Steve Horwitz is in town tonight and will guest lecture in my PhD course on Austrian Economics. We will be discussing the financial crisis and the relevance of Austrian economics for understanding our contemporary policy dilemmas.
Over at Marginal Revolution, Alex Tabarrok makes the case for Irving Fisher as an under-rated economic thinker, and points to his debt-deflation theory of depression. What is the relationship between the debt-deflation theory of the depression and the cumulative rot theory of depressions associated with monetary disequilibrium theory (Yeager)? What is the strongest case for Alex's assessment? What is the weakest case for Alex's assessment of Fisher?