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Austrian Business Cycle Theory

Ikester8 — Fri, 07 Aug 2026 17:59:07 GMT

History: Edit for grammar.

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	Banks expand credit well beyond their own assets and by the funds of their clients, often supported or encouraged by the setting of low interest rates by a central bank. This additional credit flow into the economy from increased borrowing for capital projects stimulates economic activity. Projects which would not have been started before, seem now profitable, creating [[malinvestment]]. They increase demand for production materials and for labor and their prices rise, which, in turn, leads to an increase in prices of consumption goods. If the banks would stop the extension of credit, the boom would be rapidly over. To prevent the sudden halt of this boom (and the resulting collapse of prices), the banks must create more and more credit, and the prices will rise even more.		Banks expand credit well beyond their own assets and by the funds of their clients, often supported or encouraged by the setting of low interest rates by a central bank. This additional credit flow into the economy from increased borrowing for capital projects stimulates economic activity. Projects which would not have been started before, seem now profitable, creating [[malinvestment]]. They increase demand for production materials and for labor and their prices rise, which, in turn, leads to an increase in prices of consumption goods. If the banks would stop the extension of credit, the boom would be rapidly over. To prevent the sudden halt of this boom (and the resulting collapse of prices), the banks must create more and more credit, and the prices will rise even more.

	But this expansion of credit cannot continue forever. There is no additional capital or labor; there is only more money (and debt). The means of production and labor which have been diverted to the new enterprises have to be taken away from others. Society is not sufficiently rich to permit the creation of new enterprises without taking away from others. As long as the expansion of credit is continued this will not be noticed, but it can't be pushed indefinitely. The inflation and the boom can last only as long as the public thinks that the prices will stop rising in the near future. When the public becomes aware, that ~~there~~ the inflation will not end, and that prices will continue to rise, panic sets in. Eventually, people may give up the currency and rush to exchange money for goods, buying things they have no use for, just in order to get rid of the money (the so-called "[[flight into real values]].")<ref name="Mises_business_cycle">[[Ludwig von Mises]]. [http://mises.org/pdf/austtrad.pdf "The Austrian Theory of the Trade Cycle and other essays"] (pdf), "The Austrian Theory of the Trade Cycle", p.23-32, referenced 2009-10-27.</ref>		But this expansion of credit cannot continue forever. There is no additional capital or labor; there is only more money (and debt). The means of production and labor which have been diverted to the new enterprises have to be taken away from others. Society is not sufficiently rich to permit the creation of new enterprises without taking away from others. As long as the expansion of credit is continued this will not be noticed, but it can't be pushed indefinitely. The inflation and the boom can last only as long as the public thinks that the prices will stop rising in the near future. When the public becomes aware, that the inflation will not end, and that prices will continue to rise, panic sets in. Eventually, people may give up the currency and rush to exchange money for goods, buying things they have no use for, just in order to get rid of the money (the so-called "[[flight into real values]].")<ref name="Mises_business_cycle">[[Ludwig von Mises]]. [http://mises.org/pdf/austtrad.pdf "The Austrian Theory of the Trade Cycle and other essays"] (pdf), "The Austrian Theory of the Trade Cycle", p.23-32, referenced 2009-10-27.</ref>

	==History==		==History==
	The regularly occurring booms and and busts were observed from approximately late eighteenth century, along with the start of the [[Industrial Revolution]]. Sudden economic ~~crisis~~, when some king made war or confiscated the property of his ~~subject~~ were known; but there was no sign of the modern phenomena of general and fairly regular swings in business fortunes, of expansions and contractions.<ref name="Rothbard_business_cycle" />		The regularly occurring booms and and busts were observed from approximately the late eighteenth century, along with the start of the [[Industrial Revolution]]. Sudden economic crises, when some king made war or confiscated the property of his subjects, were known; but there was no sign of the modern phenomena of general and fairly regular swings in business fortunes, of expansions and contractions.<ref name="Rothbard_business_cycle" />

