Dienstag, 22. Mai 2012

The Austrians And The Swan - Birds Of A Different Feather

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"Mises’ great insight was that the foundation of material civilization is the entrepreneurs’ patience in refraining from
consuming a portion of their produced goods and returning it to the drawn-out production process. Only savings—that
is, foregone consumption—creates capital goods and wealth. “Those saving—that is consuming less than their share
of the goods produced—inaugurate progress toward general prosperity. The seed they have sown enriches not only
themselves but also all other strata of society.” [14]
Don’t let Bernanke tell you otherwise. The Fed has in fact made this process much harder and much more
treacherous, as we have seen, as capital structure profitability becomes highly illusory.
The great Austrian tradition and the market forces it elucidates in its a priori methodology for economic understanding
provides an equally important, though unappreciated, methodology for investing."


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