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According to the economists of the Austrian School, artificial credit expansion is the primary factor behind the business cycle. Critics have tried to poke holes in the theory, but David Howden shows those holes are just an illusion.

About the Guest

David Howden is chairman of the department of business and economics at the Madrid campus of St. Louis University. He is academic vice president of Mises Canada, editor of the journal Prices & Markets, and co-author of Deep Freeze: Iceland’s Economic Collapse.

Faculty Page

David Howden

Article Discussed

“Why I Am Not an Austrian Economist,” by Bryan Caplan

Article Mentioned

Joseph T. Salerno, “A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis” (PDF)

Tom’s Resource

Austrian Business Cycle Theory: Answering the Critics

Related Episodes

Ep. 118 Boom and Bust: The Cause (David Howden)

Ep. 403 Austrian Microeconomics: Where the Critics Go Wrong (Jeff Herbener)

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