Business Cycles | Robert P. Murphy

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Independent Institute Research Fellow Robert P. Murphy talks about business cycles at the 2016 Challenge of Liberty Summer Seminar held at Santa Clara University, in Santa Clara, California.

00:10 Introduction
00:35 Outline of the lecture
01:48 The problem
04:40 Schools of Thought on Business cycles:
04:52 Keynesian
08:58 Monetarist
18:40 Austrian
19:39 Austrian business cycle theory
23:10 Sustainable vs unsustainable growth
30:26 Austrians predicted the housing crash

Robert P. Murphy is a Research Fellow at the Independent Institute, Research Assistant Professor with the Free Market Institute at Texas Tech University, President of Consulting by RPM, Senior Economist with the Institute for Energy Research, and Associated Scholar with the Ludwig von Mises Institute.

About Choice: Cooperation, Enterprise, and Human Action book

The Challenge of Liberty Seminars provide college-aged students with the ethical and economic principles of free societies that are essential to understanding, appreciating, and preparing for real world issues that lie ahead.

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The Paul Krugman ad at the beginning was hilarious! Good one, YouTube.

theGefilteFist
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Four decades in management and market analysis in the real estate finance sector made clear to me that none of these economic theories plays appropriate attention to the operation of land markets. It was my good fortune to have come across the writings of Henry George (known primarily for his advocacy of the taxation of rents as the only source of public revenue) who provided us with an explanation (rather than a theory) of economic cycles. What George wrote about corresponded with my own observations and analysis of property market data over several cycles.

nthperson