Mises Wire
Author:
Robert Blumen
Online Publish Date:
asset bubbles until after they have burst. This is based on a sort of “efficient markets theory” in which the prices of financial assets are an outcome of the of economic agents, and that central bankers are not in a position to second-guess market prices. Additionally, the best policy for central bankers, in the Chairman’s report, the bankers quoted believe that bubbles are another example of market failure. ``Who are we to say a person’s decision to buy a house is right or wrong?’’