Mises Daily
Author:
Murray N. Rothbard
Online Publish Date:
plain facts have been wrapped in cloudy camouflage. No less has this been true of economics. In the old days, we used to suffer nearly periodic economic crises, the sudden onset of which was called a “panic,” and the lingering reason, the rate of interest, the rate of time discount, will also fall. Economic growth comes about largely as the result of falling rates of time preference, which