Quarterly Journal of Austrian Economics
Author:
Hossein Askari
Noureddine Krichene
Online Publish Date:
where business venture becomes largely a speculation on the future of monetary policy. (p. 55) If we examine the balance sheet of the US Federal Reserve (Fed), we 20th century. During their times labor, capital, and commodities markets were competitive with no customs barriers, no government-set prices and wages, no central taxation, and oversized government. Simons (1947) lamented the erosion of competition, and the institutions that control capital and labor market. He was