Banking and the Business Cycle
Indeed, if this book, rather than Keynes's General Theory, had been the point of departure for subsequent study of macroeconomic fluctuations, the world almost certainly would have been a much, much happier place.
Indeed, if this book, rather than Keynes's General Theory, had been the point of departure for subsequent study of macroeconomic fluctuations, the world almost certainly would have been a much, much happier place.
Rothbard has in addition a carefully worked out theory, Austrian economics, to guide him.
Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.
I wonder if Paul McCulley has ever entertained the idea that massive fiscal and monetary bailouts actually retard recovery?
He contrasts the rapid recovery of the economy following the 1920–1921 depression, when the government adopted a "hands-off" policy, with the disastrous stagnation of the economy in the 1930s, during Roosevelt's New Deal.