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The Fraser Institute, Essential Austrian Economics: Business Cycles

Essential Austrian Economics: Business Cycles

One of the most contentious ideas of the Austrian School is its explanation

for one of the reasons economies fluctuate between booms and busts.

According to Austrian economists, the ebbs and flows of the economy,

or what we call the business cycle, are often rooted in central banks actively

intervening to change interest rates from what they would otherwise be.

Austrians, like most economists,

see the interest rate as the price that coordinates savings and borrowing.

The link with the business cycle is that when central banks lower interest rates relative to

the actual amount of savings, it artificially stimulates investment that is not sustainable.

Let's explore this with an example: The central bank of ProsperityLand believes

that interest rates are too high and are impeding economic growth, so it intervenes to lower them.

This intervention makes it more attractive for entrepreneurs and

businesses to borrow and expand their business. The lower interest rate signals to entrepreneurs

and businesses that people are saving more today and will, therefore, consume more in the future.

Ivan is a business owner with a profitable company selling chocolates.

Based on the lower interest rate, he decides to build a new factory,

doubling his production capacity. Two years later Ivan opens his brand

new factory - and soon realizes that there has been no increase in demand for his chocolates.

Interest rates weren't really lower—as they would be if people were actually saving more—instead,

they were made artificially lower because of the government's injection

of money into the banking system. Ivan now has the capacity and costs

to produce double what he once produced, but there isn't enough demand for his chocolates.

Ivan's profitable business is now losing money and he still has to

repay the loan for the new factory. Ivan realizes that building the new

factory was not a sound decision. And unfortunately he's now forced to lay

off workers and restructure his business. And this story replays itself throughout the

economy, with countless entrepreneurs like Ivan. The Austrian School's view is that distortions

in interest rates play a major role in business cycle booms and busts.

For more information on Austrian Economics, visit EssentialAustrians.org

For more information on Essential Scholars, visit EssentialScholars.org

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Essential Austrian Economics: Business Cycles Fundamental|Austrian School|||Economic fluctuations ||||cykle Essential Austrian Economics: Konjunkturzyklen Economía austriaca esencial: Ciclos económicos Austrijos ekonomikos pagrindai: verslo ciklai Ważna austriacka ekonomia: cykle koniunkturalne Essential Austrian Economics: Ciclos económicos Основные положения австрийской экономики: деловые циклы Temel Avusturya Ekonomisi: İş Çevrimleri 基本奥地利经济学:商业周期 奧派經濟學精要:商業週期

One of the most contentious ideas of  the Austrian School is its explanation ||||umstritten|||||||| ||||controversial|||||||| ||||controvertida|||||||| ||||kontrowersyjnych|||||||| ||||論争の的の|||||||| Eine der umstrittensten Ideen der Österreichischen Schule ist ihre Erklärung Jednym z najbardziej kontrowersyjnych pomysłów austriackiej szkoły jest jej wyjaśnienie

for one of the reasons economies  fluctuate between booms and busts. ||||||vary or change||periods of growth||declines ||||||schwanken|||| ||||||||espansioni|| |||||gospodarki|fluktuują||boomami||kryzysów ||||||変動する|||| ||||||||||recesiones Dies ist einer der Gründe, warum Volkswirtschaften zwischen Boom und Bust schwanken. jednego z powodów, dla których gospodarki wahają się między boomami a recesjami. це одна з причин, чому економіка коливається між бумами та спадами.

According to Austrian economists,  the ebbs and flows of the economy, |||||fluctuaciones|||de||economía |||||flussi||||| |||||spadki||||| |||||波||||| На думку австрійських економістів, припливи і відпливи економіки,

or what we call the business cycle, are  often rooted in central banks actively |||||||||||||activamente |何|||||||||||| |||||||||zakorzenione||||

intervening to change interest rates  from what they would otherwise be. |||||||||de otro modo| 介入する|||||||||| |||stóp procentowych|stopy procentowe|||||w przeciwnym razie| Interventionen, um die Zinssätze zu ändern, die sonst gelten würden. intervenir pour modifier les taux d'intérêt par rapport à ce qu'ils seraient autrement. ingerowanie w celu zmiany stóp procentowych z tego, co by one były w przeciwnym razie.

Austrians, like most economists, Austriacy, jak większość ekonomistów,

see the interest rate as the price  that coordinates savings and borrowing. |||||||||||préstamos ||oprocentowanie||||||||| postrzegają stopę procentową jako cenę, która koordynuje oszczędności i pożyczki.

