Binary Intervention: Government Expenditures and the Business Cycle
About this episode
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.
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