Quotation of the Day…

by Don Boudreaux on September 17, 2012

in Monetary Policy, Scientism, Seen and Unseen, State of Macro

… is from page 43 of Lionel Robbins‘s 1934 volume, The Great Depression:

[W]hen the boom has collapsed, there exist dislocations and disproportionalities in the world of industry, the wreckage of false expectations, which monetary manipulation is not likely to remove.

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