The Edge of Democracy, a new Oscar-nominated documentary about Brazil, gets even basic facts wrong in pushing the idea that Brazil's corrupt and socialist politicians were the saviors of Brazilian democracy.
The economy is not primarily about the adjustment of capital investment across industries and firms, but about the determination of which industries and types of production will exist—and who will be involved in this future production.
Central banks have done nothing to end the boom-and-bust cycle. Instead, their unscrupulous interventions in credit markets just prolong the boom. But it's a huge mistake to assume that bringing market interest rates to zero will create a perpetual boom.