Fred E. Foldvary wrote The Business Cycle: A Georgist-Austrian Synthesis and published in 1997 by the American Journal of Economics and Sociology. The Geo-Austrian Synthesis is consistent with economic history and is comprehensive in that it includes both the financial and real elements and their interconnections. The Geo-Austrian synthesizes a theory of the business cycle with more explanatory depth than conventional theory.

The Geo-Austrian Synthesis does not provide the only explanation for cycles but does encompass the major booms and depressions. The 18-year cycle in the US and similar cycles in other countries give the Geo-Austrian cycle theory predictive power. The Geo-Austrian synthesis provides a research agenda that can test historical cases in more detail.

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