(on $ale here)
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Meltdown: A Free-Market Look at Why the Stock Market Collapsed,
the Economy Tanked, and Government Bailouts Will Make Things Worse
by Thomas E. Woods Jr.
Product Details
Hardcover: 194 pages
Publisher: Regnery Publishing (February 9, 2009)
Language: English
ISBN-10: 1596985879
ISBN-13: 978-1596985872
Product Dimensions: 9 x 6.2 x 1 inches
Shipping Weight: 13.6 ounces
Review:
courtesy EconomicPolicyJournal.com
It is a sad fact that most who graduate from college understand little if anything about the business cycle. It is even a sadder fact that most economists do not understand Austrian Business Cycle Theory (ABCT), even though the great economist Friedrich Hayek was specifically awarded the Nobel Prize in economics for the work he completed with regard to the theory.
Perhaps to some degree this poor understanding explains the confused reporting about the causes of the current economic crisis that regularly appear in mainstream media. If you are only getting your information about the current crisis through mainstream media reports, trust me, you aren't even getting half the story.
Meltdown by Thomas E. Woods Jr. is an antidote to this lack of understanding. Woods takes on the many fallacies that are now a part of the popular perception
held about the current crisis. He does this by walking through, in timeline fashion, the start of the current crisis with the housing bubble, through the Wall Street bailouts and current government attempts to "battle" the downturn. At each step, he explodes the myths that currently exist and explains what the real causal factors are.
Woods then explains the business cycle itself, and the role of central bank manipulation of the money supply as the main culprit in creating the business cycle. This chapter alone is worth the price of the book.
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