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Palgrave Macmillan

Austrian Theory of Capital and Business Cycle

A Modern Approach

  • Book
  • © 2022


  • Presents recommendations for monetary policy based on the Austrian business cycle theory
  • Expands the Austrian approach to economics to make it more applicable to modern economics
  • Clarifies inconsistencies within Austrian economics through the use of a new graphical apparatus

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About this book

This book explores Austrian capital theory and Austrian business theory from the perspective of modern economics. Sustainable change within the production structure is examined in relation to time preference, the Böhm-Bawerkian theory of capital and interest, and the Hayek Triangle. In turn, the impact of monetary shocks and boom-bust cycles is detailed, with a particular focus on the Ricardo Effect, dynamics of money supply, and the natural rate of interest.

This book aims to present a new framework for Austrian economics that will make these ideas applicable to both mainstream economic models and modern economists. It will be relevant to students and researchers interested in the history of economic thought and the political economy.

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Table of contents (9 chapters)

  1. The Austrian Theory of Capital

  2. Austrian Business Cycle Theory

Authors and Affiliations

  • Prague University of Economics and Business, Prague, Czech Republic

    Pavel Potuzak

About the author

Pavel Potuzak is Assistant Professor at the Prague University of Economics and Business.

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