Quarterly Journal of Austrian Economics
Author:
Frank M. Machovec
Online Publish Date:
savings, financial markets, Keynes, business fluctuations, central banking policy, banking JEL CLASSIFICATION: B12, B13, B22, D50, E12, E21, E32, E41, E44, E51, inhibits even the concession of errors, much less their correction. Harmful public policies, therefore, are difficult to modify. In the private sector, on the other more-encouraging path has been “the fundamental equilibrating mechanism of the competitive process” (Baumol, 1977, pp. 641–642). Yet dismal, exceptional cases do