Saturday, May 26, 2012
A student of Mises, F.A. Hayek, won the Nobel Prize in economics in 1974 for elaborating on Mises' business cycle theory. Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis. It has happened again and again in the past, and it will happen in the future, too.