Business Cycles by Lars Tvede
Business Cycles by Lars Tvede
A somewhat muddled cross between Goedel, Escher, Bach and an Austrian economics version of The Worldly Philosophers. Tvede asserts that a business cycle exists, is chaotic, and has a defined duration; he does not substantiate this claim.
Men often stumble over the truth, but most manage to pick themselves up and hurry off as if nothing had happened.
Others would, more rudely, cut off a slice around the edge (of the gold coin) before they passed them on. To prevent this, (Isaac) Newton had suggested that coins should be given a milled edge, so that it would be easy to detect if they had been clipped.
To some degree, an acceleration, or a higher velocity of money circulation, will have a similar effect as an increase in the supply of money.
Laissez faire, laissez passer
Every morning, John (S Mill) had to deliver a complete written report about what his father had said the day before.
I can hire one half of the working class to kill the other half.
On two occasions I have been asked, "Pray, Mr Babbage, if you put into the machine wrong figures, will the right answers come out?" I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.
(Joseph) Schumpeter was well trained in sword-fighting, and after a short fight, he nicked the librarian's shoulder. The seconds quickly intervened, and the fight was over. Schumpeter apologized for the whole affair, the librarian apologized as well, and after that the students were allowed to borrow books about political economy.
Money isn't everything, but it sure keeps you in touch with your children.
Blaming speculators as a response to financial crises goes back at least to the Greeks. It's almost always the wrong response.
Seven drivers of cycles:
Monetary accelerator
Inventory accelerator
Capital spending accelerator
Collateral accelerator
Emotional accelerator
Exhaustion phenomena
Credit crunch