According to Obama’s leading economic adviser, the current double-digit unemployment rate is obviously due to a “shortfall in aggregate demand.” The only “obvious” thing about such a diagnosis and prescription is that they are very useful to the Obama gang.
Jeremie T.A. Rostan
Jérémie T.A. Rostan is “agrégé de philosophie.” He teaches philosophy and economics in San Francisco, California. He wrote a study guide to Carl Menger’s Principles of Economics, prepared in 2008 for distribution through Mises.org.
Latest work
Peel back the rhetoric and see the reality: only 2 percent of all American households sometimes feel the “usual uneasy sensation” of hunger due to a lack of economic resources. This is not catastrophic.
For the enemies of freedom in general , and of the economy in particular, the recent crash has been the occasion to re-assert that markets in general, and financial ones in particular, are inherently unstable — and thus dangerous — because they are driven by irrational behaviors such as the “mimetic effect,” which, according to many experts and politicians, explains how Wall Street booms and then busts.
