Deficit spending and money-supply expansion do not eliminate recessions. Theycause recessions. This fact will never be understood unless economists and government policymakers stop trying to micro-manage the economy, and start studying what their actions are doing to the structure of production. Heavy inflation of the money supply followed by sharp cutbacks change the rules right in the middle of the game for millions of businesses in the economy.
The Review of Austrian Economics – Springer Journals
Published: Nov 26, 2006
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