Colin,

Tyler Cowen wrote a book evaluating ABCT: "Risk and Business Cycles,
New and Old Austrian Perspectives". Gene Callahan has done work
sorting out the theoretical and institutional components of existing
ABCT. Richard Wagner has evaluated ABCT: Austrian Cycles Theory,
Saving the Wheat and Discarding the Chaff. Gordon Tullock wrote
something years ago attacking ABCT (not his best work). Paul Czwik has
related ABCT to inverse yield curves. Dempster and Carilli have
applied game theory to explain ABCT. Garrison's book 'Time and Money'
compares Hayek's ABCT to Old Keynesian and Monetarist theories.
Various Rothbardians have focused on attacking fractional reserve
banking, both with and without central banks. Nobody has put all these
pieces together, not as ar as I know.

Krugman also wrote a short critique of ABCT years ago- in Slate.
Krugman misinterprets ABCT so badly that he should be ignored on this
subject.

Doug Mackenzie
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