Binary Intervention: Government Expenditures and the Business Cycle
![Rothbard Graduate Seminar](https://cdn.mises.org/styles/responsive_4_3_650w/s3/static-page/img/Rothbard%20Graduate%20Seminar%2020140605_750x516.jpg.webp?itok=4BhzrCBV 650w,https://cdn.mises.org/styles/responsive_4_3_870w/s3/static-page/img/Rothbard%20Graduate%20Seminar%2020140605_750x516.jpg.webp?itok=ujawjqvM 870w,https://cdn.mises.org/styles/responsive_4_3_1090w/s3/static-page/img/Rothbard%20Graduate%20Seminar%2020140605_750x516.jpg.webp?itok=hx5GVGV1 1090w,https://cdn.mises.org/styles/responsive_4_3_1310w/s3/static-page/img/Rothbard%20Graduate%20Seminar%2020140605_750x516.jpg.webp?itok=bVid7xt5 1310w,https://cdn.mises.org/styles/responsive_4_3_1530w/s3/static-page/img/Rothbard%20Graduate%20Seminar%2020140605_750x516.jpg.webp?itok=kR6x8uSl 1530w)
Murphy covers questions that arose during the week until 17:44, then begins with Business Cycles p.989-1025.
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.
An Alice J. Lillie Seminar. This lecture covers pp. 1253-95 and 989-1025 in the Scholar’s Edition of Rothbard’s Man, Economy, and State.