Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

xiiMoney, Bank Credit, and Economic Cycles18 Empirical Evidence for the Theory of the Cycle . . . . . . . .476Business Cycles Prior to the IndustrialRevolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .479Business Cycles From the IndustrialRevolution Onward . . . . . . . . . . . . . . . . . . . . . . . . .482The Roaring Twenties and the GreatDepression of 1929 . . . . . . . . . . . . . . . . . . . . . . . . . .487The Economic Recessions of the Late 1970sand Early 1990s . . . . . . . . . . . . . . . . . . . . . . . . . . . . .494Some Empirical Testing of the AustrianTheory of the Business Cycle . . . . . . . . . . . . . . . . .500Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .503CHAPTER 7: A CRITIQUE OF MONETARIST ANDKEYNESIAN THEORIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5091 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5092 A Critique of Monetarism . . . . . . . . . . . . . . . . . . . . . . . . . . .512The Mythical Concept of Capital . . . . . . . . . . . . . . .512Austrian Criticism of Clark and Knight . . . . . . . . .518A Critique of the Mechanistic MonetaristVersion of the Quantity Theory of Money . . . . . .522A Brief Note on the Theory of RationalExpectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5353 Criticism of Keynesian Economics . . . . . . . . . . . . . . . . . . .542Say’s Law of Markets . . . . . . . . . . . . . . . . . . . . . . . . .544Keynes’s Three Arguments On CreditExpansion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .546Keynesian Analysis as a Particular Theory . . . . . . .553The So-Called Marginal Efficiency of Capital . . . . .555Keynes’s Criticism of Mises and Hayek . . . . . . . . .557Criticism of the Keynesian Multiplier . . . . . . . . . . .558Criticism of the “Accelerator” Principle . . . . . . . . .565