Difference between revisions of "Milton Friedman/ABCT"
From Critiques Of Libertarianism
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[[Category:Austrian Economics]] | [[Category:Austrian Economics]] | ||
| − | [[Category: | + | [[Category:Austrian Business Cycle Theory]] |
| + | [[Category:Libertarians Criticizing Each Other]] | ||
{{Quote | {{Quote | ||
| text = ... I think the Austrian business-cycle theory has done the world a great deal of harm. If you go back to the 1930s, which is a key point, here you had the Austrians sitting in London, Hayek and Lionel Robbins, and saying you just have to let the bottom drop out of the world. You’ve just got to let it cure itself. You can’t do anything about it. You will only make it worse. You have Rothbard saying it was a great mistake not to let the whole banking system collapse. I think by encouraging that kind of do-nothing policy both in Britain and the United States, they did harm. | | text = ... I think the Austrian business-cycle theory has done the world a great deal of harm. If you go back to the 1930s, which is a key point, here you had the Austrians sitting in London, Hayek and Lionel Robbins, and saying you just have to let the bottom drop out of the world. You’ve just got to let it cure itself. You can’t do anything about it. You will only make it worse. You have Rothbard saying it was a great mistake not to let the whole banking system collapse. I think by encouraging that kind of do-nothing policy both in Britain and the United States, they did harm. | ||
| cite = [[Milton Friedman]], interviewed in Barron's (August 24, 1998) | | cite = [[Milton Friedman]], interviewed in Barron's (August 24, 1998) | ||
}} | }} | ||
