The boom-bust cycle is not a mystery. Understanding why requires grappling honestly with what the last fifty years produced.

Like the Luddites of two centuries ago, pundits tell us to fear AI because it might put people out of work and create mass unemployment. But AI is not a threat to our jobs, unlike the regulation the government unleashes ostensibly to control AI.

Mainstream economists want us to believe that money gains its value from state decrees. Yet, Austrian economists more than a century ago explained why money has value.

Mainstream economists want us to believe that money gains its value from state decrees. Yet, Austrian economists more than a century ago explained why money has value.

Ludwig von Mises’s first major work was The Theory of Money and Credit in which he explained the role of money in the economy and also pointed out what causes the boom-bust cycle. It remains an important classic in Austrian economics.

Ludwig von Mises’s first major work was The Theory of Money and Credit in which he explained the role of money in the economy and also pointed out what causes the boom-bust cycle. It remains an important classic in Austrian economics.