Austrian School economist Friedrich Hayek, in his book 'Monetary Theory and the Trade Cycle', London, 1933 said "....to combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection - a procedure which can only a lead to a much more severe crisis as soon as the credit expansion comes to an end."
No comments:
Post a Comment