ABSTRACT
Most of us have been brought up on the idea that the great contribution of the Austrians was subjective value theory and that Schumpeter had had some interesting things to say. We also studied Hayek’s business cycle theory, but only as one among many, from Haberler’s Prosperity and Depression and that was it, more or less. It had been an interesting school which had left a legacy of fruitful contributions to economic theory, but its days were over. One of the leading economists in the Netherlands three decades ago depicted Mises and Hayek as a pair of old grumblers whose ideas were invariably proven wrong by the facts.
