The Forgotten Austrian Economics Language

Elena Bianca Vieru ()
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Elena Bianca Vieru: Alexandru Ioan Cuza University of Iasi, Romania and Lorraine University, Nancy, France

Acta Universitatis Danubius. OEconomica, 2013, issue 9(1), 168-180

Abstract: In light of the current events, namely the crisis that economy has to face for quite some years now, plenty of questions are raised, not only among specialists in the field but also among ordinary people as they prove to be most impoverished by these imbalances. Thus, this paper aims, as a first objective, to explain, from a general perspective and using an inductive-subjective methodology based on a brief survey as well as on observation, two of the most important causes that, according to the Austrian Business Cycle Theory, are the leading motives for triggering crises. We are referring particularly to an excessive state interventionism manifested throughout its expansionary monetary policy. Secondly, we seek to establish the interconnections between these elements and the case of the Great Depression as well as the current recession. The results we came across point out towards the same pattern designed by the Austrian economists, although the circumstances are, each time, different. Hence, the contribution of this paper consists of handling the details that surround the subject by extracting only the essential aspects regarding the triggering of crises; we refer to the main ideas that need to be underlined for a better comprehension of the topic.

Keywords: Austrian School; crisis; business cycle; Great Depression (search for similar items in EconPapers)
Date: 2013
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