Mises Wire
Author:
Murray N. Rothbard
Online Publish Date:
[Excerpted from America’s Great Depression , chapter 1 “The Positive Theory of the Cycle,” section “The Explanation: Boom and Depression,” pages 9–14 .] In the purely free and unhampered market, there will be no cluster of errors, since trained entrepreneurs will not all make errors at the same time. The “boom-bust” cycle is generated by monetary