	The Austrian cycle theory began with the eighteenth century Scottish philosopher and economist [[David Hume]], and with the eminent early nineteenth century English classical economist [[David Ricardo]]. These theorists observed another crucial institution developing in the mid-eighteenth century, alongside the industrial system. It was the institution of banking, with its capacity to expand credit and the money supply (first, in the form of paper money, or bank notes, and later in the form of demand deposits, or checking accounts, that are instantly redeemable in cash at the banks). It was the operations of these commercial banks which held the key to the mysterious recurrent cycles of expansion and contraction, of boom and bust, that had puzzled observers since the mid-eighteenth century.		The Austrian cycle theory began with the eighteenth century Scottish philosopher and economist [[David Hume]], and with the eminent early nineteenth century English classical economist [[David Ricardo]]. These theorists observed another crucial institution developing in the mid-eighteenth century, alongside the industrial system. It was the institution of banking, with its capacity to expand credit and the money supply, first, in the form of paper money, or bank notes, and later in the form of demand deposits, or checking accounts, that are instantly redeemable in cash at the banks. It was the operations of these commercial banks which held the key to the mysterious recurrent cycles of expansion and contraction, of boom and bust, that had puzzled observers since the mid-eighteenth century.

	The English "[[British Currency School\|Currency School]]" has tried to explain the boom by the extension of credit resulting from the issue of banknotes without metallic backing. But the school did not see that current accounts which could be drawn upon at any time via checks, play exactly the same role in the extension of credit as bank notes. Because of the legislation inspired by the Currency School (like the [[Robert Peel\|Peel]]'s [[Bank Act of 1844]] and similar laws in other countries), to prevent other economic crises, the issue of banknotes without metallic backing was restricted, but the expansion of credit through current accounts was unregulated. From this it was wrongly concluded that the English School's attempt to explain the trade cycle in monetary terms had been refuted by the facts.		The English "[[British Currency School\|Currency School]]" has tried to explain the boom by the extension of credit resulting from the issue of banknotes without metallic backing. But the school did not see that current accounts which could be drawn upon at any time, via checks, play exactly the same role in the extension of credit as bank notes. Because of the legislation inspired by the Currency School (like the [[Robert Peel\|Peel]]'s [[Bank Act of 1844]] and similar laws in other countries), to prevent other economic crises, the issue of banknotes without metallic backing was restricted, but the expansion of credit through current accounts was unregulated. From this it was wrongly concluded that the English School's attempt to explain the trade cycle in monetary terms had been refuted by the facts.

	The Currency School has also restricted its analysis to the case where credit is expanded in only one country while the banking policy of all the others remains conservative. The internal rise in prices would encourage imports and paralyse exports. Metallic money would drain away to foreign countries. As a result the banks would face increased demands for repayment of the instruments they have put into circulation (such as unbacked notes and current accounts), until they have to restrict credit. Ultimately the outflow of specie checks the rise in prices. The Currency School analyzed only this particular case; it did not consider credit expansion on an international scale by all the capitalist countries simultaneously. In the second half of the 19th century, this theory of the trade cycle fell into discredit, and the notion that the trade cycle had nothing to do with money and credit gained acceptance. The attempt of [[Knut Wicksell\|Wicksell]] (1898) to rehabilitate the Currency School was short-lived.<ref name="Mises_business_cycle" />		The Currency School has also restricted its analysis to the case where credit is expanded in only one country while the banking policy of all the others remains conservative. The internal rise in prices would encourage imports and paralyse exports. Metallic money would drain away to foreign countries. As a result, the banks would face increased demands for repayment of the instruments they have put into circulation (such as unbacked notes and current accounts), until they have to restrict credit. Ultimately, the outflow of specie checks the rise in prices. The Currency School analyzed only this particular case; it did not consider credit expansion on an international scale by all the capitalist countries simultaneously. In the second half of the 19th century, this theory of the trade cycle fell into discredit, and the notion that the trade cycle had nothing to do with money and credit gained acceptance. The attempt of [[Knut Wicksell\|Wicksell]] (1898) to rehabilitate the Currency School was short-lived.<ref name="Mises_business_cycle" />

	== Questions Addressed ==		== Questions Addressed ==

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Thomas Szasz

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	{{Wikipedia text\|Thomas_Szasz\|399588815}}		{{Wikipedia text\|Thomas_Szasz\|399588815}}

