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Thank you for a great AU 2017! - Acton University 2018: June 19 - 22

The Austrian Business Cycle

Session 1
Advanced Course

The boom and bust of the business cycle is created by a clash between (1) the centrally arranged availability of low-interest money capital followed by (2) the entrepreneurs’ projected market-oriented formation of the pattern of capital goods [factories, machinery, raw materials, etc.]. In this circumstance, many of the projects must eventually be cut short, causing widespread unemployment and a pains-taking capital restructuring that conforms to people’s actual saving and consuming behavior.

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