In the latest issue of the Quarterly Journal of Austrian Economics, Lucas Engelhardt, a professor of economics at Kent State University, takes on one of the most common arguments against Austrian business cycle theory — namely, that entrepreneurs should become wise to the Fed’s game after a while and not get sucked into an artificial boom. Engelhardt makes an interesting case that what’s really happening during the Fed’s credit expansion is not that entrepreneurs become fools, but that fools become entrepreneurs. Read “Expansionary Monetary Policy and Decreasing Entrepreneurial Quality.”