Prosperity and Depression

Are you serious about business cycle theory? In 1937, back when economists thought big and coherent thoughts about the boom-bust cycle, long before mainstream economists began to doubt the existence of theoretical universals, Professor Gottfried Haberler, an exponent of the Austrian theory, wrote a full and wonderful treatise on the topic. He sought to answer the question of how a developed and thriving economy could find itself plunged into economic crisis.

In the course of his narrative, h...