Booms and Busts

Presented by Robert P. Murphy at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Indeed, if this book, rather than Keynes's General Theory, had been the point of departure for subsequent study of macroeconomic fluctuations, the world almost certainly would have been a much, much happier place.

"Alain de Botton is not an economist by training, but he clearly understands the division of labor (he even uses the term!) and is a keen observer of human action and the human condition."

The “miracle” of Germany’s revival was not the result of a conscious rejection of socialism, but was rather an accident of politi

At no point in his speech did Mr. Dudley raise the possibility that the main source of asset bubbles could be the US central bank itself.

The individual is always ready to ascribe his good luck to his own efficiency…. But reverses of fortune he always charges to other people…."

By piling on trillions to the national debt, the government will have to keep interest rates low for a longer period, promoting ever-greater debt. The result of this must be unsustainably higher levels of debt — and the worst financial crisis ever seen in the history of mankind.

"Interventionism is not an economic system, that is, it is not a method which enables people to achieve their aims. It is merely a system of procedures which disturb and eventually destroy the market economy. It hampers production and impairs satisfaction of needs. It does not make people richer; it makes people poorer."

The Obama administration pulled out the old bag of tricks and claimed that they only needed to loot the public of hundreds of billions and spend it on building up government, and then, wow, like magic, the entire economy would come back to life.

No matter how you slice it, the former Maestro spawned housing, commodity, and stock booms with his reckless policies.