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Austrian Business Cycle Theory: A Basic Model

In: Austrian Theory of Capital and Business Cycle

Author

Listed:
  • Pavel Potuzak

    (Prague University of Economics and Business)

Abstract

This chapter introduces Austrian business cycle theory. A new model examines the lengthening of production processes initiated by a monetary shock. The resulting dynamics of the economy resemble the paths set up by a fall in time preference. However, the model shows that some processes cannot be completed and will be abandoned. The model explores forced saving at the peak of the economic boom and the partial destruction of capital in the downturn phase of the cycle.

Suggested Citation

  • Pavel Potuzak, 2022. "Austrian Business Cycle Theory: A Basic Model," Springer Books, in: Austrian Theory of Capital and Business Cycle, chapter 0, pages 67-83, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-18728-5_5
    DOI: 10.1007/978-3-031-18728-5_5
    as

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