Archive for October 4th, 2008
Quote of the day
Saturday, October 4th, 2008“The Soviet economy is proof that...a socialist command economy can function and even thrive.” —Nobel Prize winner Paul A. Samuelson, 1989 Hat tip: Robert Higgs, in an excellent rant about the impracticality of every government-created economic program, such as the recently-collapsed Fannie Mae and Freddie Mac.
Austrian business cycle theory and recent irrationality
Saturday, October 4th, 2008I am not even an amateur economist yet, much less a real economist, but I think I understand the basics of the Austrian business cycle theory (ABCT). As you know, I think it explains the boom–bust cycle of our economies pretty well (but maybe that's because the libertarian economists I ...