Business Cycles

Even if business people learn to expect easy-money caused bubbles and busts — this would still not prevent the formation of a boom-bust cycle. 

Creative design of statistics cannot solve the persistent crisis. The core of the problem lies in a misguided economic policy that zombifies the Japanese economy and thus undermines prosperity.

So how about it, Mr. Powell? A real economy operates without ultra-low interest rates and activist central bank stimulus.

The Austrian story fits the facts of the housing boom—and bust—much better than the preferred narrative of Market Monetarists.