Uploaded July 2026 | Updated September 2026, 2 weeks ago
Recorded at the Mises Institute in Auburn, Alabama, on July 21, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Introduction and Roadmap: Three Questions About the Business Cycle
2:57 Three Characteristics of the Modern Business Cycle
6:04 The Austrian Method: Understand Sustainable Growth First
9:25 Austrian vs. Mainstream Macro: Why Aggregates Mislead
11:50 Capital-Based Macroeconomics: Key Concepts
18:15 Sustainable Growth: Lower Time Preferences Lengthen Production
24:00 Can Credit Expansion Replace Genuine Savings?
25:40 Phase 1: The Boom — Central Bank Pumps Money
27:45 Phase 2: Malinvestment Revealed; The Bust as Necessary Liquidation
31:03 Multiple Rounds of Credit: Why the Boom Continues
35:54 The Boom's Inevitable End: Hyperinflation or Recession
37:33 Central Bank Policy During the Bust: Two Bad Outcomes
41:25 Three Eras: Great Inflation, Great Deformation, Great Procrastination
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
Facebook ► facebook.com/mises.institute
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Rumble ► rumble.com/c/c-2212754
Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
Recorded at the Mises Institute in Auburn, Alabama, on July 21, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Introduction and Roadmap: Three Questions About the Business Cycle
2:57 Three Characteristics of the Modern Business Cycle
6:04 The Austrian Method: Understand Sustainable Growth First
9:25 Austrian vs. Mainstream Macro: Why Aggregates Mislead
11:50 Capital-Based Macroeconomics: Key Concepts
18:15 Sustainable Growth: Lower Time Preferences Lengthen Production
24:00 Can Credit Expansion Replace Genuine Savings?
25:40 Phase 1: The Boom — Central Bank Pumps Money
27:45 Phase 2: Malinvestment Revealed; The Bust as Necessary Liquidation
31:03 Multiple Rounds of Credit: Why the Boom Continues
35:54 The Boom's Inevitable End: Hyperinflation or Recession
37:33 Central Bank Policy During the Bust: Two Bad Outcomes
41:25 Three Eras: Great Inflation, Great Deformation, Great Procrastination
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
Facebook ► facebook.com/mises.institute
Instagram ► instagram.com/misesinstitute
SoundCloud ► soundcloud.com/misesmedia
Apple Podcasts ► podcasts.apple.com/us/artist/mises-institute/1280664810
Rumble ► rumble.com/c/c-2212754
Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
