Higgs declares that you have to know basic economics in order to understand historic events. Human Action is the basic book for basic economics. Economic laws determine the way people cooperate by exchanging property rights, by dividing their labor, and by subjectively calculating prices. Before government fixed depressions, busts were brief and self-healing. When the government intervened, the crises deepened and lengthened.
Recorded in Houston, Texas, on 21 January 2011. Sponsored by Jeremy S. Davis.