Other Schools of Thought

"This plan would also set a dangerous precedent for American industry in general."

"Costs of production do not determine prices of goods. Prices of goods determine costs of production."

"Just like Obama's and FDR's 'deals,' John Law's prescription for what ailed France required no sacrifice."

But if you follow the Austrian recipe of allowing liquidation of bankrupt firms and debt, allowing prices to fall without monetary inflation, not propping up employment or subsidizing unemployment, and not discouraging hoarding, you will end up with the quickest possible recovery and minimize the magnitude of economic pain.

Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.

If the current level of output and employment is made to depend on inflation, a slowing down in the pace of inflation will produce recessionary sym

Seeking to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of economic progress and prosperity.

It is perhaps the finest introduction to the thought of a major thinker ever published in the discipline of economics.

Modern macroeconomists failed to forewarn against the dangers of the recklessly inflationary monetary policy pursued by the Fed in the first half of this decade. They now are at a complete loss for a coherent explanation of its consequences in the deepening financial crisis and recession that afflicts the global economy.

Carabini admits in the first chapter that in his opinion people are in general attracted to one of two opposing camps — those inclined to liberty and those inclined to mastery — and it is rare that exposure to additional evidence and facts sways anyone to switch camps.