Very Austrian

Here.

The result is that it actually needs a downturn to flush out the inefficient companies and thereby to release resources – people, machines, property and management – to permit the creation of new companies.

Accordingly, far from fluctuations being necessarily bad, they have some characteristics that improve the allocation of resources and act to increase the sustainable growth rate of the economy.

2 thoughts on “Very Austrian”

  1. Well, I’ve noticed how scrofulous customer service and business in general has become in the UK, and been looking forward to a cleansing recession since 2005.

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