Liberty Alone

One of the achievements of the Austrian school of economics is the analysis of the business cycle. Mises developed the initial theories and Hayek expanded upon them.

However, the Austrian theory is concerned with capital goods, money and inflation but leaves out land. In contrast Georgist theories of the business cycle include land, but fail to incorporate those aspects which the Austrians include.

in the light of this there are now attempts to combine the two into an Autro-Georgist (or geo-Austrian) theory.

This predicts a real estate boom-bust cycle of about 18 years, which is born out by historical data. The last housing bust was in 1990, so we are right on target (with the US having already felt some of the effects).

Its an interesting idea, which combines two economic theories which have both had profound effects on liberals and individualists over the years.

Update:
I’ve come across a more thorough exposition of the theory here although I haven’t had the chance to digest it yet.

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