first chapter of the book it didn't have to be this way- why boom and bust is unnecessary

3
7/29/2019 First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary http://slidepdf.com/reader/full/first-chapter-of-the-book-it-didnt-have-to-be-this-way-why-boom-and-bust 1/3 7KH$XVWULDQV:HUH5LJKW 0LVHV'DLO\7XHVGD\)HEUXDU\E\ +DUU\9HU\VHUKWWSPLVHVRUJGDLO\DXWKRU+DUU\9HU\VHU (GLWRUV1RWH3URIHVVRU+DUU\&9HU\VHUKDVZULWWHQDPXFK QHHGHGORRNDWWKH$XVWULDQ6FKRRORIHFRQRPLFVDQGZK\LWV OHVVRQVPXVWEHKHHGHGDWODVW5RQ3DXOFDOOVWKHERRN´DQ H[FHOOHQWLQWURGXFWLRQWRWKH$XVWULDQ6FKRRORIHFRQRPLFVDQG DQH[FHOOHQWDFFRXQWRIWKHHFRQRPLFKLVWRU\RIWKHWK FHQWXU\µZKLOH7KRPDV(:RRGV-UZULWHV´,DPEORZQDZD\ E\KRZPXFKJURXQG+DUU\9HU\VHUFRYHUVLQWKLVLPSRUWDQW ERRNDQGKRZVNLOOIXOO\KHFRYHUVLWµ:KDWIROORZVLVWKHILUVW H[FHUSWIURP9HU\VHU·VEUDQGQHZERRN ,W'LGQ·W+DYHWR%H7KLV:D\:K\%RRPDQG%XVW,V 8QQHFHVVDU\³DQG+RZWKH$XVWULDQ6FKRRORI(FRQRPLFV%UHDNVWKH&\FOH KWWSVPLVHVRUJVWRUH3URGXFWDVS["3URGXFW,G 7KHJOREDOHFRQRPLFPHOWGRZQWKDWEHJDQLQKDVEURXJKWVXIIHULQJWRFRXQWOHVVPLOOLRQV:H KDYHDOOZLWQHVVHG³DQGLQPDQ\FDVHVH[SHULHQFHG³WKHGHYDVWDWLRQ %XWLWGLGQ·WKDYHWREHWKLVZD\7KLVNLQGRIILQDQFLDOGHYDVWDWLRQKDVEHHQSUHGLFWHGDJDLQDQG DJDLQ³GHFDGHDIWHUGHFDGH³E\SURSR QHQWVRIWKH$XVWULDQ6FKRRORIHFRQRPLFV/XGZLJYRQ0LVHV RQHRIWKHPRVWSURPLQHQW$XVWULDQHFRQRPLVWVVXPPHGXSWKHSHUHQQLDOFUL VLVLQWKHWLWOHRIRQHRI KLVPDQ\ERRNV 3ODQQHG&KDRV KWWSPLVHVRUJGRFXPHQW 0LVHVHVSHFLDOO\LQ 7KH7KHRU\RI 0RQH\DQG&UHGLWKWWSPLVHVRUJGRFXPHQW7KH7KHRU\RI0RQH\DQG&UHGLW DQG+XPDQ$FWLRQ KWWSPLVHVRUJGRFXPHQW+XPDQ$FWLRQ PDLQWDLQHGWKDWWKHERRPDQGEXVWF\FOHWKDWKDVDIIOLFWHG PRGHUQHFRQRPLHVLVERWKXQQDWXUDODQGXQQHFHVVDU\,WZRUVHQVOLYLQJFRQGLWLRQVIRUMXVWDERXW HYHU\RQH6LQFHWKHSXEOLFDWLRQRIKLVERRNVDEXQGDQWVFKRODUO\VWXGLHVKDYHYDOLGDWHGWKH$XVWULDQ YLHZ<HWIHZSHRSOH³HYHQDPRQJWKRVHWHDFKLQJHFRQRPLFVLQFROOHJHVDQGXQLYHUVLWLHVZRUOGZLGH³ NQRZRUXQGHUVWDQGWKH$XVWULDQ6FKRRO ,ZURWHWKHQHZERRN,W'LGQ·W+DYHWR%H7KLV:D\KWWSVPLVHVRUJVWRUH3URGXFWDVS[" 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 WKHF\FOHWKDWKDVEHHQWKHVFRXUJHRIWKH:HVWVLQFH³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

