A Secret History of the Boom and Bust | Llewellyn H. Rockwell, Jr.
From "Speaking of Liberty" by Llewellyn H. Rockwell, Jr. Text of this presentation drawn from the keynote address at the Sage Capital Management Conference in Houston, Texas, March 12, 2003.
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"The Austrian economists tell us that a price is more than a price. It is an objective expression of subjective judgments concerning human wants, now and in the future. It conveys information to us about how we ought to conduct ourselves: where capital should be directed, how much of what should be consumed now or later, which jobs to take and which to pass over. In short, prices provide the roadmap to the successful navigation of the material world. How striking it is to see stock prices respond so actively to the war on Iraq, the dominant event of the day. Since the war began, prices rose in response to the prospect that war would end soon and sank on the prospect that the war will go on and on. What does this price information convey? Most likely, it reflects an inchoate sense that this war would do nothing to bring us out of economic contraction and into recovery. That is precisely true. Wars often result in severe setbacks, not only prolonging the contraction, but deepening it as well." ~ Llewellyn H. Rockwell, Jr.
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