{"product_id":"the-austrian-business-cycle-revisited","title":"The Austrian Business Cycle Revisited","description":"\u003cp\u003eThe author deals with epistemological issues of inflation and deflation and why they are not linear phenomena, building on the foundations of heterodox Austrian economics. Unbridled credit expansion is the core problem, according to Austrian theory. However, the author rejects this. Credit has always existed as a spontaneous social phenomenon. Credit can be detached from lending or borrowing, using an wealth and income exchange paradigm. From inflation it is only a small step to the Austrian Business Cycle Theory , which mainstream ignores. NASoE shows that the business cycle is missing some other explanations than 'unbridled credit expansion'. Even fractional banking, the usual suspect in Austrian Business Cycle Theory can be disproved. Merchant bankers and capitalists have a pivotal role to play in any developed economic system. Under a gold standard, their role is to facilitate wealth and income exchanges between the other protagonists. Interest rates can only be understood when tied to a gold standard.\u003c\/p\u003e","brand":"BooksWholesale","offers":[{"title":"Hardcover","offer_id":44420181622945,"sku":"9789082065503","price":49.33,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0462\/1120\/3233\/files\/1yny27wg-front-shortedge-384.jpg?v=1717966393","url":"https:\/\/bookswholesale.myshopify.com\/products\/the-austrian-business-cycle-revisited","provider":"BooksWholesale","version":"1.0","type":"link"}