Binary Intervention: Government Expenditures and the Business Cycle

Murphy covers questions that arose during the week until 17:44, then begins with Business Cycles  p.989-1025.

Main objection to the Austrian Business Cycle Theory is rational expectations - they can't prevent entrepreneurs from making use of loose credit because they would be left behind if they didn't. 

An Alice J. Lillie Seminar. This lecture covers pp. 1253-95 and 989-1025 in the Scholar's Edition of Rothbard's Man, Economy, and State.