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The Austrians Were Right

Mises Daily:Tuesday, February 05, 2013 by Harry Veryser

Editor's Note: Professor Harry C. Veryser has written a much-needed look at the Austrian School of economics and why its lessons must be heeded at last. Ron Paul calls the book “an excellent introduction to the Austrian School of economics and an excellent account of the economic history of the 20th century,” while Thomas E. Woods Jr. writes, “I am blown away by how much ground Harry Veryser covers in this important book, and how skillfully he covers it.” What follows is the first excerpt from Veryser’s brand-new book,It Didn’t Have to Be This Way: Why Boom and Bust Is Unnecessary—and How the Austrian School of Economics Breaks the Cycle.

The global economic meltdown that began in 2007 has brought suffering to countless millions. We have all witnessed—and in many cases experienced—the devastation.
But it didn’t have to be this way. This kind of financial devastation has been predicted again and again—decade after decade—by propo­nents of the Austrian School of economics. Ludwig von Mises, one of the most prominent Austrian economists, summed up the perennial cri­sis in the title of one of his many books, Planned Chaos (1947). Mises, especially in The Theory of Money and Credit (1912) and Human Action (1949), maintained that the boom-and-bust cycle that has afflicted mod­ern economies is both unnatural and unnecessary. It worsens living conditions for just about everyone. Since the publication of his books, abundant scholarly studies have validated the Austrian view. Yet few people—even among those teaching economics in colleges and universi­ties worldwide—know or understand the Austrian School.
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