The other brilliant Smith, not Adam Smith, but Vernon Smith, is optimistic that the gains from trade will prevail over government stupidity in the coming years.
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Peter J. Boettke: Living Economics: Yesterday, Today, and Tomorrow
Christopher Coyne: Doing Bad by Doing Good: Why Humanitarian Action Fails
Paul Heyne, Peter Boettke, David Prychitko: Economic Way of Thinking, The (12th Edition)
Steven Horwitz: Microfoundations and Macroeconomics: An Austrian Perspective
Boettke & Aligica: Challenging Institutional Analysis and Development: The Bloomington School
Peter T. Leeson: The Invisible Hook: The Hidden Economics of Pirates
Philippe Lacoude and Frederic Sautet (Eds.): Action ou Taxation
Peter Boettke: The Political Economy of Soviet Socialism: the Formative Years, 1918-1928
Peter Boettke: Calculation and Coordination: Essays on Socialism and Transitional Political Economy
Peter Boettke & Peter Leeson (Eds.): The Legacy of Ludwig Von Mises
Peter Boettke: Why Perestroika Failed: The Politics and Economics of Socialist Transformation
Peter Boettke (Ed.): The Elgar Companion to Austrian Economics
"The bull cadre credits the Federal Reserve's interest-rate policy with sustaining the market advance by engineering an economic "soft landing" -- slowing growth to a manageable pace while staving off recession. When stocks began to slide in May of last year and again in February, experienced investors were surprised by the speed of their recovery, as the combination of low world-wide interest rates, tame inflation and strong profits offset the stock weakness."
Haha funny joke! Engineer?!?! A soft landing???
I hope Dr. Smith is correct, luckily I have a long investment time horizon even if he isn't. The difference between this growth is the fact that the boom isn't based on an interest rate driven boom like the late 90s. Much of the problem could take place in the international market. I also question the reason for a possible bust regarding the value of the dollar. Hasn't the value of the dollar dropped because of the increase in the price of gas imports? Also, if the dollar is decreasing doesn't that mean that American goods are cheaper on the international market, which could help explain the current growth. Will we see a bust once the dollar value increases?
Posted by: Matt C. | May 23, 2007 at 02:33 PM