Spoken Mises

In Capital and Production, Strigl seeks to come to grips with the causes and possible cures for the Great Depression that plagued the Western world in the aftermath of 1929. Although many other Austrian economists of the time were engaged in similar projects, Strigl's work stands out for its analysis of time-consuming roundabout production processes and of their relevance for the Great Depression. This is what makes the book relevant again at the beginning of the 21st century, at a moment of history marked by the most extraordinary global bull market the world has ever experienced. Strigl combined Jevons's and Böhm-Bawerk's theory of capital into a genuinely Austrian theory of the economy as a whole; and he carefully analyzed the impact of credit expansion on the workings of this macroeconomy. His treatment of these issues is even more systematic, rigorous, and clear than the well-known works by Hayek which covered the same ground. In fact, Hayek hailed Strigl's work "for the simplicity and clarity of exposition of a notoriously difficult subject."

(Original Text)

Introduction to Strigl's Capital & Production (10.37 MB)