"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
An Austrian Perspective on the Great Recession of 2008
Submitted by Christopher Lempa on Thu, 2009-06-25 16:00
?This working paper makes the case that the Austrian Business Cycle Theory is still relevant especially during this time of financial crisis. The Austrian explanations of the business cycle takes into account microeconomic foundations, which current standard macroeconomics makes little use of in explaining and understanding the dynamics of growth and business cycles.?
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