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Pastimes : Book Nook

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To: Ilaine who wrote (370)9/4/2001 10:06:03 AM
From: Mike M2  Read Replies (2) of 443
 
CB, you said " I realize that Austrians don't believe in velocity" I don't know where you got that impression. Lionel Robbins notes in his "The Great Depression" how monetary velocity slowed and has a chart of it on pg. 19. Velocity slows because people run down cash balances during the boom and seek to rebuild cash balances after the bubble pops. That was interesting about Robbins rejecting Austrian economics later in life. mike
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