He had a profound impact on business-cycle research-his 1946 book, written with Wesley Clair Mitchell, was the seminal analysis of U.S. business cycles from 1854 to 1938.

他在商业周期研究领域有着深远的影响——他在1946年与韦斯利·克莱尔·米切尔合写的书中，富有创见地分析了从1854年到1938年的美国商业周期。

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But Milton Friedman rejected their analysis, stating in 1998 that: “The Austrian business-cycle theory has done the world a great deal of harm.”

人们猜测奥地利和货币主义者志同道合，但是米尔顿 弗里德曼却于1998年驳回了上述猜想，他表示：“奥地利商业周期理论对世界危害巨大。”

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There are three key elements that we must think about when we making the strategy, they are business cycle, SWOT Analysis, and value proposition.

制定战略要考虑三个关键因素：商业周期、SWOT分析和价值定位。

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