Abstract

Objectivist Richard Salsman has recently offered a provocative commentary on business cycles in general and on the Great Depression in particular. The present paper closely examines Salsman's essay, with special attention given to his condemnation of Austrian business cycle theory. It demonstrates that Salsman's account of the Great Depression is confused and inadequate, because it is riddled with both factual errors and misunderstandings. Moreover, his attack on Austrian economists is indefensible. Indeed, he is not even reliably able to recognize their theory when it is laid before him