<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Shawn Ritenour provides a review of my two-volume book titled Money, Banking, and the Business Cycle in the winter 2016 issue of The Quarterly Journal of Austrian Economics. This paper constitutes a response to some of the criticisms of the book in his review. In this response, I discuss topics such as the nature of profits, the sustainability of changes in time preference, the role of changes in prices versus changes in spending in the business cycle, the relationship between interest rates and the rate of profit, the nature of fraud, and the nature of value. I also discuss whether the structure of production can be measured using the average period of production. I address other issues raised by Ritenour as well. This discussion sheds light on Austrian business cycle theory and the nature of the business cycle.</p></abstract>

Shawn Ritenour provides a review of my two-volume book titled Money, Banking, and the Business Cycle in the winter 2016 issue of The Quarterly Journal of Austrian Economics. This paper constitutes a response to some of the criticisms of the book in his review. In this response, I discuss topics such as the nature of profits, the sustainability of changes in time preference, the role of changes in prices versus changes in spending in the business cycle, the relationship between interest rates and the rate of profit, the nature of fraud, and the nature of value. I also discuss whether the structure of production can be measured using the average period of production. I address other issues raised by Ritenour as well. This discussion sheds light on Austrian business cycle theory and the nature of the business cycle.

Lessons from a Review of Money, Banking, and the Business Cycle

Zagreb International Review of Economics and Business

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"Lessons from a Review of Money, Banking, and the Business Cycle"}

Shawn Ritenour provides a review of my two-volume book titled Money, Banking, and the Business Cycle in the winter 2016 issue of The Quarterly Journal of...

Lessons from a Review of Money, Banking, and the Business Cycle

Data publikacji: 05 gru 2018

Zakres stron: 97 - 113

DOI: https://doi.org/10.2478/zireb-2018-0016

Słowa kluczowe
Austrian business cycle theory, nature of profits, time preference, interest rates, equation of exchange, nature of value, average period of production

© 2018 Brian P. Simpson, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Lessons from a Review of Money, Banking, and the Business Cycle

Data publikacji: 05 gru 2018

Zakres stron: 97 - 113

DOI: https://doi.org/10.2478/zireb-2018-0016

Słowa kluczoweAustrian business cycle theory, nature of profits, time preference, interest rates, equation of exchange, nature of value, average period of production

© 2018 Brian P. Simpson, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Słowa kluczowe
Austrian business cycle theory, nature of profits, time preference, interest rates, equation of exchange, nature of value, average period of production