"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
The Austrian School
"This paper is a review of Austrian School references in business cycle studies published by the National Bureau of Economic Research. The NBER’s business cycle chronology is limited by its exclusion of the Panic of 1819, described by Rothbard (1962). Another limitation of most NBER cycle literature is a non-reliance on historical accounts. NBER cycle studies focus on the Hayekian version of Austrian business cycle theory (ABCT), an endogenous theory. They overlook exogenous Misesian and Rothbardian versions of ABCT. Business annals were used by Mises, Hayek, and Rothbard, and are part of the Austrian tradition. Annals appear in NBER cycle studies starting with Thorp (1926) and ending with Zarnowitz (1992)."
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