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  1. 1 Athenaeum. Polskie Studia Politologiczne

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  1. 1 Cholewiński J.

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  1. 1 2009

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Anatomia kryzysu z perspektywy austriackiej szkoły ekonomii

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Cholewiński J.
Athenaeum. Polskie Studia Politologiczne
|
2009
|
vol. 22
69-83
EN
THE PURPOSE OF this paper is to look at the problem of economic crises through the lens of the austrian business cycle theory. The author tries to present the chain of cause and effect that leads to common financial disturbances. In the light of austrian macroeconomics the main reason for our current economic problems is the ability of banks to trigger credit expansion. The aftermath of credit expansion is lowering of interest rates that leads to malinvestments. An artifically created boom can’t last forever. Banks in order to avoid hyperinflation have to stop credit expansion. A phase of bust establishes and crisis occurs.
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