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Michael Novak



Articles by Michael Novak

The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century

December 12, 2020

In Mark Thornton’s The Skyscraper Curse, readers are exposed to the unique phenomenon of the Skyscraper Index and provided with a comprehensive overview of Austrian business cycle theory (ABCT). The Skyscraper Index, as readers learn in the first few pages of the book, shows a correlation between the development of a new tallest building in the world and the business cycle. After exposing readers to the Skyscraper Index, Thornton tactfully explains how the Skyscraper Index exemplifies ABCT, which postulates that policies such as artificially low interest rates, corporate bailouts, and monetary and fiscal stimulus lead to the economic booms and busts that have become a part of modern-day economies. With the world’s next tallest skyscraper, the Jeddah Tower,

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