Recession and Recovery: Six Fundamental Errors of the Current Orthodoxy
By Robert Higgs
This article appeared in the Winter 2010 issue of The Independent Review
Abstract
Almost everything that politicians and pundits have said about the economic recession has been false. The six worst mistakes, promulgated widely since Paul Samuelson’s best-selling textbook Economics first appeared in 1948, pertain to aggregation, relative prices, the rate of interest, capital and its structure, malinvestments and money pumping, and regime uncertainty.
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