Upload: mises-fan

Post on 04-Apr-2018

213 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

7/29/2019 First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

http://slidepdf.com/reader/full/first-chapter-of-the-book-it-didnt-have-to-be-this-way-why-boom-and-bust 1/3

7KH$XVWULDQV:HUH5LJKW

0LVHV'DLO\7XHVGD\)HEUXDU\E\+DUU\9HU\VHUKWWSPLVHVRUJGDLO\DXWKRU+DUU\9HU\VHU

(GLWRUV1RWH3URIHVVRU+DUU\&9HU\VHUKDVZULWWHQDPXFK

QHHGHGORRNDWWKH$XVWULDQ6FKRRORIHFRQRPLFVDQGZK\LWV

OHVVRQVPXVWEHKHHGHGDWODVW5RQ3DXOFDOOVWKHERRN´DQ

H[FHOOHQWLQWURGXFWLRQWRWKH$XVWULDQ6FKRRORIHFRQRPLFVDQG 

DQH[FHOOHQWDFFRXQWRIWKHHFRQRPLFKLVWRU\RIWKHWK

FHQWXU\µZKLOH7KRPDV(:RRGV-UZULWHV´,DPEORZQDZD\ 

E\KRZPXFKJURXQG+DUU\9HU\VHUFRYHUVLQWKLVLPSRUWDQW

ERRNDQGKRZVNLOOIXOO\KHFRYHUVLWµ:KDWIROORZVLVWKHILUVW

H[FHUSWIURP9HU\VHU·VEUDQGQHZERRN ,W'LGQ·W+DYHWR%H7KLV:D\:K\%RRPDQG%XVW,V

8QQHFHVVDU\³DQG+RZWKH$XVWULDQ6FKRRORI(FRQRPLFV%UHDNVWKH&\FOH

KWWSVPLVHVRUJVWRUH3URGXFWDVS["3URGXFW,G

7KHJOREDOHFRQRPLFPHOWGRZQWKDWEHJDQLQKDVEURXJKWVXIIHULQJWRFRXQWOHVVPLOOLRQV:H

KDYHDOOZLWQHVVHG³DQGLQPDQ\FDVHVH[SHULHQFHG³WKHGHYDVWDWLRQ

%XWLWGLGQ·WKDYHWREHWKLVZD\7KLVNLQGRI ILQDQFLDOGHYDVWDWLRQKDVEHHQSUHGLFWHGDJDLQDQG

DJDLQ³GHFDGHDIWHUGHFDGH³E\SURSR QHQWVRI WKH$XVWULDQ6FKRRORI HFRQRPLFV/XGZLJYRQ0LVHV

RQHRIWKHPRVWSURPLQHQW$XVWULDQHFRQRPLVWVVXPPHGXSWKHSHUHQQLDOFUL VLVLQWKHWLWOHRIRQHRI 

KLVPDQ\ERRNV3ODQQHG&KDRV KWWSPLVHVRUJGRFXPHQW0LVHVHVSHFLDOO\LQ7KH7KHRU\RI 

0RQH\DQG&UHGLWKWWSPLVHVRUJGRFXPHQW7KH7KHRU\RI0RQH\DQG&UHGLW DQG+XPDQ$FWLRQ

KWWSPLVHVRUJGRFXPHQW+XPDQ$FWLRQ PDLQWDLQHGWKDWWKHERRPDQGEXVWF\FOHWKDWKDVDIIOLFWHG

PRGHUQHFRQRPLHVLVERWKXQQDWXUDODQGXQQHFHVVDU\,WZRUVHQVOLYLQJFRQGLWLRQVIRUMXVWDERXW

HYHU\RQH6LQFHWKHSXEOLFDWLRQRIKLVERRNVDEXQGDQWVFKRODUO\VWXGLHVKDYHYDOLGDWHGWKH$XVWULDQ

YLHZ<HWIHZSHRSOH³HYHQDPRQJWKRVHWHDFKLQJHFRQRPLFVLQFROOHJHVDQGXQLYHUVLWLHVZRUOGZLGH³

NQRZRUXQGHUVWDQGWKH$XVWULDQ6FKRRO

,ZURWHWKHQHZERRN,W'LGQ·W+DYHWR%H7KLV:D\KWWSVPLVHVRUJVWRUH3URGXFWDVS[" 

