Business Cycles

What is required is purging the economy of various false activities that severely undermine its ability to generate real wealth.

Neoclassical economists, and specifically monetarists, have brought us here. Keynesian theory fell apart in the 1970s, and now monetarism has followed. The Austrian School is the only remaining source of credible analysis and sound economic policy.

Recorded at the Toronto Stock Exchange; September 16-17, 1999.

Discovering the Austrian business cycle theory, then, is a revelation, because through it, you learn how the whole business traces to loose money and credit generated by the Fed.

I congratulate the Ludwig von Mises Institute for bringing back into print Hayek's writings on business cycles.

Presented to the Auburn University Economics Club, Auburn, Alabama, on 14 October 2008.

A return to sound money is needed. This would, as outlined by many Austrian economists, require putting an end to government's monopoly over monetary affairs.

With the US housing crisis metamorphosing into a full-blown financial crisis in the United States and Europe and the specter of a global stagflation looming larger every day, the Fed's credibility and reputation is evaporating with the value of the US dollar.

William Tucker says nuclear power is the most concentrated energy and is the cure for the nation's energy ills. And in his view there is no such thing as nuclear waste — it all is recyclable.

Main objection to the Austrian Business Cycle Theory is rational expectations - they can't prevent entrepreneurs from making use of loose credit because they would be left behind if they didn't.