In this unique episode, Professor Jeff Herbener and I explain why the economy goes up and down in boom-bust cycles (hint: it’s not the fault of “capitalism”), but we describe it in three ways: how we would explain it to a graduate student, a teenager, and a 5-year-old. Sponsors: &
Thomas E. Woods, Jr., is the 2019 winner of the Hayek Lifetime Achievement Award from the Austrian Economics Center in Vienna. He is a senior fellow of the Mises Institute and host of The Tom Woods Show, which releases a new episode every weekday. Visit https://tomwoods.com