{
 "rec_id": "media-the-business-cycle-why-didn-t-the-austrian-view-of-the-business-cycle-prevail",
 "course": "the-business-cycle",
 "title": "Why didn't the Austrian view of the business cycle prevail?",
 "speaker": "Murray N. Rothbard",
 "source_file": "media/The Business Cycle/Why didnt the Austrian view of the business cycle prevail_ Murray N Rothbard.mp3",
 "model": "medium",
 "language": "en",
 "language_probability": 1,
 "duration_s": 45.9,
 "generated": "2026-08-06T00:16:35Z",
 "generator": "scripts/transcribe_lectures.py (faster-whisper)",
 "machine_generated": true,
 "warnings": [],
 "text": "The Austrian theory was adopted precisely because it was the only one that it predicted and also could explain the Great Depression, and it began to be adopted also in the United States. Just at that point comes the so-called Keynesian Revolution, Lord Keynes wrote his book in 1936, and the whole gang flip-flopped. What happened is, and this is very often true in the history of thought, by the way, not just in economics but in social sciences generally, It wasn't that the Keynesians refuted the Austrian theory. The Austrian theory was just forgotten. Nobody ever refuted it. They didn't talk about it. It's just the fashion changes. It's something like ladies hemlines. Fashion changes and they just stop talking about the Austrian stuff. They deal with a completely different set of items and that was it.",
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   "text": "The Austrian theory was adopted precisely because it was the only one that it predicted and also could explain the Great Depression, and it began to be adopted also in the United States.",
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   "text": "Just at that point comes the so-called Keynesian Revolution, Lord Keynes wrote his book in 1936, and the whole gang flip-flopped.",
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   "text": "It wasn't that the Keynesians refuted the Austrian theory. The Austrian theory was just forgotten.",
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   "text": "Nobody ever refuted it. They didn't talk about it. It's just the fashion changes. It's something like ladies hemlines.",
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}