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.
The individual is always ready to ascribe his good luck to his own efficiency…. But reverses of fortune he always charges to other people…." – Ludwig von Mises
Within the space of days, we've been provided, courtesy of the Fed itself, with footage that perfectly distills the complete failure of Fed forecasting and planning, and audio that encapsulates splendidly the only thing...
As the misinterpretation of these facts has generated a whole mythology of "imperfect competition" and "monopolistic competition," it is necessary to enter into a more detailed scrutiny of the considerations of an entrepreneur who is weighing the pros and cons of an expansion of his business.
The downward manipulation of the interest rate drives a wedge between the (real) market interest rate and the societal time-preference rate , and therefore wreaks havoc with the economy's intertemporal production structure.
