Murray Rothbard was the master of reducing complicated theories to their very essence while retaining theoretical rigor, and this essay is a case in point. It was originally written in 1969 and published in the form of a tiny book that achieved a huge circulation. Its continued relevance speaks to an aspect of the Austrian theory that other theories can't boast. It is a real theory that applies across time and place, and its persuasive power is not contingent on the particulars of any individual boom bust cycle.
Narrated by Harold Fritsche. Music by Kevin McLeod.