The consequences of pumping out many trillions of marks (or even just the few trillions of dollars now being created by the Federal Reserve) are simply catastrophic. And such policies lead, as Professors Mises and Rothbard taught us, to collapse, war, destruction, starvation, and death.
The blessings of liberty have been diffused in this land of ours to an unsurpassed degree, not because of government intervention but only because it was here that the torch of individual freedom was kindled and borne aloft.
Over time, a situation can emerge where, as a result of persistent loose monetary and fiscal policies, there are not enough wealth generators left.
The mathematical economists are therefore framing assumptions which are admittedly false or partly false, but which they hope can serve as useful approximations, as they would in physics. The important thing is not to be intimidated by the mathematical trappings.
It comes down to the question of which is more fundamental to the Marxist worldview: its polylogism or its exploitation theory. A major job of the Hoppean project is to toss out the former while retaining a version of the latter in a way that can be used against the state and its interests.
The degree to which these union members qualify as economists is the degree to which they must knowingly intend the consequences of their actions and therefore be culpable for them.
Mises University was just one of the small steps that I and many others have to taken in our own careers and vocations for the cause of liberty.
Bernanke has overseen the most expansionist monetary regime in American history.
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.
