The fact that central bank policies become ineffective in reviving the economy is not due to the liquidity trap, but because of the decline in the pool of real savings. This decline emerges due to loose monetary and fiscal policies.
One of the great problems involved in setting a standard of poverty is the ever-changing concept of "adequate" nutrition. Recently a nutrition survey concluded that "only one person in a thousand escapes malnutrition!"
Noah Smith's Bloomberg column praises Milton Friedman's "plucking model" of recessions, where the severity of a bust is connected to the strength of the following recovery. Does this refute Mises' BOOM-BUST theory?