3URGXFW,G WRKHOSVROYHWKDWSUREOHP

,IWKHUHLVDEULJKWVSRWLQWKHPRVWUHFHQWHFRQRPLFFULVLVLWLVWKLVSHRSOHHYHU\ZKHUHDUHJLYLQJ

PXFKPRUHVHULRXVWKRXJKWWRIRXQGDWLRQDOTXHV WLRQVDERXWWKHHFRQRP\:KDWFDXVHGRXUZRHVDQG

PRUHLPSRUWDQWKRZFDQZHSUHYHQWIXWXUHFDODPLWLHV"

7RDQVZHUWKRVHTXHVWLRQVZHQHHGWRXQGHUVWDQGWKH$XVWULDQ6FKRRORI HFRQRPLFV,KDYHKDGWKH

XQLTXHRSSRUWXQLW\ERWKWRVHHKRZHFRQRPLFVRSHUDWHVLQWKHUHDOZRUOGDVDEXVLQHVVPDQZKRFR

RZQHGDQDXWRPRWLYHVXSSO\FRPSDQ\IRUPDQ\\HDUVDQGWRVWXG\LWVWKHRU\DQGSUDFWLFHIURPWKH

LYRU\WRZHUDVDSURIHVVRURIHFRQRPLFVDW:DOVK&ROOHJHDQGWKH8QLYHUVLW\RI'HWURLW0HUF\2YHU

WKHFRXUVHRIP\FDUHHULWEHFDPHFOHDUWKDWPXFKRIWKHHFRQRPLFVHVWDEOLVKPHQWEDGO\

PLVXQGHUVWDQGVWKHIRUFHVWKDWFDXVHHFRQRPLFFULVLV

7KHFULVLVWKDWEHJDQLQVKRXOGEHVHHQQRWDVDQLVRODWHGLQFLGHQWEXWDVSDUWRIDFRQWLQXLQJ

GUDPDWKDWKDVLWVRULJLQVLQ86JRYHUQPHQWPDQLSXODWLRQRIPDUNHWVDQGFXUUHQF\,WLVPHUHO\SDUWRI 

WKHF\FOHWKDWKDVEHHQWKHVFRXUJHRIWKH:HVWVLQFH³ZKLFKJHWVXVWRWKHVWRU\RIRXUPRGHUQ

FRQGLWLRQ

7KHWZRPDMRUDQGLQWHUWZLQLQJSORWVLQWKHVWRU\DUHWKHGHYHO

RSPHQWRIHFRQRPLFWKHRU\DQGWKHHYHQWVWKDWVKDSHGJOREDO

KLVWRU\HVSHFLDOO\LQWKHHDUO\WZHQWLHWKFHQWXU\(FRQRPLFWKHRU\

KDVDOZD\VKDGDWUHPHQGRXVLQIOXHQFHRQJRYHUQPHQWDFWLRQDQGSROLF\%HIRUH:RUOG:DU,JRYHUQPHQWVEDVHGSXEOLFSROLF\RQVR

FDOOHGFODVVLFDOHFRQRPLFWKHRULHVDERXWPRQH\DQGWUDGH$OPRVW

DOOHFRQRPLFWKHRU\ZDVFRPPLWWHGWRIUHHPDUNHWVDQGSULYDWH

SURSHUW\*RYHUQPHQWVGLGQRWH[HUWPXFKHQHUJ\LQUHJXODWLQJ

FRPPHUFH7KH86&RQVWLWXWLRQIRULQVWDQFHLQFOXGHVSURYLVLRQV

5 HF RP PH QG 6 HQG SHRSOHUHFRPPHQGWKLV%HWKHILUVWRI\RXUIULHQGV

Page 2: First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

7/29/2019 First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

http://slidepdf.com/reader/full/first-chapter-of-the-book-it-didnt-have-to-be-this-way-why-boom-and-bust 2/3

