16. Banking and the Business Cycle

Imagine stepping into a university lecture hall over fifty years ago, the air thick with ideas challenging the economic mainstream. That's the experience preserved in Austrian Economics: An Introductory Course, a direct recording of Murray N. Rothbard's seminal 1972 lectures at New York Polytechnic University. Here, Rothbard's distinctive voice guides you through the foundational principles of the Austrian School, from subjective value and marginal utility to the critical analysis of business cycles and government intervention. This isn't a modern studio production with slick editing; it's the raw, intellectual journey as it happened, capturing the clarity and fervor of Rothbard's teaching. Each session builds a coherent framework for understanding human action in the marketplace, emphasizing individual choice and the unintended consequences of political control over the economy. Listening to this archival podcast feels like accessing a master class from one of the tradition's most provocative thinkers, offering timeless insights into economic phenomena that remain fiercely relevant today. The series stands as a vital primary source, allowing a new generation to engage with these arguments in the lecturer's own words.