	'''Thomas Stephen Szasz''' (~~pronounced Saas~~) (April 15, 1920 - September 8, 2012) was a psychiatrist, academic, and prolific libertarian writer. After 1990 he was Professor Emeritus of Psychiatry at the State University of New York Health Science Center in Syracuse, New York. He was a well-known social critic of the moral and scientific foundations of psychiatry, and of the [[social control]] aims of medicine in modern society, as well as of [[scientism]]. He was well known for his books ''The Myth of Mental Illness'' (1960) and ''The Manufacture of Madness: A Comparative Study of the Inquisition and the Mental Health Movement'' (1970), which set out some of the arguments with which he is most associated.		'''Thomas Stephen Szasz''' (in his native Hungarian Szász Tamas István) (April 15, 1920 - September 8, 2012) was a psychiatrist, academic, and prolific libertarian writer. After 1990 he was Professor Emeritus of Psychiatry at the State University of New York Health Science Center in Syracuse, New York. He was a well-known social critic of the moral and scientific foundations of psychiatry, and of the [[social control]] aims of medicine in modern society, as well as of [[scientism]]. He was well known for his books ''The Myth of Mental Illness'' (1960) and ''The Manufacture of Madness: A Comparative Study of the Inquisition and the Mental Health Movement'' (1970), which set out some of the arguments with which he is most associated.

	His views on special treatment followed from [[classical liberalism\|classical liberal]] roots which are based on the principles that each person has the right to bodily and mental [[self-ownership]] and the right to be free from violence from others, although he criticized the "[[Free World]]" as well as the [[Communist state]]s for its use of psychiatry and "drogophobia". He believed that suicide, the practice of [[medicine]], use and sale of drugs and sexual relations should be private, contractual, and outside of state jurisdiction.		His views on special treatment followed from [[classical liberalism\|classical liberal]] roots which are based on the principles that each person has the right to bodily and mental [[self-ownership]] and the right to be free from violence from others, although he criticized the "[[Free World]]" as well as the [[Communist state]]s for its use of psychiatry and "drogophobia". He believed that suicide, the practice of [[medicine]], use and sale of drugs and sexual relations should be private, contractual, and outside of state jurisdiction.

	==Links==		==Links==
	* [~~http~~://~~mises~~.org/~~daily~~/~~5403~~/~~Libertarian~~-~~Psychology~~ "~~Libertarian Psychology~~"], ~~Mises Daily by Jeff Riggenbach~~		* [https://archive.org/details/@nicmart/lists/1/thomas-szasz-materials "Thomas Szasz materials"], Internet Archive
	* [https://mises.org/literature.aspx?action=author&Id=426 Mises Literature Archive ~~for Thomas S. Szasz]~~
	* [http://www.szasz-texte.de/publist.html Bibliography] of Thomas Szasz's writings		* [http://www.szasz-texte.de/publist.html Bibliography] of Thomas Szasz's writings
			* [https://www.szasz.com "Thomas S. Szasz Cybercenter for Liberty and Responsibility"]

	{{stub}}		{{stub}}

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	'''The Austrian Economics Wiki''' is a free, in-depth encyclopedia of the [[Austrian School\|Austrian School of economics]] and the broader [[libertarian]] and classical-liberal tradition — from [[praxeology]] and the [[subjective theory of value]] to the [[Austrian business cycle theory\|business cycle]], the [[economic calculation problem]], and sound money. Its {{NUMBEROFARTICLES}} articles explain the ideas, arguments, and thinkers of free-market economics for students, teachers, and the merely curious.		'''The Austrian Economics Wiki''' is a free, in-depth encyclopedia of the [[Austrian School\|Austrian School of economics]] and the broader [[libertarian]] and classical-liberal tradition — from [[praxeology]] and the [[subjective theory of value]] to the [[Austrian business cycle theory\|business cycle]], the [[economic calculation problem]], and sound money. Its {{NUMBEROFARTICLES}} articles explain the ideas, arguments, and thinkers of free-market economics for students, teachers, and the merely curious.

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	It is the reference companion to the '''[https://freecapitalists.org/ Free Capitalists book and media library]''' — over 1,800 books, journals, and recorded lectures on liberty and economics — giving a new generation of readers one place to look up a concept, trace an argument, or meet a thinker.		It is the reference companion to the '''[https://freecapitalists.org/ Free Capitalists book and media library]''' — over 1,800 books, journals, and recorded lectures on liberty and economics — giving a new generation of readers one place to look up a concept, trace an argument, or meet a thinker.

