Videoconference: Austrian Perspective on the Great Recession and its Aftermath (Socratic Seminar)

Gene Epstein
Gene Epstein is Barron’s economics editor and author of the column “Economic Beat”. Previously, he was senior economist at the New York Stock Exchange, and has taught at the City University of New York and St. John’s University. Epstein holds a MA in economics from the New School and a BA in history from Brandeis University. He is author of the book Econospinning: How to Read between the Lines when the Media Manipulate the Numbers.

Video: A History of Economic Booms and Busts

When an economy falls into a recession, we typically observe a cluster of people making similar investment mistakes.  According to historian Stephen Davies, these investment errors occur because governments or central banks manipulate the supply of money. These manipulations place artificial downward pleasure on interest rates, creating false signals that entice individuals to invest in what end up being unprofitable ventures. Booms and busts are not a new phenomenon of this century, but rather, have occurred throughout history both in America and around the globe.

via: