Our guest this weekend is Dr. Mark Thornton, a senior fellow here at the Mises Institute, and our topic is booms and busts. Falling stock prices are in the news lately, so Mark and Jeff talk about how and why central bankers don't understand deflation, whether they are really Keynesians or some variant thereof, what a "crack-up boom" might look like, and what the Skyscraper Index and other symptoms of irrational spending might tell us about the future of the global economy.
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Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.