What if a president took a different direction and sought popularity by expanding rather than reducing liberty? There is a model here they could follow, but it is not one you have thought of. It is Franklin D. Roosevelt.
Even though these economists — especially Diamond — are very smart and productive, they and their colleagues have hardly helped the plight of the unemployed, as we stumble ever deeper into depression.
Recorded at the Ludwig von Mises Institute; Auburn, Alabama; 9 October 2010.
Recorded at the Ludwig von Mises Institute; Auburn, Alabama; 9 October 2010.
Recorded at the Ludwig von Mises Institute; Auburn, Alabama; 8 October 2010.
Recorded at the Ludwig von Mises Institute; Auburn, Alabama; 8 October 2010.
Despite the chorus of praise, the TARP bailout was a terrible idea that will cost taxpayers both directly and indirectly through its perverse incentives. Only the Austrians consistently opposed the Republican and Democrat bailout schemes.
It is not the system of private enterprise and free markets that is responsible. It is the suspension of that system. It is not capitalism but interventionism and monetary uncertainty that are responsible for the persistence of the slump.
Shostak suggests that the NBER's definition does not provide an explanation of what a recession is all about. Instead it describes the various manifestations of a recession. And this is precisely what is wrong with it.
