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Politics : Ask Michael Burke

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To: sjemmeri who wrote (87398)	12/21/2000 7:02:13 PM
From: Mike M2	Read Replies (1) of 132070

steve, Austrian economics is a school of thought whose founders happened to be of German and Austrian origin and pre- dates Europes move to socialism I suppose ( late 1800's) . They advocate laissez-fare policies and free markets. Austrian economics offered a sound explanation for the Great Depression -they anticipated it but fell out of favor because the people wanted the government to do something about the economy not realizing that the Fed's easy money policies ( gov't intervention) played a major role and creating the 20's bubble.the Austrians believe that the negative wealth effect of the stock market collapse was the main cause of the Great Depression. mike

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