Today would have been Murray Rothbard’s 92nd birthday. He was an unforgettable friend, whose immense knowledge of many different fields was unsurpassed in my experience. In a lecture on the Austrian Theory of the Business Cycle, he mentioned the common objection that the expansion of bank credit might have no effect, if investors anticipated trouble. After the lecture, I asked whether Mises had answered this point. He said, “See his response to Lachmann inEconomica, 1943.” I often went to used bookstores with him, in both Palo Alto and Manhattan, and listened to him as he commented on nearly every book on … Continue reading Murray Rothbard’s Birthday