KWWSPLVHVRUJVWRUH3URGXFWDVS["3URGXFW,G

HVWDEOLVKLQJIUHHPDUNHWVDQGVSHFLHEDVHGPRQH\V\VWHPV1HHGOHVV

WRVD\WKLQJVFKDQJHGIROORZLQJ:RUOG:DU,DVPRQDUFKLHVDQG

WUDGLWLRQVZHUHVPDVKHGDQGQHZWKHRULHVFDPHLQWRSOD\7KH

WURXEOHVRIWKHVDQGVHQFRXUDJHGHFRQRPLVWVWRUHZRUN

WKHFODVVLFDOWKHRU\WRH[SODLQZK\WKLQJVKDSSHQHGDVWKH\GLGDQG

ZKDWVKRXOGEHGRQHDVDUHVXOW7KHVHQHZWKHRULHV³KRZHYHUZHOO

PHDQLQJ³KDYHKDGSURIRXQGDQGRIWHQGHYDVWDWLQJFRQVHTXHQFHV

DURXQGWKHZRUOG

(FRQRPLFVLVQRW³RUGRHVQRWKDYHWREH³DP\VWHULRXVVFLHQFH

4XLWHVLPSO\LWLVWKHVWXG\RI UHFRQFLOLQJWKHXQOLPLWHGZDQWVRI 

PDQZLWKOLPLWHGUHVRXUFHV'LVWLOOHGIXUWKHULWLVWKHVWXG\RI 

KXPDQDFWLRQ,Q ,W'LGQ·W+DYHWR%H7KLV:D\ ,DLPWR

GHPRQVWUDWHWKDWHFRQRPLFVLQYROYHVFHUWDLQLPPXWDEOHODZVRI 

KXPDQEHKDYLRU)XUWKHU,KRSHWRVKRZWKDWWKH$XVWULDQ6FKRRO

KDVPRVWFOHDUO\DQGHIIHFWLYHO\GLVFRYHUHGWKRVHODZV7KHZRUOGKDVQHHGOHVVO\VXIIHUHGXQVSHDNDEOH

PLVHU\DVDUHVXOWRIWKHRULHVDQGSROLFLHVWKDWLJQRUHWKHVHSULQFLSOHV

,WGLGQ·WKDYHWREHWKLVZD\³QRWLQ WKHUHFHQWHFRQRPLFFULVLVRULQ WKHFUXVKLQJVWDJIODWLRQRI WKH

VDQGHDUO\VRULQWKH'HSUHVVLRQRIWKHV0RUHLPSRUWDQWLWGRHVQ·WKDYHWREHWKLV

ZD\LQWKHIXWXUH7KHZRUOG·VHFRQRPLHVFDQJHWEDFNRQWUDFNDQGUHWXUQWRSURVSHULW\

7REHPRUHSUHFLVHWKH$XVWULDQVZHUHULJKWDOODORQJ,QWKHHDUO\VWZRSURIHVVRUVLQ(QJODQG

ORRNHGDWWKHZRUOGZLGHHFRQRPLFFDWDVWURSKHDQGFDPHXSZLWKYHU\GLIIHUHQWVROXWLRQV-RKQ

0D\QDUG.H\QHVDWWKH8QLYHUVLW\RI&DPEULGJHFUHDWHGWKHQRWLRQRIVSHQGLQJRQH·VZD\RXWRI 

UHFHVVLRQZKLOH)ULHGULFK$+D\HNRIWKH/RQGRQ6FKRRORI(FRQRPLFVWRRNWKHFODVVLFDOVWDQFH

FDOOLQJIRUVRXQGPRQH\DQGWKHWUDGLWLRQDOYLUWXHVRIVDYLQJSUXGHQWLQYHVWLQJDQGEDODQFHG

EXGJHWV.H\QHVLDQLVPEHFDPHWKHE\ZRUGRIWKHGHYHORSHGZRUOGDQGKDVSURIRXQGO\LQIOXHQFHGWKH

UHVSRQVHRIJRYHUQPHQWVLQWKHPRVWUHFHQWFULVLV0HDQZKLOHJRYHUQPHQWVODUJHO\LJQRUHG+D\HN

RQHRIWKHJUHDW$XVWULDQHFRQRPLVWV:HKDYHDOOSDLGWKHSULFHVLQFH

2QHRIWKHJUHDWHVWIDLOLQJVRIPDLQVWUHDPHFRQRPLFWKLQNLQJVHHQFOHDUO\LQWKHOHDGXSWRWKH²

ILQDQFLDOFULVLVKDVEHHQWRYLHZHFRQRPLFVDVDVFLHQFHRQWKHRUGHURISK\VLFVRQHWKDWFDQEHUHGXFHGWRQXPEHUVTXDQWLWLHVDQGPDWKHPDWLFDOIRUPXODV7KH$XVWULDQ6FKRROXQGHUVWDQGLQJ

