Longtime readers know that I’m rather agnostic when it comes to economics. Meaning I don’t cling solely to a certain school of thought – such as Austrian (more free markets), Monetarist (central bank liquidity focused), or Keynesian (large government intervention). I believe each has good – and bad – ideas and lessons worth learning. But there’s one theory that’s grossly undervalued by the mainstream. Or has been completely ignored. . . I’m talking about the Austrian Business Cycle Theory (ABCT). This theory explains how central bank interest rate policy is most responsible for widespread economic booms and busts. As ... (full story)