"I have often been asked to add to my negative critique of Keynes's theory the positive exposition of an economic theory that offered a more correct explanation and description of economic reality. The present book is my answer to this request."
Investment and lending abroad are only possible if the receiving nations are unconditionally and sincerely committed to the principle of private property and do not plan to expropriate the foreign capitalists at a later date.
Currently, the Mises Institute is not officially accredited. However, those who desire to do so can take a final exam and have the results posted online. In this way, economics majors can receive extra credit from professors friendly to the Mises Institute, and finance professionals can curry favor with their bosses if they are fans of the Austrian School.
Presented to the Auburn University Economics Club; Auburn, Alabama, on 25 March 2010. Includes a Question and Answer period.
Fake booms and their consequent busts are directly linked to financial cycles, which in turn reflect the swings in money creation.
"Since credit expansion is made possible by state action, the business cycle — so far from being a natural consequence of the free market and a heavy debit against it — is ultimately traceable to government…"
It is Rothbard and Hülsmann that know the way to prosperity: we must bring back failure and deflation.
There is no "socially desirable" level of work or of saving and investment other than what individuals freely choose as desirable. And unless the case for "supply-side" economic reform is modified to reflect an argument for individual freedom, it may very well serve as a means for even greater state control over the economy and not less.
The recent improvement of the global economy, with particularly high economic- growth numbers for the United States, is just one more deception in a long series of deceptions that have plagued policy makers and investors.
