“Historically, when interest rates are high, the inflation rate is high. High interest rates are a major cause of inflation.” Evaluate this statement. According to economists of the Austrian school,...

“Historically, when interest rates are high, the inflation rate is high. High interest rates are a major cause of inflation.” Evaluate this statement.

According to economists of the Austrian school, what is the major cause of the business cycle? Would economists of the Keynesian school agree? Discuss.