Science sinks or swims based on the quality of the distinctions it makes, and social science is no exception to this general rule. It is as important to make accurate differentiations in the history of economic thought as it is in any other branch of this discipline.In this regard, the...

Ludwig von Mises considered immediate overconsumption essential to the Austrian Business Cycle Theory (ABCT); Friedrich Hayek never agreed. Examining this disagreement, Roger Garrison concluded that Hayek's exposition of ABCT (a stages-of-production framing without immediate overconsumption)...