The Austrians and the Crisis

8 Pages Posted: 8 Oct 2009


The Austrian economists' analysis of the trade cycle and the Great Depression has relevance for the current global economic crisis. Excessive bank lending leads to unsustainable distortions in the economy causing the recession, which government spending can do little to mitigate. The long-run solution is a banking system with a high reserve ratio or competition in currencies.

Suggested Citation

Miller, Robert C. B., The Austrians and the Crisis. Economic Affairs, Vol. 29, Issue 3, pp. 27-34, September 2009. Available at SSRN: or

Robert C. B. Miller (Contact Author)

affiliation not provided to SSRN

No Address Available

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