HFRQRPLFVDVDVFLHQFHRILQGLYLGXDOKXPDQDFWLRQPDNHVDFUXFLDOFRQWULEXWLRQZLWKLWVGLVWUXVWRI 

PDWKHPDWLFDOPRGHOLQJRU´ILQDQFLDOHQJLQHHULQJµRIWKHW\SHWKDWKHOSHGFDXVHWKHVXESULPHPRUW

JDJHFROODSVH,WLVDZDUQLQJWKDWPXVWEHKHHGHGWRGD\

2IWKHPDQ\FRQWULEXWLRQVWKH$XVWULDQ6FKRROKDVPDGHWRHFRQRPLFWKRXJKWWKHRWKHUPRVWUHOHYDQW

WRRXUVLWXDWLRQWRGD\LVWKHH[SODQDWLRQRIWKHLQVLGLRXVHIIHFWVRIH[SDQGLQJWKHPRQH\VXSSO\7KH

PRGHUQ)HGHUDO5HVHUYHZKLFKVHHPVLQWHQWRQSXPSLQJQHZPRQH\LQWRWKHV\VWHPFOHDUO\YLRODWHV

WKLV$XVWULDQWHQHW

,QUHFHQWWLPHVDQXPEHURILQWHUQDWLRQDOO\DFFODLPHGH[SHUWVLQHFR QRPLFVZKRDUH QRWSDUWRIWKH

$XVWULDQ6FKRROKDYHYDOLGDWHG$XVWULDQWHQHWV7ZRFDXVHVRIWKHHFRQRPLFFULVLVPDQ\VFKRODUVDQG

SUDFWLWLRQHUVQRZUHFRJQL]HZHUHWKH)HG·VDUWLILFLDOORZHULQJRILQWHUHVWUDWHVDQGWKHXVHRI 

PDWKHPDWLFDOHTXDWLRQVLQDIXWLOHDWWHPSWWROHVVHQULVN7KHVHSHRSOHDUHFRPLQJWRFRQFOXVLRQVWKDW

WKH$XVWULDQVUHDFKHGGHFDGHVDJR

)RU\HDUVQRZZHKDYHHQGXUHGDEDUUDJHRIEDGQHZVEXVLQHVVHVJRLQJEHOO\XSSHRSOH ORVLQJWKHLU

MREVDQGKRPHVJRYHUQPHQWGHEWVRDULQJ ,WGLGQ·WKDYHWREHWKLVZD\7KH$XVWULDQ6FKRROSUHVHQWV

WKHPRVWFRKHUHQWH[SOLFDWLRQRIWKHHFRQRPLFUHODWLRQVDPRQJPHQDQG³PRUHVRWKDQDQ\RWKHU

V\VWHPWRGD\³OD\VRXWHFRQRPLFJXLGHOLQHVWKDWRIIHUUHDOSURVSHFWVIRUSURVSHULW\ZRUOGZLGH

&RPPHQWRQWKLVDUWLFOH

+DUU\&9HU\VHUDQDVVRFLDWHGVFKRODURIWKH/XGZLJYRQ0LVHV,QVWLWXWHKDVVHUYHGDVGLUHFWRURIWKH

JUDGXDWHSURJUDPLQHFRQRPLFVDWWKH8QLYHUVLW\RI'HWURLW0HUF\DQGFKDLUPDQRI:DOVK&ROOHJH·V

'HSDUWPHQWRI(FRQRPLFVDQG)LQDQFH7KLVDUWLFOHLVDGDSWHGIURPKLVQHZERRN ,W'LGQ·W+DYHWR%H

7KLV:D\:K\%RRPDQG%XVW,V8QQHFHVVDU\³DQG+RZWKH$XVWULDQ6FKRRORI(FRQRPLFV%UHDNVWKH

&\FOHKWWSVPLVHVRUJVWRUH3URGXFWDVS["3URGXFW,GZLWKSHUPLVVLRQIURPWKHSXEOLVKHU

,6,%RRNV6HQGKLPPDLOPDLOWRVWDPSLQJVLQF#KRWPDLOFRP6HH+DUU\9HU\VHUVDUWLFOHDUFKLYHV

Page 3: First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

7/29/2019 First Chapter of the Book It Didn't Have to Be This Way- Why Boom and Bust is Unnecessary

http://slidepdf.com/reader/full/first-chapter-of-the-book-it-didnt-have-to-be-this-way-why-boom-and-bust 3/3

KWWSPLVHVRUJGDLO\DXWKRU+DUU\9HU\VHU

<RXFDQVXEVFULEHWRIXWXUHDUWLFOHVE\+DUU\9HU\VHUYLDWKLV 566IHHG KWWSPLVHVRUJ)HHGVDUWLFOHVDVK["

$XWKRU,G

&RS\ULJKW,QWHUFROOHJLDWH6WXGLHV,QVWLWXWH