I’m looking for recommended readings on Austrian Business Cycle Theory. In particular, this is for my father, who is a PhD in Economics, but schooled in Keynesian economics. He likes what he has read of Austrian economics and is a regular visitor to lewrockwell.com, but he confesses that he knows very little about Austrian Business Cycle Theory. I know it is covered in Mises’ “Human Action,” but is there some other source that is more focused on this single aspect of Austrian economics?
it’s nice to hear that your father has taken to Austrian econ in spite of what he’s been taught. At any rate, I think he can probably go for the more advanced readings, but they do presuppose a familiarity of other Austrian concepts, like how money works, so he might benefit from reading HA anyway. The books in the “books to distribute” section of this link cover the business cycle. They’re all good, but Mises’s are primary. Also try get him to read Hulsmann’s article on error cycles, where he revises the Austrian theory somewhat and puts it on firmer ground.
I’ve not read it but apparently Huerta de Soto’s book covers it very nicely. There’s also Rothbard’s America’s Great Depression, the first part of which covers the ABCT, Mises covers it in his The Theory of Money and Credit. For a good introduction get him to listen to Salerno’s lecture on the subject. There’s also Garrison’s Time and Money which would be helpful if he is schooled in Keynesian economics.
Thanks so much for your helpful responses. What do you all think of the Austrian Theory of the Trade Cycle collection by Richard Ebeling? Would this make a good primer, or should my father gain some background with other Austrian books, first? The appeal of a shorter work like this is that it may raise his interest enough to want to read some of Mises more thorough works.
I’d get him to read Menger’s Principles of Economics. If he’s already knowledgable about economics it makes no sense him reading Callahan or Hazlitt, so Menger would be a good start since the Austrian school did begin with him. I’m sure others may disagree with me here though. From this Mises might be good.
I think that the collection by Ebeling is a great introduction to the business cycle and it doesn’t require somebody to even know an overwhelming amount of economics to begin with in order to understand it. If you’re looking for the best way to assist an “outsider” in comprehending the business cycle with a brief amount of reading I’d go with the Ebeling collection.