The Fraud of Macroeconomic Stabilization Policy
Volume 3, No. 3 (Fall 2000)
In this article, the prime concepts are based on the Mises-Hayek theory of the business cycle. Using this model as the general framework for analysis, additions and modifications are introduced reflecting theoretical advances and current problems. Free markets and a strict profit-and-loss system are the best ways to signal erroneous action and induce the constant process of corrective adaptation to bring forth efficiency in the allocation of capital.
It is important to note that the economic theory of war does not necessarily displace the historical explanations that rest on such factors as internal dissension, a failure of leadership or diplomacy, the demise of the railroads or