Austrian
Austrian economics see general gluts as caused by misallocation of resources in the years leading up to the crisis, and the ensuing depression as necessary cleansing or purging of the excesses as the economy adjusts.
Read more about this topic: General Glut
Famous quotes containing the word austrian:
“The war shook down the Tsardom, an unspeakable abomination, and made an end of the new German Empire and the old Apostolic Austrian one. It ... gave votes and seats in Parliament to women.... But if society can be reformed only by the accidental results of horrible catastrophes ... what hope is there for mankind in them? The war was a horror and everybody is the worse for it.”
—George Bernard Shaw (1856–1950)
“An Austrian army, awfully array’d,
Boldly by battery besiege Belgrade;
Cossack commanders cannonading come,
Deal devastation’s dire destructive doom;”
—Alaric Alexander Watts (1797–1864)