"österreichische" Erklärung dazu

boso , Sonntag, 23.11.2008, 07:52 (vor 5844 Tagen) @ weissgarnix

dazu
Murray N. Rothbard America’s Great Depression,Fifth Editionn S.83

To “refute” the Austrian theory of the inception of the boom because interest rates might not have been lowered in a certain instance, for example, is beside the mark. It simply means that other forces—perhaps an increase in risk, perhaps
expectation of rising prices—were strong enough to raise interest rates. But the Austrian analysis, of the business cycle continues to operate regardless of the effects of other forces. For the important thing is that interest rates are lower than they would have been without the credit expansion. From theoretical analysis we know that this is the effect of every credit expansion by the banks; but statistically we are helpless—we cannot use statistics to estimate what the interest rate would have been. Statistics can only record past events; they cannot describe possible but unrealized events.Similarly, the designation of the 1920s as a period of inflationary boom may trouble those who think of inflation as a rise in
prices. Prices generally remained stable and even fell slightly over
the period. But we must realize that two great forces were at work
on prices during the 1920s—the monetary inflation which propelled
prices upward and the increase in productivity which lowered
costs and prices. In a purely free-market society, increasing
productivity will increase the supply of goods and lower costs and
prices, spreading the fruits of a higher standard of living to all consumers.
But this tendency was offset by the monetary inflation
which served to stabilize prices. Such stabilization was and is a goal
desired by many, but it (a) prevented the fruits of a higher standard
of living from being diffused as widely as it would have been in a
free market; and (b) generated the boom and depression of the
business cycle.

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“I am more concerned with the return of my money
than the return on my money”

Mark Twain