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Mar 15

It Didn’t Have to Be This Way: Why Boom and Bust Is Unnecessary – and How the Austrian School of Economics Breaks the Cycle

 Why is the boom-and-bust cycle so persistent? Why did economists fail to predict the economic meltdown that began in 2007 – or to pull us out of the crisis more quickly? And how can we prevent future calamities? Mainstream economics has no adequate answers for these pressing questions. To understand how we got here and how we can ensure prosperity, Harry Veryser argues we must turn to an alternative to the dominant approach: the Austrian School of economics. Despite the prominence of leading figures such as Nobel Prize winner F. A. Hayek, few people have even a vague understanding of the Austrian School.

Economics is not a mysterious science. As the Austrian School teaches, it is simply the study of human action. Mainstream economics has failed because it has forgotten this fundamental truth. As the debate rages over the role of government in the economy, Veryser posits that the Austrian School of economics, too long unappreciated, reveals the crucial conditions for a successful economy and points the way to a free, prosperous, and humane society.

Harry C. Veryser has served as Director of the Graduate Program in Economics at the University of Detroit Mercy and Chairman of Walsh College’s Department of Economics and Finance. He is an associate scholar of the Ludwig von Mises Institute and serves on the advisory boards of the Mackinac Center for Public Policy and the Acton Institute for the Study of Religion and Liberty.

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Harry C. Veryser

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