Re: [RT] VON MISES AND AN ECONOMIC BLUEPRINT?

[Glen Wallace <gcwallace@xxxxxxx>]

Wow, that's like asking "how do I make money in 
the markets" in one paragraph or less, but here are a few 
distinctions:
 
1.  government invention worsens business 
cycles and prolongs recession and depression
2.  they advocate sound, non-inflationary 
money
3.  fractional reserve banking is imprudent, 
inflationary and promotes boom-and-bust cycles
4.  deflation is not the bogey man Keynesians 
make it out to be.  It is simply a correction of malinvestment and 
inflationary excesses
 
Here's a quote from Rothbard's 1963 "America's 
Great Depression" that distinguishes Austrian theory from what we have come 
to know as "traditional" economic ideas, and, by parallel, highlights the 
current problems in trying to solve the Japanese banking situation:
 
"If government wishes to alleviate, rather than 
aggravate, a depression, its only valid course is laissez-faire -- to leave the 
economy alone.  Only if there is no interference, direct or threatened, 
with prices, wage rates, and business liquidation will the necessary adjustment 
proceed with smooth dispatch.  Any propping up of shaky positions postpones 
liquidation and aggravates unsound conditions.  Propping up wage rates 
creates mass unemployment, and bolstering prices perpetuates and creates unsold 
surpluses."
 
 
 
<BLOCKQUOTE 
>
  ----- Original Message ----- 
  <DIV 
  >From: 
  Dan C 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="">realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Monday, May 05, 2003 8:36 AM
  Subject: Re: [RT] VON MISES AND AN 
  ECONOMIC BLUEPRINT?
  Would you speak to the differences or uniqueness of Austrian 
  economic theories. 
  Dan 
  Glen Wallace wrote: 
  
    
    If you're interested in learning more about 
    the Austrian economic theories, read: <FONT 
    size=-1>"The Mystery of Banking" by Murray Rothbard"America's Great 
    Depression" by Murray Rothbard"The Theory of Money and Credit" by Ludwig von 
    Mises The first two books give 
    you a taste of the theories and can be downloaded free from <A 
    href="">www.mises.org .  The last book is a bit 
    dry, but I think it is considered the Austrian School bible (or at least a 
    pretty important hymn book). <FONT 
    size=-1>Regards.






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