Economist Jesús Huerta de Soto explains the role of consumer credit in the formation of the business cycle, in accordance with the Austrian theory. From his book, “Money, Bank Credit and Economic Cycles”.
Posts Tagged ‘consumer’
Roots of Inflation
On 21 July 2009, Chairman of the Federal Reserve Ben Bernanke defended himself from Ron Paul’s accusations of promoting inflation by defining inflation as an increase in the consumer price index. hrough this definition, Bernanke purported to refute Ron Paul’s own definition—Austrian definition—that inflation referred to an increase in the money supply. Ron Paul’s definition of inflation is, in fact, the most accurate definition of the word.
