Austrian Business Cycle Theory — Robert Murphy, PhD
Austrian Business Cycle Theory — Nelson Nash
Business Cycles Explained: Real Business Cycle Theory
Interest Rates in Austrian Theory
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in economics in 1974 in part for his work on this theory.
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