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Source link: http://blog.mises.org/10264/bachelor-thesis-on-abct/

Bachelor thesis on ABCT

July 12, 2009 by Jeffrey Tucker

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Rick Habraken of The Netherlands sends us his bachelor thesis on the Austrian Theory of the Business Cycle. Outstanding paper!

{ 13 comments }

Bruce Koerber July 12, 2009 at 3:59 pm: In conclusion, the ego-driven interventionists do not learn from the economic consequences of their actions because they are really just economic terrorists trying to perpetuate their system of corruption.
peter July 12, 2009 at 8:47 pm: between this thesis and the china article, I feel like the grammar and spelling errors are in triple digits almost. Does not take away from the solid points of the article(s) but it would be nice to strive for a better quality of work so as not to be dismissed by people who visit the site for the first time and see these articles
Ken July 12, 2009 at 10:22 pm: I find the comment above mine very humorous.
Adam Frost July 13, 2009 at 2:38 am: ITT: We discuss grammar on an economics website.
Curt Howland July 13, 2009 at 6:42 am: If you can’t attack the message, attack the messenger’s grammer.
GS July 13, 2009 at 7:35 am: Also worth noting is that Tilburg is a top school.
Rick July 13, 2009 at 11:01 am: Thanks for the post Jeffrey. And to the people commenting about spelling errors: sorry about that, but please give me a break. English is not my main language.
Jack July 13, 2009 at 12:11 pm: I have to agree with the comments about grammar; publishing a paper with poor grammer and spelling mistakes is akin to showing up at a job interview in shorts and a t-shirt, regardless of the message the writer is attempting to convey.
C July 13, 2009 at 1:55 pm: Rick,

We applaud your efforts to share the Austrian message, particularly in a foreign language, and understand and forgive your minor English errors. It is a very elegant and thoughtful paper for an undergraduate, and deserves praise for its content, rather than criticism of form.

I would love to see your village analogy expanded, to describe how the credit-driven rise in caviar prices leads to overproduction of boats (capital investment), until the “caviar boom” goes bust, the lumberjacks get laid off, and they have to turn their labor to breaking all the excess boats up into firewood (capital destruction caused by the previous misallocation).

Also, I fear your point about credit cards driving the next bubble is all too likely. If Obama has his way, that is how he will fuel the economy, by restricting credit card interest rates and expanding availability through regulation, in the guise of “equal opportunity and protection” for those who live by ever-increasing debt.

Perhaps this could be turned into a Mises Daily article, with a bit of expanded revision and editorial help from the LvM staff?
Jack July 13, 2009 at 2:58 pm: Re: My previous comment regarding grammar.

I’ve had the chance to read the rest of the essay and I also think that it deserves praise, in spite of the grammar mistakes here and there. Much of the essay was actually relatively free of mistakes, so I wonder if just certain parts were added without adequate time for proof-reading.

I’d like to see the analysis extended into how one can protect themselves from the coming changes and use this knowledge to profit from the birth of the next bubble. Many articles on this site mention what has happened, and some mention how you can preserve wealth via gold, but there aren’t enough articles stating which action that you as an individual can do to actually profit out of the changes that are coming.
Vanmind July 14, 2009 at 4:38 pm: Good work, Rick, but clean up the text or you’ll leave yourself open to attacks that inevitably will dovetail into “Well, if he can’t get that much right, can anyone really believe what he has to say? Are near-illiterates capable of learning much about economics?”

Not that I’m saying you’re “near-illiterate,” just that unpolished prose is an invitation to underhanded faux-critiques — and countering faux-critiques takes time better spent on entrepreneurialization. Ha.
Andromeda April 5, 2010 at 9:43 am: Good workl!
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