Principles of Economics (Illustrated)

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Principles of Economics by Frank A. Fetter constructed a general theory of economics in the Austrian tradition. Using the axiomatic-deductive method, Fetter traced economic laws to individual human action. The book also demonstrated that the rate of interest is determined solely by time preference.

Building on his Austrian theory of capital, money, interest, and entrepreneurship, Fetter developed a theory of the trade cycle. The boom period is enabled by the artificial swelling of capital values as money and credit expand. The crisis follows when the inflation is stopped which causes the dislocated capital values of the boom to downward and results in the bankruptcy, unemployment, and retrenchment of the depression.

This is a must read book for the readers who are interested in researching capital, interest, and rent by Frank Fetter, one of the greatest thinkers on the planet.