Thursday, September 04, 2008

Crowd Cheers Austrian Business Cycle Theory

While the media is completely focused on the excellent (in terms of style and rhetoric, not as much in message) speech by Republican vice presidential candidate Sarah Palin at the Republican convention, they have almost completely ignored the in terms of message much better speeches at the Ron Paul rally. One exception is this MSNBC article. The most interesting line in it is this:

"The most passionate of applause lines so far? Upon one speaker's single pronunciation of "the Austrian Theory of the Business Cycle," members of the audience leapt to their feet with enraptured cheers.

(Yeah, you can Wikipedia it. I had to.)"

(The Wikipedia article is here)

That a crowd would cheer at the mere mentioning of a economic theory tells a lot about how much good Ron Paul has done in promoting economic understanding. The speaker who mentioned the theory was BTW Thomas Woods and the speech can be seen below. The mentioning of the Austrian Business Cycle Theory and the cheering of it by the crowd happens about 4:30 into the video.


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