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Abashis Travel on While the debate between the Austrian School and the socialists continued, and many academics thought the debate resolved in favor of socialism, world socialism collapsed in 1989. In the 1920s and 1930s, von Mises wrote a series of essays on the deductive method in economics, later called the logic of action. It should be noted that in 1934, the Austrian philosopher Sir Karl Popper published the first edition of his epochal book The Logic of Scientific Discovery, which includes a pleading for deductive methodology to be applied in science, and relates scientific progress to trial and error processes. Von Mises further worked, with his student Friedrich von HAYEK, on the Austrian theory of the BUSINESS CYCLE, at the same time warning of the danger of credit expansion and predicting the coming currency crises.

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Mises founded the Austrian Institute of Business Cycle Research and put Hayek in charge of it. In 1974, Hayek was awarded the Nobel Prize in Economics for this work. Since life for economists was difficult in Austria due to the economic crises and the Nazi regime, von Mises came to the UNITED STATES where his book, Human Action, appeared in 1949 and remains the economic treatise that defines the school.

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