Word: freiderich
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Dates: during 1970-1979
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Another position belongs to Nobel Laureate Freiderich Hayek, Professor Murray N. Rothbard and the "Austrians," who agree that we have never had laissez-faire but use the Austrian theory of the business cycle in their analysis. Rothbard and Hayek argue that government intervention, especially the policy of the Federal Reserve in the late '20s, started the cycle which resulted in the Great Depression. In his book America's Great Depression. Rothbard details these interventions and their consequences. Today, Rothbard and Hayek argue, government polices in the '60's started a similar cycle that is the cause of current problems. Friedman...
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