wrote that the Keynesian paradigm could not explain that phenomenon, but Austrian economics could explain what was happening. If Rothbard was correct — and he was — given it could not explain what everyone saw happening. Likewise, during the turbulent 1970s and 1980, the bouts of inflationary recessions grew worse and even
The short answer is no. According to the now mainstream narrative, the strong economic recovery of 1935-6 could have continued for much longer if it had not been the geo-political, domestic political, monetary, and economic climates are highly turbulent. Asset price inflation would come to an end even without monetary action.
that of Yale’s Robert Shiller, whose forthcoming article in Brookings Papers on Economic Activity argues that sector-specific booms in areas like stock or real of our quandary, the former Fed chairman began promoting his new book, The Age of Turbulence , and someone noted that he would be best suited to solve our dilemma. to the Fed chair); touts his service as president of Gerry Ford’s Council of Economic Advisors when Ford’s solution to 1970s-era inflation had less to do with
all of this to transfer wealth from the have-nots to the haves. Unfortunately, the economic platform of the left-leaning Syriza will make the economic situation much Spain and the National Front in France. Hold on to your hats since we are in for a turbulent future in Europe. It did not have to be this way. Image source:
Fed reinflate the economy by lowering rates and pumping money into the economy—the economic charlatan’s sugary medicine for better economic health (it has usually been rate cuts and an expanding money supply than to do nothing in the face of economicturbulence). It would seem that this idea animated Greenspan’s recent cuts in the fed
Economics professor Bernard Malamud not once but twice invited the crowd in Las Vegas “FDR’s Depression Policies: Good Deal or Raw Deal?” debate with the Foundation for Economic Education’s (FEE) Lawrence Reed during FreedomFest. I finished my masters southwest could count on “a just, safe, and permanent system of water rights.” The turbulent Colorado River that vacillated between droughts and floods would be tamed
For instance, interest rates were dirt cheap in 1972, which led later to an economic disaster as inflation jumped to 10 percent and interest rates went to over that led to the crash, and some argued that inadequate understanding of monetary economics kept the Fed from pursuing polices that could have lessened the depth of
regarding the facts of reality. Obviously, these assessments of facts do not cause economic growth and cannot cause either economic prosperity nor recessions as scandals nor corporate failures are the main causes of the current stock market turbulence; these are just the symptoms of the disease brought about by the loose
coup d’état. It had been drafted, in the first place, by men representing special economic interests. Four-fifths of them were public creditors, one-third were land being the rich and well born, the other the mass of the people. The people are turbulent and changing; they seldom judge or determine right. Give therefore to the
what a sham the supposedly free-market Reagan really was. As a chart from Business Economics reveals, the 1970s to 1980s wave of “deregulation” actually began in 1976 Pennsylvania in 1831, S&Ls, except during a recession in the 1890s, were economically sound enterprises for the next one hundred years. Mayer, Duesenberry, than they were earning on their mortgage loans, with no quick exit in sight. The Turbulent 1970s While IRCA (1966), in conjunction with Regulation Q, helped slow the
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.