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“Today, the ghost of Von Mises’s ideas haunts much of the planet, where governments have quietly, often secretly, fostered colossal debt bubbles that will almost be impossible to deflate without calamity.
Von Mises’s suggestion that credit bubbles are the key drivers of booms and depression, broadly known as the Austrian Business Cycle Theory, was first outlined in his 1912 book Theory of Money and Credit.
Murray Rothbard built on this theory in his own 1963 work America’s Great Depression, which provided a convincing case study on how the U.S. government fueled the 1920s stock market expansion, collapse and the ensuing spillover effects.
Banned from economics departments, government and central bank posts
Like many geniuses, the shear scope of Von Mises’s arguments against government intervention so boggled the minds of conventional thinkers that when he first began teaching in New York, the economics profession didn’t know what to make of him.
Part of the reason was financial. There is almost a limitless demand for economists who can argue how and why governments should spend more money.
However, the economics profession is terrified of thinkers like Von Mises, who believe that human action by individuals and entrepreneurs is the key driver of all human progress.
That said, there are considerable signs that Misesian thought is taking hold at a grass roots level. The Mises Institute in Auburn, Alabama makes available for free on its website many of the late economist’s books, as well as hours of video lectures about his work.”