The link with the business cycle is that when  central banks lower interest rates relative to |||||business cycle|||||||||| |||||||||||||stopy procentowe|| Związek z cyklem koniunkturalnym polega na tym, że gdy banki centralne obniżają stopy procentowe w porównaniu do

the actual amount of savings, it artificially  stimulates investment that is not sustainable. ||||savings|||||||| ||||||sztucznie||inwestycji||||zrównoważony ||||ahorros|||||||| |||||||刺激する||||| aktualnej kwoty oszczędności, sztucznie stymuluje to inwestycje, które nie są zrównoważone.

Let's explore this with an example: The  central bank of ProsperityLand believes ||||||||||繁栄の国| ||||||||||ProsperityLand| Przyjrzyjmy się temu na przykładzie: Bank centralny ProsperityLand uważa Розглянемо це на прикладі: Центральний банк ProsperityLand вважає, що

that interest rates are too high and are impeding  economic growth, so it intervenes to lower them. |||||||||||||interviene||| |||||||||economic growth||||||| ||||||||妨げている|||||介入する||| ||||||||hamują rozwój|||||||| que les taux d'intérêt sont trop élevés et freinent la croissance économique, alors il intervient pour les faire baisser.

This intervention makes it more  attractive for entrepreneurs and

businesses to borrow and expand their business. The lower interest rate signals to entrepreneurs

and businesses that people are saving more today  and will, therefore, consume more in the future.

Ivan is a business owner with a  profitable company selling chocolates. business owner|||||||making a profit||| |||||||rentable|||

Based on the lower interest rate,  he decides to build a new factory,

doubling his production capacity. Two years later Ivan opens his brand 倍増|||||||||| |||zdolność produkcyjna|||||||

new factory - and soon realizes that there has  been no increase in demand for his chocolates. ||||se da cuenta||||||||||| nouvelle usine - et se rend vite compte que la demande pour ses chocolats n'a pas augmenté.

Interest rates weren't really lower—as they would  be if people were actually saving more—instead, ||||reduced||||||||||| Les taux d'intérêt n'étaient pas vraiment plus bas — comme ils le seraient si les gens épargnaient davantage — au contraire, Stopy procentowe nie były naprawdę niższe—jak byłyby, gdyby ludzie rzeczywiście więcej oszczędzali—zamiast tego,

they were made artificially lower  because of the government's injection |||not naturally|||||| |||sztucznie|||||| zostały sztucznie obniżone z powodu wkładu pieniędzy

of money into the banking system. Ivan now has the capacity and costs ze strony rządu do systemu bankowego. Ivan teraz ma zdolność i koszty

to produce double what he once produced, but  there isn't enough demand for his chocolates. produire le double de ce qu'il produisait autrefois, mais il n'y a pas assez de demande pour ses chocolats.

Ivan's profitable business is now  losing money and he still has to

repay the loan for the new factory. Ivan realizes that building the new 返済する|||||||||||| reembolsar||préstamo||||||||||

factory was not a sound decision. And  unfortunately he's now forced to lay ||||sólida|||||||| l'usine n'était pas une bonne décision. Et malheureusement, il est maintenant obligé de pondre

off workers and restructure his business. And this story replays itself throughout the |||||||||||over time| licencier des travailleurs et restructurer son entreprise. Et cette histoire se rejoue tout au long du

economy, with countless entrepreneurs like Ivan. The Austrian School's view is that distortions ||||||||||||market distortions ||||||||||||歪み ||liczni|||||||||| Wirtschaft, mit unzähligen Unternehmern wie Ivan. Die Ansicht der Österreichischen Schule ist, dass Verzerrungen économique, avec d'innombrables entrepreneurs comme Ivan. L'opinion de l'école autrichienne est que les distorsions

in interest rates play a major role  in business cycle booms and busts. der Zinssätze spielen eine wichtige Rolle bei Konjunkturbooms und -krisen. des taux d'intérêt jouent un rôle majeur dans les hauts et les bas du cycle économique. w stopach procentowych odgrywają główną rolę w cyklach koniunkturalnych, zarówno w okresach boomu, jak i recesji.

For more information on Austrian  Economics, visit EssentialAustrians.org Aby uzyskać więcej informacji na temat ekonomii austriackiej, odwiedź EssentialAustrians.org

For more information on Essential  Scholars, visit EssentialScholars.org Aby uzyskać więcej informacji na temat Essential Scholars, odwiedź EssentialScholars.org