Hayek's ideas about the business cycle are said to be relevant to the current economic crisis. This Hayek book sketches his theory of mis-allocated investments arising from cheap credit. However, the theory does not seem altogether cogent. Furthermore, the writing is rooted in the debates of the mid-20th century and so much of the context of the polemics is lost for contemporary readers. Still, it is a worthwhile read for students of economics. ( )