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Ted Loeffler

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	Born in [[1928]], '''Ted Loeffler''' (or '''~~Théodore~~ B. Loeffler''') graduated from Yale University in [[1949]]. A former editor, he spent several years as a sales director for a major New York printing house before moving to California. There, he discovered the writings of thinkers such as Friedrich Hayek, Ludwig von Mises, and [[Ayn Rand]], whose ideas resonated with his concerns about the declining incentives for productive work and the collectivist bias in public education. In [[1969]], convinced that the educational system presented only one side of the political debate, he sold his publishing business and invested $36,000 to found the ''Campus Studies Institute'' (CSI), an organization dedicated to promoting free-enterprise and individual-liberty ideas among young people. Based in San Diego, CSI employed about twenty-one young "free marketeers" and published the journal ''WORLD RESEARCH INK'' (circulation: 50,000 copies)<ref>Roberts, James C.: ''The Conservative Decade. Emerging Leaders of the 1980s''. Westport: Arlington House Publishers, 1980, ~~p. 80.~~</ref>. World Research Inc. (WRI), the think tank of which CSI was the educational arm, produced three films and several booklets. Loeffler remained in the background, leaving Patty Newman, director of program development, to act as the ''spiritus rector'' and public face of the organization<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 91.</ref>. He passed away in [[2018]], leaving behind a significant yet little-recognized legacy in the history of the libertarian movement.		Born in [[1928]], '''Ted Loeffler''' (or '''Theodore B. Loeffler''') graduated from Yale University in [[1949]]. A former editor, he spent several years as a sales director for a major New York printing house before moving to California. There, he discovered the writings of thinkers such as [[Friedrich Hayek]], [[Ludwig von Mises]], and [[Ayn Rand]], whose ideas resonated with his concerns about the declining incentives for productive work and the collectivist bias in public education. In [[1969]], convinced that the educational system presented only one side of the political debate, he sold his publishing business and invested $36,000 to found the ''Campus Studies Institute'' (CSI), an organization dedicated to promoting free-enterprise and individual-liberty ideas among young people. Based in San Diego, CSI employed about twenty-one young "free marketeers" and published the journal ''WORLD RESEARCH INK'' (circulation: 50,000 copies)<ref>Roberts, James C.: ''The Conservative Decade. Emerging Leaders of the 1980s''. Westport: Arlington House Publishers, 1980, p80</ref>. World Research Inc. (WRI), the think tank of which CSI was the educational arm, produced three films and several booklets. Loeffler remained in the background, leaving Patty Newman, director of program development, to act as the ''spiritus rector'' and public face of the organization<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 91.</ref>. He passed away in [[2018]], leaving behind a significant yet little-recognized legacy in the history of the libertarian movement.

	== The Media Success of "The Incredible Bread Machine" ==		== The Media Success of "The Incredible Bread Machine" ==

Ted Loeffler

Ludovic Sesim — Fri, 24 Jul 2026 22:21:48 GMT

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Born in [[1928]], '''Ted Loeffler''' (or '''Théodore B. Loeffler''') graduated from Yale University in [[1949]]. A former editor, he spent several years as a sales director for a major New York printing house before moving to California. There, he discovered the writings of thinkers such as Friedrich Hayek, Ludwig von Mises, and [[Ayn Rand]], whose ideas resonated with his concerns about the declining incentives for productive work and the collectivist bias in public education. In [[1969]], convinced that the educational system presented only one side of the political debate, he sold his publishing business and invested $36,000 to found the ''Campus Studies Institute'' (CSI), an organization dedicated to promoting free-enterprise and individual-liberty ideas among young people. Based in San Diego, CSI employed about twenty-one young "free marketeers" and published the journal ''WORLD RESEARCH INK'' (circulation: 50,000 copies)<ref>Roberts, James C.: ''The Conservative Decade. Emerging Leaders of the 1980s''. Westport: Arlington House Publishers, 1980, p. 80.</ref>. World Research Inc. (WRI), the think tank of which CSI was the educational arm, produced three films and several booklets. Loeffler remained in the background, leaving Patty Newman, director of program development, to act as the ''spiritus rector'' and public face of the organization<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 91.</ref>. He passed away in [[2018]], leaving behind a significant yet little-recognized legacy in the history of the libertarian movement.

== The Media Success of "The Incredible Bread Machine" ==

Ted Loeffler's most iconic work is undoubtedly "The Incredible Bread Machine." This project began in [[1974]] when the Campus Studies Institute, responding to teachers' requests, decided to reissue Richard Grant's book. The CSI team, composed of six young authors aged 23 to 26 representing a political spectrum from progressive to libertarian, adapted the work to make it accessible to students. The result was a resounding success: the illustrated edition, which denounced the evils of government interference through concrete examples, sold over 200,000 copies<ref>Morgan, Bob: "Conservatives: A Well-Financed Network". In: ''The Washington Post'', January 4, 1981. [https://www.washingtonpost.com/archive/politics/1981/01/04/conservatives-a-well-financed-network/a9bf1eb4-596d-4ad1-800a-8f4374a8013e/ Read online]</ref>. Its impact extended beyond the publishing world thanks to an innovative communication strategy, combining direct mail and active youth participation in content creation, which gave the project a rare authenticity in the field of political education.

