Austrian Government Cycle Theory

Authors

  • Alan G. Futerman University of the Latin American Educational Center & Loyola University New Orleans
  • William Barnett II University of the Latin American Educational Center & Loyola University New Orleans
  • Walter E. Block University of the Latin American Educational Center & Loyola University New Orleans

DOI:

https://doi.org/10.34767/SIIP.2020.19.01

Keywords:

business cycle, Austrian economics, inflation, depression

Abstract

When government accounted for a small proportion of the economy, the Austrian Business Cycle Theory (ABCT) was apropos because private enterprises comprised the lion’s share of commercial interactions. But, of late, in more and more countries, the share of the economy accounted for by the state has increased, and that by business firms, less and less. Thus, it is time, it is past time, to introduce a new concept, Austrian Government Cycle Theory (AGCT). The present paper is an attempt to move us in that direction.

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Published

2020-12-20

Issue

Vol. 19 (2020): Świat Idei i Polityki

Section

Studies and analysis

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