Axel Leijonhufvud on the Causes of the Current Crisis

From Axel Leijonhufvud’s INET Berlin paper “The Unstable Web of Contracts”:

“The bubble that burst was caused by a lengthy period of interest rates that were too low. We are now trying to cure the consequences by maintaining still lower interest rates for a lengthy period.6

6Ludwig Mises and Friedrich Hayek would have told us that this is not a good idea.”

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