Were Austrian Economists lying?

[prohouseseller]

austrians don’t believe in any type of central banking though

[mariorodrigues]

Why would you need to create new money from thin air to “empower entrepreneurs?”Entrepreneurs can either save their own money to put towards their entrepreneurial activities or there are capital markets in which individuals seek to place money that they have saved into investments that will get them a return by giving them to entrepreneurs. This is how economies progressed when money was a hard commodity that was subject to less manipulation by government and when government could not simply create more of it. The rate of interest and the extension of credit is set by the quantity of saving that goes on in society. Does it make sense for the government to create money and put it into the loan market for credit expansion so as to decrease interest rates (the prices of loans) to “empower entrepreneurs?” Does the government have to increase the price of shoes when people are buying too many, or does it have to decrease their price when people are not buying enough? The government has no way of knowing what quantity of shoes will satisfy people’s demand for them. Only each individual acting on his own valuations can make the right determination for himself, and these actions taken together represent the societal demand. Interest rates can perfectly well be set by individual’s valuations on the market. There is no need for a single person or group of people in a central bank to set them as they think they ought to be.

[nidhishshivashankar]

Wrong, so so so wrong. Evenly rotating economy is acknowledged by all Austrians as an abstraction and business cycle theory isn’t about interest it’s about malinvestment in producing things people don’t want to buy

[snek]

ABCT-austrian business cycle theory, if you're going to hate it at least understand it too

[mariusceterchi]

This guy doesn't know what he is talking about.

[Tespri]

Cycles are creared by keynisians who create bubbles

[josephmcguire]

‘They don’t have a theory besides the rate of interest’ would be like saying Christians don’t have a religion without Jesus. Duh!!

[johnathanvale]

the answer is no, they aren't lying and the theory of the business cycle has been shown to occur over and over and over again.
not only are they not lying...they aren't wrong either

[MichaelCriollo-vf]

That's the Austrian business cycle by hayek and Mises however Austrians also have a mengerian liquidity theory of cicles which is natural to capitalism unfortunately the tradition of liquidity school is not present in Rothbardian Austrians but rather in the mengerian wing ny rejecting mises monetary theory. This is found in Rallo, Antal Fekete and White. If you are interested there is a paper on the complementation of Minsky's financial approach to business cicles and the mengerian liquidity theory. A grasp to this you find it in "Business cycle theory: Where Minsky and Hayek agreed
Author & abstract
" By J R Rallo.

[ElGallo]

Central banking CREATES the business cycle (boom and bust cycle). Austrian Economics doesn't believe in Central banking and managed economies by the state and banks.