Monetary Theory / George Reisman

The key to avoiding "busts" is to avoid the credit expansion and "booms" that cause them. Booms are not periods of prosperity but of the squandering of wealth. The longer they last, the worse is the devastation that follows.

Seeking to provide the intelligent layman with sufficient knowledge of sound economic theory to enable him to understand what must be done to overcome the present financial crisis and return to the path of economic progress and prosperity.

Thus, to say it all in one sentence, the threat of massive deflation can be eliminated, the threat of inflation ended, and the actual and potential domain of economic freedom greatly expanded, for $11 billion — an $11 billion that would not even be an out-of-pocket expense to anyone but merely a...

Deflation is usually thought to be a synonym for falling prices. There could be no more serious error in all of economics, writes George Reisman. Calling falling prices "deflation" results in a profound confusion between prosperity and depression. This is because the leading cause of falling prices...