer Books, Springer, number 978-3-540-77008-4, December.
    4. Jesús Huerta de Soto, 2009. "The Essence Of The Austrian School," Economic Affairs, Wiley Blackwell, vol. 29(2), pages 42-45, June.
    5. Elena Bianca VIERU, 2011. "How Can We Anticipate Crises?," The Annals of the "Stefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 11(2(14)), pages 128-134, December.
    6. William R. White, 2006. "Is price stability enough?," BIS Working Papers 205, Bank for International Settlements.
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