I am known for criticizing both the Austrian School of economics and Milton Friedman’s monetarist school. To make a long discussion short, although they have their degree of truth, as do all theories, they are based on flawed presuppositions - including those regarding human nature, and the role of government. Nevertheless, because of a discussion about Liaquat Ahamed’s excellent book “Lords of Finance: the Bankers who Broke the World,” I had to come back to Friedrich von Hayek’s “Monetary Theory and the Trade Cycle,” originally published in 1929...
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