Buoyed by this success, the team embarked in [[1974]] on film production, raising a budget of $140,000. The original 32-minute version, along with a one-hour extended version featuring commentary from renowned economists such as [[Milton Friedman]] and Walter Heller<ref>Walter Wolfgang Heller ([[1915]]–[[1987]]) was a leading American economist and a prominent figure of Keynesianism. He is best known for having served as Chairman of the Council of Economic Advisers (CEA) under Presidents John F. Kennedy and Lyndon B. Johnson from [[1961]] to [[1964]]. In that capacity, he convinced Kennedy to proceed with a tax cut, a measure adopted after the latter's assassination that contributed to a significant economic boom. Heller also originated the concept of the "War on Poverty" launched by Johnson. His influence on U.S. economic policy was notable, and he was a strong advocate of using fiscal policy as a tool for economic stabilization, opposing monetarists like Milton Friedman. His presence in the film "The Incredible Bread Machine," as a debater opposing Milton Friedman, underscores the importance of the economic and political debate he embodied.</ref>, enjoyed phenomenal success. Over 1,100 copies of the film were distributed, and it was broadcast on 200 television stations, half of which were affiliates of major national networks, reaching an estimated audience of 25 million viewers<ref>Morgan, Bob: "Conservatives: A Well-Financed Network". In: ''The Washington Post'', January 4, 1981. [https://www.washingtonpost.com/archive/politics/1981/01/04/conservatives-a-well-financed-network/a9bf1eb4-596d-4ad1-800a-8f4374a8013e/ Read online]</ref>. Its viewership sometimes rivaled that of entertainment programs—an unprecedented feat for an educational documentary. The film was even translated for broadcast in Germany, and negotiations were underway to distribute it in Spain, Latin America, the Netherlands, Great Britain, and Japan. This media success left a lasting impression, including on economist Tyler Cowen, who cites this book as the work that first introduced him to economics<ref>Cowen, Tyler: "Books Which Have Influenced me Most". ''Marginal Revolution'', March 16, 2010. [https://marginalrevolution.com/marginalrevolution/2010/03/books-which-have-influenced-me-most.html Read online]</ref>.

== The Science-Fiction Film "Libra" and the Legacy of a Visionary ==

Seeking to replicate his success, Loeffler turned in [[1978]] to a more ambitious and audacious project: "[[Libra]]," a libertarian science-fiction film. Set in [[2003]], the screenplay features a space colony of the same name whose development of a revolutionary solar energy source could resolve a devastating global energy crisis. The confrontation between the colony's libertarian model and the opposition of Earth-bound bureaucrats serves as the backdrop for a debate on the merits of free enterprise versus state control. Directed by Patty Newman<ref>Patty Newman was the Editor and Director of Program Development at the Campus Studies Institute (CSI). In this capacity, she oversaw the revision and thorough updating of the edition of The Incredible Bread Machine published in [[1974]]. She also directed and co-wrote the libertarian science-fiction film [[Libra]] ([[1978]]).</ref>, with an estimated budget of $280,000<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 88.</ref>, the film runs 40 minutes and features a cast including actors such as James Hong<ref>James Hong (born [[1929]]) is an extremely prolific American actor and voice actor, with over 600 appearances in films, television series, and video games. He is recognized as one of Hollywood's most famous character actors, known for notable roles such as David Lo Pan in Big Trouble in Little China ([[1986]]), Hannibal Chew in Blade Runner ([[1982]]), and the voice of Mr. Ping in the Kung Fu Panda franchise. He is also a pioneer of Asian representation in Hollywood, having co-founded the East West Players theater company in [[1965]] to provide opportunities for Asian-American actors. In the film [[Libra]], he plays the role of Dr. Chin.</ref> and Don Messick<ref>Don Messick ([[1926]]–[[1997]]) was an extremely prolific American voice actor, considered one of the greatest animation dubbing talents of the 20th century. He is best known for voicing iconic animated characters such as Scooby-Doo, Boo-Boo Bear (Yogi Bear's companion), Astro the dog in The Jetsons, and Papa Smurf. He was one of the pillars of the Hanna-Barbera studios from their inception in [[1957]], forming with his friend and colleague Daws Butler the vocal duo that brought to life many of their most famous characters. His career, which spanned nearly five decades, left a mark on generations of viewers.</ref>. It fully embodies Loeffler's desire to use the codes of popular genres to reach a broader audience and convey political ideas—a strategy he had already successfully tested. The film drew on the concepts of physicist Gerard K. O'Neill, author of ''The High Frontier'' (1976) and a special consultant for the film<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 90.</ref>. The animated sequences showing the construction of the space station were taken from a NASA report, ''Space Settlements: A Design Study'' (1977)<ref>Johnson, Richard D.; Holbrow, Charles: ''Space Settlements. A Design Study''. Washington: NASA, 1977. [https://archive.org/details/spacesettlements00john Available online]</ref>.

