U.S. Economy

The question posed by the title to this lecture raises a number of deep problems of economic science.

A strong central bank is the creator of, not the cure for, inflation and the business cycle.

It is perhaps the finest introduction to the thought of a major thinker ever published in the discipline of economics.

Austrian economists like Ludwig von Mises and F.A. Hayek opposed government intervention in the macroeconomy because that intervention leads to distorted relative prices and malinvestment.

The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.

The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.

The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.

Through your commentary, you provide intellectual cover for a system and structure of power that does not deserve your support.

In the same way that we need some junior historian to devote his career to exposing every nefarious plot of the New Deal, so we need an economist to refute the General Theory.

Presented as part of the Mises Institute’s Brown Bag Seminar series on October 16, 1996 in Auburn, Alabama.