Bill Woolsey draws attention in the comments to the Austrian emphasis on malinvestment, as opposed to the mainstream preoccupation with aggregate investment levels.
That certainly does seem like an important theoretical contribution (but I am a mere political scientist).
But is it a contribution to understanding the causes of the 2008 financial crisis? I thought the mechanism of malinvestment is supposed to be the low interest rates themselves, not laws that encouraged housing investment, such as those pointed to by Gjerstad and Smith and Wallison.
I'd love to be corrected if I am wrong about that, and also about whether any empirical work has been done to test the ABCT hypothesis regarding what caused the financial crisis.