''Libra'' belongs to the current of the "California Ideology," that alliance between counterculture, market libertarianism, and faith in technological progress, of which figures like Stewart Brand (founder of the ''Whole Earth Catalog'') and Timothy Leary are representatives<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 92. See also Barbrook, Richard; Cameron, Andy: "The Californian ideology". In: ''Science as Culture'' 6.1, 1996, p. 44–72.</ref>. The film's goal was not so much to promote space colonization as to "educate the masses about the benefits of free-market solutions to socio-economic problems," according to Michael Newbrough, a former WRI employee<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 89.</ref>. The film includes a fictional currency, the Hayek, in homage to Friedrich Hayek, and a computer named Abacus that embodies the principle of ''freesponsibility''<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 85.</ref>.

Unlike the success of ''The Incredible Bread Machine'', ''Libra'' went largely unnoticed. Only one contemporary review, in the November 1978 issue of ''Libertarian Review'', noted that the blend of fiction and documentary did not quite work, while nonetheless praising the project's ambition<ref>Mueller, Milton: [https://web.archive.org/web/20190824180628/https://www.libertarianism.org/sites/libertarianism.org/files/magazine-pdf/11-1978.pdf "Libra"], In: ''Libertarian Review'', November 1978, p. 14.</ref>. The film was screened at the Libertarian Party's annual convention in 1978<ref>Riggenbach, Jeff: "Convention Diary". In: ''Libertarian Review'', October 1978. [https://www.libertarianism.org/publications/essays/convention-diary-1978-senior-editor-jeff-riggenbachs-personal-record-years Read online]</ref>. Despite this muted reception, the vision of ''Libra'' found an unexpected legacy in the contemporary space projects of Silicon Valley billionaires, particularly Jeff Bezos (Blue Origin), who explicitly claims O'Neill's heritage<ref>Spiegel, Simon: "Unternehmer im Weltall. Die Vision des Kurzfilms Libra". In: Kettlitz, Hardy; Wylutzki, Melanie (eds.): ''Das Science Fiction Jahr 2022''. Berlin: Hirnkost Verlag, 2022, p. 93.</ref>.

Beyond his works, Ted Loeffler's legacy lies in his educational method and visionary intuition. By creating the Campus Studies Institute and later evolving it within World Research, Inc., he established an original model: conveying complex ideas through dynamic educational materials, designed by young people for young people, in a spirit of intellectual challenge and provocation. One of his co-authors on ''The Incredible Bread Machine'' described this period as the "golden age" of her life, recalling a creative and stimulating work environment where one rubbed shoulders with the greatest economists of the time. While World Research, Inc. ceased its activities in the 1980s, Loeffler's work contributed to structuring the nascent libertarian movement and continues to influence liberal thinkers today, as evidenced by the enduring impact of ''The Incredible Bread Machine''.

== Notes ==

<references/>

Ralph Raico

DickClarkMises — Thu, 23 Jul 2026 19:13:25 GMT

past tense, because of Raico's passing

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	[[Image:Ralph raico.gif\|frame\|right\|Ralph Raico delivering a lecture at the Ludwig von Mises Institute in Auburn, AL]]		[[Image:Ralph raico.gif\|frame\|right\|Ralph Raico delivering a lecture at the Ludwig von Mises Institute in Auburn, AL]]

