Why do recessions occur? What causes the business cycle? When we have a recession, why is it that the capital goods industries are affected much more than consumers goods industries? What has the central bank got to do with it? Rothbard’s essay on economic depressions explores the Misesian framework of the Austrian Business Cycle Theory. It’s pretty magnificent.
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Murray N. Rothbard, Economic Depressions: Their Cause and Cure
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