Failure of the „liquidationists“ to overcome the Great Depression of the early 1930s prepared the ground for an era of interventionist economic policies. Modern macroeconomics and finance nourished the belief that we can successfully plan for the future. But the present crisis teaches us that we live in world of Knightian uncertainty, where the „unknown unknowns“ dominate and our plans for the future are regularly thwarted by unforeseen and unforeseeable events.
“I’m an Austrian in economics“
What we can learn from the Austrian school of economics for today’s crisis“ weiterlesen