Via No more ‘Doctor NO’: Austrians as policy-makers » The Cobden Centre, the goal for the reform of political economy:

The goal should be to progress towards a rational therapeutics based upon a detailed understanding of the physiology of the patient, not on a rehashed occultism from the mercantilist and under-consumptionist past. As a first step in this direction, it would help if we could inculcate in policy-makers a proper understanding of the pivotal role of unbacked credit expansion and monetary debasement in both staging the whole tragic peripeteia of the trade cycle and in dragging out its denouement to the point where both players and audience become too enervated to continue.


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