Academia

Harvard and Austrian Business Cycle Theory

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Harvard University might not teach much in the way of Austrian Business Cycle Theory, but they seem to be living out a version of it, as detailed in this interesting Vanity Fair feature.

It's all about how the loose money of perceived boom days that would last forever led them to launch many long-term capital-intensive projects that they now find themselves unable to bring to completion, leading to lots of wasted resources and unfinished megastructures. The story is also well worth a look for general fans of Ivy League schadenfreude.