Austrian Economics Newsletter
Author:
James Grant
Online Publish Date:
the contemporary scene, a journalist, rather than a theorist. I picked up Austrian economics almost everywhere except in school. It came to me, and I to it, in the way to abolish the bust. The long-run consequence is to subsidize instability and economic stagnation in difficult-to-predict ways. The boom-bust can appear in that bank reserves are the thing to watch. If you know bank reserves and the growth rate thereof, you will be closer to the kingdom of Heaven. I don’t see that.