With a new interest in Austrian Business Cycle Theory in all levels of society and new skepticism about the Fed, Ron Paul is looking forward to being chairman of the Monetary Policy subcommittee and the hearings he can hold.
The bursting of the housing bubble and the meltdown of financial markets changed all this. A small number of economists and participants in financial markets forcast these events using the Austrian theory of the business cycle, which gives the only coherent explanation of booms, bubbles and depressions. Word spread quickly through rhe banking and financial sector and among the general public via the internet. Soon several high profile financial pundits and other members of the official media were publicaly recognizing and embracing the Austrian analysis. Even a few mainstream financial economists were stimulated to give it a sympathetic hearing.
Prominent (and not so prominent) mainstream economists were nonplussed, if not alarmed by this spreading challenge to their authority and attempted to respond ti it by engaging Austrian business cycle theory on blogs and in popular periodicals. But these attempts were littke more than hysterical diatribes based on very inadequate knowledge of the literature and a profound misconception of the nature and claims of the theory. In the meantime, the doctrine of sound money, with Austrian monetary and business cycle theory at its core, has continued to flourish and grow and has emerged as the main challenger to the collapsing Keynesian spending paradigm.. This book is intended as a contribution both to the theory of sound money and to the eventual restoration of a free and unhampered market in money
VIDEO CREDIT: minnesotachris
No comments:
Post a Comment