Mises Daily
Author:
Llewellyn H. Rockwell Jr.
Online Publish Date:
Austrian School economists have often explained the business cycle using the metaphor of liquor or drugs. The expansion of paper money and credit gives a sense of exuberance, an economic high that leads to excessive risk taking and balloons of production. But it can’t be sustained. There is a morning after. Then what? There is a choice: more drugs