Mises, Ron Paul, and the Austrian Business Cycle Theory cited in this published letter from an Irish gentleman in the Financial Times.
Sir, In response to the correspondence (Letters, May 7) in relation to Ron Paul’s op-ed “Our central bankers are intellectually bankrupt”, I would suggest the gentlemen first acquaint themselves with Austrian economics before proposing their own theories or rehashing those of Keynes.
Congressman Paul’s views are informed by Ludwig von Mises and, in particular, his magnum opus Human Action.
Government interference in markets leads to artificially low interest rates, a misallocation of resources and, in essence, creates the business cycle.
Fiscal stimulus is the cause of and not the solution to the crisis that “nobody saw coming”.
Alec Gourley, Swellan, County Cavan, Ireland