history of business cycles in the United States and wrote that there "appears to be no systematic connection between the size of an expansion and of the succeeding contraction", contradicting business cycle theories (such as the Austrian business cycle theory) which rely on that premise. He analyzed the issue using newer data in 1993, and again reached the same conclusion. Referring to Friedman's discussion of the business cycle, Austrian economist Roger Garrison argued that Friedman's empirical findings are "broadly consistent with both Monetarist and Austrian views" and goes on to argue that although Friedman's model "describes the economy's performance at the highest level of aggregation, Austrian theory offers an insightful account of the market process that might underlie those aggregates". See also Carl Menger Chicago school of economics Criticism of the Federal Reserve Eugen von Böhm-Bawerk Friedrich Hayek Hans-Hermann Hoppe Henry Hazlitt Israel Kirzner List of Austrian intellectual traditions List of Austrian School economists Ludwig von Mises New institutional economics Perspectives on capitalism by school of thought School of Salamanca Gold standard Notes and references Further reading PDF . (Excerpt via Amazon). External links Understanding Austrian Economics by Henry Hazlitt Schools of economic thought Libertarian theory