The Role Played by Unemployed Factors of Production in the First Stages of the Boom

The beginning of a new credit expansion runs across remainders of preceding malinvestment and malemployment, not yet obliterated in the course of the readjustment process, and seemingly remedies the faults involved. In fact, however, this is merely an interruption, writes Ludwig von Mises (1881–1973).

This audio Mises Daily is narrated by Jeff Riggenbach.