What was Ludwig von Mises' main contribution to business cycle theory?
a. Lack of confidence reduces spending, which leads to the faltering of the economy.
b. The theory of long run wages at subsistence level.
c. Recurrent patterns of business cycles that are highly predictable.
d. Depressions are due to "credit bubbles."
e. None of the above.
Answer: d. Depressions are due to "credit bubbles."
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