Enemy Of The State: Murray Rothbard

Murray Rothbard died before he could write the third volume of his famous History of Economic Thought, which would cover the birth and development of the Austrian School, through the Keynesian Revolution and Chicago School. With this six-lecture course, however, the History of Economic Thought is complete. 6. Hayek and His Lamentable Contemporaries The Nobel award to F.A. Hayek in 1974 went directly against the tradition of that prize to go only to mathematical forecasters, left-liberals, and government central planners. Not only was Hayek’s work pioneering, but it is also the only correct analysis of business cycles past, present and future since they began in the mid-18th century. Initially, various economists concluded that the boom-bust cycle must be deeply rooted within the free market industrial capitalist system. The blame must rest with free market capitalism, said Marx and Keynes. Government spending was to make up for some depression in the private sector. Too little spending created unemploymen