Austrian Economics Is Essential to Understand Booms, Busts, and Money Itself

Many things have happened, of course, over the last nine decades-the Great Depression, the Second World War, the Cold War, the end of the Soviet Union, roller coasters of inflations and recessions, replacement of gold with paper monies, the dramatic expansion of the welfare state, and an era of government debt fed by deficit spending to cover the costs of political largesse.

Yet, the laws of economics have not been overturned. As a result, like causes still bring about like effects.