Business cycles are well understood in neoclassical economics, too.
The Depression started 80 years ago. That was before the advent of econometrics, before monetarism, and even before behavioral economics. What have the Austrians given us since? Behavioral economics is a lot like Austrian economics (it bases economic theory on human psychology) except better (it uses empirical measures of actual human behavior instead of unfalsifiable first principles).
Austrian economics, 80 years ago, was an innovation. It had its influence, particularly in the marginal revolution, and we moved on. Since about Rothbard, Austrian economics has been more about "let's come up with a nice-sounding argument for anarcho-capitalism" than "let's study how the economy works".
The Depression started 80 years ago. That was before the advent of econometrics, before monetarism, and even before behavioral economics. What have the Austrians given us since? Behavioral economics is a lot like Austrian economics (it bases economic theory on human psychology) except better (it uses empirical measures of actual human behavior instead of unfalsifiable first principles).
Austrian economics, 80 years ago, was an innovation. It had its influence, particularly in the marginal revolution, and we moved on. Since about Rothbard, Austrian economics has been more about "let's come up with a nice-sounding argument for anarcho-capitalism" than "let's study how the economy works".