The Tom Woods Show, episode 1894.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of liberty education starts here.

The Tom Woods Show.

Hey everybody, Tom Woods here. I've got Jeff Herbner with me today

for a really important topic. Jeff is the chairman of the Department of Economics

at Grove City College and one of the smartest people I know, honestly. His work is so important

and that brain of his, oh my gosh, I have not been able to stump this guy

in decades of asking him questions. So what we want to do today is give an extended answer

to a question somebody asked us during a live Q&A session. Jeff is a faculty member at

the website LibertyClassroom.com, which is my website where we teach what I call the history

and economics they didn't teach you. And we've got all these courses and you can consume them

at three o'clock in the morning if you want, it doesn't matter. There's no set time

that just sitting there waiting to be consumed. But we do do a live event once a month

where you know we have the recordings but it's good to be present there because you can ask

your own questions. Well I'll take a faculty member and we'll take questions for an hour.

So we did that recently and we got some of the best questions we've ever had.

And somebody asked a question I really, really liked involving something called Austrian

Business Cycle Theory. Now this is really important because every time the economy turns down

there's always some reason that people want to blame capitalism or this and that. You know,

and that's why we need more regulation. We need more, we need to crack more skulls and all this.

So it's very important to understand what actually does cause the boom bus cycle in the economy.

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