As noted on the LRC blog (2, 3), and as reported on MSNBC’s initial report on Ron Paul’s Rally for the Republic: “The most passionate of applause lines so far? Upon one speaker’s single pronunciation of ‘the Austrian Theory of the Business Cycle,’ members of the audience leapt to their feet with enraptured cheers.” This was Tom Woods’s line — YouTubes of his speech are below:
Source link: http://blog.mises.org/8482/austrian-business-cycle-theory-hip/
Austrian Business Cycle Theory Hip!
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It is very refreshing to know that people are waking up to the Austrians. I, personally, am a huge fan. Having read Rothbard, Hazlitt, Dr. Paul, Hayek and others. I’m addicted to the Austrian capital and business cycle theory. Mark Thornton and others give incredible insight to these concepts in the audio sections of the site. I just hope we can get the message out to the laymans out there that it is the Federal Reserve and any central bank that creates these business cycles and that they would not exist if we had a real free-market.
GO MISES
Austrian Business Cycle Theory is false.
Even if the Austrian business cycle theory is false, American history shows that we had a more stable monetary system under a gold standard and without the Federal Reserve Bank. Milton Friedman, a monetarist partially agrees with this (see the chapter on inflation in his book Capitalism and Freedom), he just thinks the gold standard is a waste of resources because one has to mine the gold.
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