I wrote a post on why the findings of empirical studies to ‘test’ the Austrian theory of the trade cycle isn’t much of a test at all, and should be taken with a fist of salt. It is called: “On The Empirical Relevance of Austrian Business Cycle Theory.”

Russell Lamberti added an update post, making some great additional points too: “RE: On The Empirical Relevance of Austrian Business Cycle Theory.”