Prosperity and Depression

First published in 1937 and revised in 1957, 'Prosperity and Depression' systematically reviews existing theories of the business cycle, testing their logical consistency and compatibility with accepted economic principles.

The book provides a synthetic account of the nature and possible causes of economic fluctuations, applying quantitative tests to various causal hypotheses.

Haberler argues that while theoretical reasoning can outline possibilities, empirical investigation is necessary to choose between competing explanations of economic cycles.