Mainstream economics and finance theories hold that markets immediately adjust to new information. While market pricesdo reflect available information, the Efficient Market Hypothesis (EMH) fails to explain the boom-bust cycle as well as Austrian analysis.
We now live in a fundamentally altered landscape where old certainties no longer confer fitness.
The boom-and-bust cycle isn’t limited just to so-called advanced economies. It also has become a way of life in the economies of tropical countries and other emerging economies.
Murray Rothbard believed that national self-determination was essential for individual freedom. Rothbard also did not make the error of connecting a nation to a government. One was not the other.
When we think of the need for more electricity to meet a weather-related surge in demand, we think more generation of power. However, entities like Bitcoin, which is a huge electricity consumer, can also curtail enough operations to put more power back into the grid.
The isolationist tradition in America, as it was manifested from 1939 to 1941, was based on two fundamental doctrines: avoidance of war in Europe and unimpaired freedom of action.


