Business Cycles

"People must fight for something that they want to achieve, not simply reject an evil, however bad it may be."

The drop in interest rates makes unrealizable projects appear profitable and realizable. Entrepreneurs embark upon the execution of such projects.

"The very idea of a shortage of aggregate demand is absolutely meaningless."

"I have often been asked to add to my negative critique of Keynes's theory the positive exposition of an economic theory that offered a more correct explanation and description of economic reality. The present book is my answer to this request."

Investment and lending abroad are only possible if the receiving nations are unconditionally and sincerely committed to the principle of private property and do not plan to expropriate the foreign capitalists at a later date.

Currently, the Mises Institute is not officially accredited. However, those who desire to do so can take a final exam and have the results posted online. In this way, economics majors can receive extra credit from professors friendly to the Mises Institute, and finance professionals can curry favor with their bosses if they are fans of the Austrian School.

Presented to the Auburn University Economics Club; Auburn, Alabama, on 25 March 2010. Includes a Question and Answer period.

Fake booms and their consequent busts are directly linked to financial cycles, which in turn reflect the swings in money creation.

This lecture was presented remotely from the Mises Institute to Dr.

"Since credit expansion is made possible by state action, the business cycle — so far from being a natural consequence of the free market and a heavy debit against it — is ultimately traceable to government…"