	'''Ralph Raico''' is an [[United States of America\|American]] [[history\|historian]], [[libertarianism\|libertarian]], and specialist in European [[classical liberalism]] and [[Austrian Economics]]. He ~~is currently~~ a professor of history at [[Buffalo State College]] and a senior faculty member of the [[Ludwig von Mises Institute]]. Raico was a student of [[Ludwig von Mises]] and learned [[German language\|German]] at Mises' suggestion. Raico translated Mises' ''[[Liberalismus]]'' into English.		'''Ralph Raico''' was an [[United States of America\|American]] [[history\|historian]], [[libertarianism\|libertarian]], and specialist in European [[classical liberalism]] and [[Austrian Economics]]. He was a professor of history at [[Buffalo State College]] and a senior faculty member of the [[Ludwig von Mises Institute]]. Raico was a student of [[Ludwig von Mises]] and learned [[German language\|German]] at Mises' suggestion. Raico translated Mises' ''[[Liberalismus]]'' into English.

	Raico was the editor of the [[New Individualist Review]], along with [[Ronald Hamowy]], a journal initially sponsored by the [[University of Chicago]] chapter of the [[Intercollegiate Society of Individualists]]. It declared itself "founded in a commitment to liberty." The first article of the first edition was titled "Capitalism and Freedom." [[Milton Friedman]], [[F. A. Hayek]], and [[Richard M. Weaver]] were the first faculty advisors, later to be joined by [[George Stigler]] and [[Benjamin Rogge]]. Between 1961 and 1968, seventeen issues were published including articles by [[Russell Kirk]], [[William F. Buckley, Jr.]], [[Ludwig von Mises]], and [[Murray N. Rothbard]].		Raico was the editor of the [[New Individualist Review]], along with [[Ronald Hamowy]], a journal initially sponsored by the [[University of Chicago]] chapter of the [[Intercollegiate Society of Individualists]]. It declared itself "founded in a commitment to liberty." The first article of the first edition was titled "Capitalism and Freedom." [[Milton Friedman]], [[F. A. Hayek]], and [[Richard M. Weaver]] were the first faculty advisors, later to be joined by [[George Stigler]] and [[Benjamin Rogge]]. Between 1961 and 1968, seventeen issues were published including articles by [[Russell Kirk]], [[William F. Buckley, Jr.]], [[Ludwig von Mises]], and [[Murray N. Rothbard]].

MediaWiki:Pagetitle

DavidVeksler — Thu, 23 Jul 2026 18:14:43 GMT

SEO: trim tagline from article title tag

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Austrian Economics Wiki:About

DavidVeksler — Thu, 23 Jul 2026 16:12:24 GMT

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Austrian Economics Wiki:Community portal

DavidVeksler — Thu, 23 Jul 2026 15:19:08 GMT

Community

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	**[[MisesWiki:Commons\|The Mises Commons]] for questions and proposals		**[[MisesWiki:Commons\|The Mises Commons]] for questions and proposals
	**[http://groups.google.com/a/mises.com/group/wiki Mises Wiki Email List] for future development ideas		**[http://groups.google.com/a/mises.com/group/wiki Mises Wiki Email List] for future development ideas
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	[[Category:Mises Wiki\|{{PAGENAME}}]]		[[Category:Mises Wiki\|{{PAGENAME}}]]

Main Page

DavidVeksler — Thu, 23 Jul 2026 15:17:54 GMT

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			__NOTOC__
			{{#seo:
			\|title=Austrian Economics Wiki
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			\|description=A free encyclopedia of Austrian School economics and the libertarian tradition — praxeology, the business cycle, economic calculation, and the ideas of Menger, Mises, Hayek, and Rothbard. Companion to the Free Capitalists book and media library.
			\|keywords=Austrian economics, Austrian School, libertarianism, praxeology, Ludwig von Mises, Friedrich Hayek, Murray Rothbard, Carl Menger, free market economics, Austrian business cycle theory, economic calculation, subjective theory of value
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	<div class="fc-mp-title" style="font-size:200%; line-height:150%; font-variant:small-caps; ">Welcome to the Austrian Economics Wiki,</div>		<div class="fc-mp-title" style="font-size:200%; line-height:150%; font-variant:small-caps; ">Welcome to the Austrian Economics Wiki</div>
			<div style="font-size: larger;line-height:175%;">''A free encyclopedia of Austrian economics and the libertarian tradition''</div>
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			'''The Austrian Economics Wiki''' is a free, in-depth encyclopedia of the [[Austrian School\|Austrian School of economics]] and the broader [[libertarian]] and classical-liberal tradition — from [[praxeology]] and the [[subjective theory of value]] to the [[Austrian business cycle theory\|business cycle]], the [[economic calculation problem]], and sound money. Its {{NUMBEROFARTICLES}} articles explain the ideas, arguments, and thinkers of free-market economics for students, teachers, and the merely curious.

