As A HISTORIAN,I have long been interested in applying the insights of Austrian theory to the interpretation of business cycles as they have occurred in history. In pursuing this endeavor, I have encountered what I believe are a number of problems with Austrian business cycle theory. I will present six of these problems in this paper. Some I feel close to having resolved myself; on others, I can only offer constructive comments.

How congenial with libertarianism is Thomas E. Woods, Jr.'s, best selling but controversial Politically Incorrect Guide to American History? In fact, only about half the time. Some sections are quite good, from both a scholarly and ideological vantage. But the book's conservative reverence for the Constitution, for the Old South, and for tradition in general too often triumphs over a libertarian respect for individual rights. Many of the negative reviewers dislike The Politically Incorrect Guide to American History for being too (...) anti the United States government. The real problem is that the book is not anti-government enough. (shrink)