QUOTE OF THE DAY — CREDIT CYCLES & FINANCIAL CYCLES

By Greg Ransom, on March 29th, 2011%

For half a century, we monetary economists have focused overwhelmingly on the inflation/disinflation cycle.   If we said monetary policy was too easy at some point, we were thinking of the dangers of inflation.  If recessions resulted from monetary tightening, the motive was disinflation.    I believe the result of the global financial crisis will be a . . . → Read More: QUOTE OF THE DAY — CREDIT CYCLES & FINANCIAL CYCLES

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I want to express a very belated thanks to Friedrich A. Hayek. His work had much more of an influence on me than I realized during the writing of [_The End of Liberalism_] . I neither began nor ended as a Hayekist but instead found myself confirming, by process of elimination and discovery, many of his fears about the modern liberal state. — Theodore Lowi
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