<font size="3">[img][/img] </font><font color="#000080"><strong><font size="3">"The
periodically returning crises of cyclical changes in business conditions are the
effect of attempts, undertaken repeatedly, to underbid the interest rates which
develop on the unhampered market," Ludwig von Mises (1931)</font></strong></font>


<font size="3">A stock-market boom turns to bust, the macroeconomy seems
resistant to recovery, and the political establishment tries to blame the greed
of corporate moguls: the time was 1931. Amidst an anticapitalist frenzy, Ludwig
von Mises went to work applying his theory of the business cycle, first
articulated in 1912, to explain the Great Depression of Europe and America.</font>




<font size="2"><font size="3">From his 1923 and 1928 essays warning of the
dangers of created expansion<span class="464563416-10072002">,</span> to his
later work criticizing alternative theories, his unrelenting theme was that the
crisis could not be understood apart from the actions of the central bank. Now,
Mises's great interwar essays on business cycle theory are available in a new
PDF edition from the Mises Institute, available for download at no charge: </font><font size="3">On
the Manipulation of Money and Credit</font><font size="3">.</font>


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