Post-Pandemic Business Cycle in Poland and in the United States in the Light of the Austrian Business Cycle Theory

Abstract

The purpose of the article is to examine the post-pandemic business cycle in Poland and in the United States in the light of the Austrian business cycle theory. The study shows that this theory satisfactorily explains the post-pandemic business cycle. Moreover, it seems that the Austrian business cycle theory explains some important facts better than competing theories of business cycle. The analysis also indicates that the post-pandemic business cycle differs significantly in many respects from previous business cycles – and that these differences could be explained within the framework of the Austrian business cycle theory.

Keywords

• austrian business cycle theory
• austrian school of economics
• business cycle
• inflation
• covid-19 recession
• money supply
• pandemic
• post-pandemic business cycle