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Absolut Greenspan… and other forms of substance abuse

There is an excellent article on the Ludwig von Mises Institute website by Sean Corrigan called Worse than Recession.

Economies do not subside because demand wanes – we could all use a shiny new car, or a beautiful new house pretty much any time. However, in a world where means, unlike wants, are not infinite, we have to be able to offer something in exchange. We do that by first profitably producing things other people require, at a price they are willing to pay, not by stamping our feet and making demands like a petulant 5-year-old.

This is ‘economics for grown-ups’. Read the whole article, it is good stuff.

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