As Mark Thornton has detailed in his brilliant book, The Skyscraper Curse, Austrian School economists’ unique theory of the business cycle has given them a distinct advantage in foreseeing oncoming economic crises: from Ludwig von Mises’s 1920s predictions of looming bank failures, to Thornton’s own 2004 warnings of the housing bubble and its consequences. Contemporary Austrians continue to apply this theory when scrutiniing the anxious landscape of today’s economy, looking for early warning signs of where central bank monetary manipulation will manifest itself next. However, depending on the
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