MONEY, BANK CREDIT, AND ECONOMIC CYCLES, SECOND EDITION
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178
978-1-933550-39-8
Ludwigvon Mises Institute
2009
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loginsystem results: the financial bubble (“irrational exuberance”)exerts a harmful effect on the real economy, and sooner orlater the process reverses in the form of an economic recession,which marks the beginning of the painful and necessary read-justment. This readjustment invariably requires the reconver-sion of every real productive structure inflation has distorted.