	~~<div style="font-size: larger;line-height:175%;">''~~the ~~global repository of classical-liberal thought that anyone can edit'' </div>~~		It is the reference companion to the '''[https://freecapitalists.org/ Free Capitalists book and media library]''' — over 1,800 books, journals, and recorded lectures on liberty and economics — giving a new generation of readers one place to look up a concept, trace an argument, or meet a thinker.
	~~<hr class="fc-mp-rule" />~~
	~~'''The Austrian Economics Wiki''' is an independent continuation of~~ the '''~~Mises Wiki''', a~~ [~~[wiki]] project dedicated to the advancement of the [[Austrian School\|Austrian School of Economics]] and related thought~~. ~~The original was founded on 5 November 2010~~ and ~~was sponsored by the [[Mises Institute\|Ludwig von Mises Institute]~~]~~. This site is maintained independently and is~~ '''~~not affiliated with~~, ~~endorsed by~~, ~~or sponsored by''' the Mises Institute. Its {{NUMBEROFARTICLES}} articles are the Mises Wiki corpus as it stood in February 2014~~, ~~restored here with full revision history~~ and ~~original authorship. Editing is closed while the project is being rebuilt. See the [[{{ns:project}}:About\|about page]]~~ and ~~the [[{{ns:project}}:Community portal\|community portal]] for more about the project~~.

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			'''Never studied economics?''' Begin with the [[Austrian School]], then [[praxeology]] — why Austrians reason from human action — and the [[subjective theory of value]].

			'''Want to understand booms and busts?''' Read the [[Austrian business cycle theory]] and the [[economic calculation problem]] — the Austrian case against central planning and easy money.

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			Every idea in this wiki traces back to a book, essay, or lecture. Read them in full at the '''[https://library.freecapitalists.org/ Free Capitalists library]''' — 1,800+ works by Mises, Hayek, Rothbard, Menger, and more, free to download. More at [https://freecapitalists.org/ freecapitalists.org].
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Wikipedia

DavidVeksler — Thu, 23 Jul 2026 07:10:58 GMT

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Austrian Economics Wiki talk:Upgrading

DavidVeksler — Thu, 23 Jul 2026 07:06:08 GMT

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	==Outage==		==Outage==
	Sorry about that Mises Wiki outage that was corrected a few moments ago. I didn't happen to notice it until just then. You can always text me at ~~540-808-7473~~ or shoot me an email at ~~nathanlarson3141@gmail.com~~ if you think I might have overlooked something like that. Hmm, the problem is, if the site is down, you won't be able to read this message. [[User:FormerContributor-78162cb3\|FormerContributor-78162cb3]] ([[User talk:FormerContributor-78162cb3\|talk]]) 09:45, 7 December 2013 (MSK)		Sorry about that Mises Wiki outage that was corrected a few moments ago. I didn't happen to notice it until just then. You can always text me at [phone number removed] or shoot me an email at [e-mail address removed] if you think I might have overlooked something like that. Hmm, the problem is, if the site is down, you won't be able to read this message. [[User:FormerContributor-78162cb3\|FormerContributor-78162cb3]] ([[User talk:FormerContributor-78162cb3\|talk]]) 09:45, 7 December 2013 (MSK)

	==Deleting pages==		==Deleting pages==
	It looks like we have lost the ability to delete pages - see e.g. [http://wiki.mises.org/wiki/User:Optimopro this]. [[User:Pestergaines\|Pestergaines]] ([[User talk:Pestergaines\|talk]]) 23:12, 12 December 2013 (MSK)		It looks like we have lost the ability to delete pages - see e.g. [http://wiki.mises.org/wiki/User:Optimopro this]. [[User:Pestergaines\|Pestergaines]] ([[User talk:Pestergaines\|talk]]) 23:12, 12 December 2013 (MSK)
	:{{fixed}} [[User:FormerContributor-78162cb3\|FormerContributor-78162cb3]] ([[User talk:FormerContributor-78162cb3\|talk]]) 09:45, 13 December 2013 (MSK)		:{{fixed}} [[User:FormerContributor-78162cb3\|FormerContributor-78162cb3]] ([[User talk:FormerContributor-78162cb3\|talk]]) 09:45, 13 December 2013 (MSK)

Book talk:Universally Preferable Behaviour/4