bust: The “Great Recession” Brought to You By the Great Depression

Hayekian economist Steve Horwitz explains how the institutions and ideology of the New Deal have given us the current economic catastrophe.  The upshot:

What we are living through today is a recession whose causes are significantly the unintended result of institutional changes made during the Great Depression and whose proposed solutions reflect the same failed understanding of the causes that motivated Great Depression “solutions” that largely ended up doing more harm than good. History is indeed repeating itself, and not in a good way ..

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Rowland Evans: ‘What philosophical thinkers or writers most influenced your conduct as a leader, as a person?’ Ronald Reagan: ‘Well, I’ve always been a voracious reader — I have read the economic views of von Mises and Hayek and Bastiat .. ‘ — Ronald Reagan

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