Briefly, the importance of the Hayek theory of the business cycle is that it puts the blame for the boom-bust cycle squarely on the shoulders of the government and its controlled banking system, and, for the first time since the classical economists of the 19th century, completely absolves the free-enterprise economy from the blame.
An "anarchic" private law society — is the answer to monarchy and democracy.
We can understand the reaction today to people calling to "end the Fed."
All that stands between the present awful reality and 0% unemployment is a class of social managers unwilling to admit error.
Academic freedom, as such, is fraud and theft, because it denies individuals the right of free and voluntary contracts.
Maybe letting the market fix what government broke isn't an option they can bring themselves to embrace, even if it's the only way out.
In the course of lengthy arguing against hidden usury in various forms of contracts, the brilliant mind of San Bernardino stumbles, for one of the first times in history, upon what later would be called 'time-preference'.
Murray Rothbard was a cheerful, sweet, likeable man who didn't hate anyone, especially fellow libertarians.
Alexander Gray (1882–1968) is my favorite historian of economic thought.
From the market point of view the Fed is a bankrupt institution.
