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One of the best citations by our loved Milton Friedman is in my opinion this one: " I think the government solution to a problem is usually as bad as the problem and very often makes the problem worse. " (cit. Milton Friedman) But! In his book "A monetary history of the United States"...
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I have been writing up stuff that I thought was interesting and related to the current economic mess. It has gotten a bit long but I really think it has many interesting things that I did not understand a year ago. I think other Austrian economist types will agree with most of it and still find new stuff...
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This thread has been heading in the wrong direction since the OP. The simple fact of the matter is that the OP asks the wrong question. There is a clear distinction between the Keynesian bubble and the Austrian trade cycle. To the Keynesians and other (though not all) mainstream macroeconomists, bubbles...
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Also, for anyone interested, this thread was partially inspired by Milton Friedman's permanent income hypothesis, which led to the theory of consumption smoothing, which states that individuals dissave when they're young, then save when they're middle aged, and then dissave again when they're...
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http://www.youtube.com/watch?v=bJWZ27OT16M Just watched this Milton Friedman video on Welfare - tis very good and well argued in a clear way But how come he still disagrees with the Austrian business cycle theory? Seems a damn shame not having this dude (fully) on our side...
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According to Murray Rothbard, in his History of Money and Banking in the United States the economy actually revived in 1838 (p 100). This is backed up by Milton Friedman (1960 p 10). Historical records, however, record the depression returning in 1839. Professor Temin disagrees; in his Jacksonian Economy...