May 01, 2009
I Expect to See This in Roger Garrison's "Austrian Business Cycle Theory" Lecture at Mises U

Liquidating malinvested capital by destroying houses in Southern California. It's almost like it's taken directly from Roger Garrison's "Ivan and the Brickyard" example.

Posted by Art Carden at 09:20 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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