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.
"And it is here — let's pinpoint the exact date at Greenspan's 'irrational-exuberance' call in December 1996 — where the Austrian men separate themselves from the Keynesian and Friedmanite boys."
Presented by Rothbard at New York Polytechnic University in 1972.
In this lecture in 1972, supply and demand concepts included: preferences of consumers, prices, quantity, quality, elasticity, equilibrium, marginal utility, present goods, and production processes.
All that stimulatory policies can do is redistribute real savings from wealth-productive to nonproductive activities."
Economics is about the most important and interesting drama of all — human action.
"The fact that credit booms are encouraged by derivative instruments has substantially increased the destabilizing effects of an artificial credit-expansion policy carried out by keeping the market interest rates below natural interest rates."
We should not be fooled into believing that the economy will crumble without high government spending and loose credit organization.
