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The Business Cycle
Author(s) -
Foldvary Fred E.
Publication year - 1997
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.1997.tb02657.x
Subject(s) - business cycle , austrian school , economics , capital (architecture) , root (linguistics) , positive economics , neoclassical economics , macroeconomics , philosophy , geography , linguistics , archaeology
A bstract . Conventional macroeconomics lacks a warranted explanation of the major business cycle, while the Austrian and geo‐economic Georgist) schools have incomplete theories. A geo‐Austrian synthesis, in contrast, provides a potent theory consistent with historical cycles and with explanations about the root causes. The geo‐economic and Austrian schools have had little interaction in the past, despite many similarities (Yeager, 1954 and 1984). Though the theories of the schools are largely complementary, each providing content the other lacks, so far a synthesis has not been forthcoming; although some geo‐economists have incorporated elements of Austrian capital theory (e.g., Gaffney, 1994).