Other Schools of Thought

"With a free-market defense system, each man acts to defend his own values to the extent he wishes to have them defended, regardless of what piece of real estate he happens to be occupying."

Nonetheless, an important crack in the united macroeconomic front has been made with the admission that the policies are wanting and the neo-Keynesian establishment economics does not have a ready answer to explain either the causes or cures of such contemporary economic phenomena as inflationary recession.

After all, as motivated producers are necessary for providing marketable goods, so motivated sellers are necessary for delivering these goods to the willing buyers.

We should not be fooled into believing that the economy will crumble without high government spending and loose credit organization.

Briefly, the importance of the Hayek theory of the business cycle is that it puts the blame for the boom-bust cycle squarely on the shoulders of the government and its controlled banking system, and, for the first time since the classical economists of the 19th century, completely absolves the free-enterprise economy from the blame.

All that stands between the present awful reality and 0% unemployment is a class of social managers unwilling to admit error.

Maybe letting the market fix what government broke isn't an option they can bring themselves to embrace, even if it's the only way out.

In the course of lengthy arguing against hidden usury in various forms of contracts, the brilliant mind of San Bernardino stumbles, for one of the first times in history, upon what later would be called 'time-preference'.

From the market point of view the Fed is a bankrupt institution.

"Keynesians believe that long-run profit expectations, which have no basis in reality in any case, are subject to unexpected change. Economic prosperity is based on baseless optimism, economic depression on baseless pessimism."