00:21    |    
02:29    |    
What is deflation?
Negative consequences of deflation
03:17    |    
Causal factors behind a general fall of prices 
Supply side deflation
Price wage rigidity deflation
Monetary deflation
22:32    |    
Arguments and statements of central banks 
The central bank's meaning of deflation 
Price stability as low inflation
31:49    |    
Hayek argued...: 
Unbalance between savings and investment
Pricing out of market
Central bank stimulates additional private sector investment 
Continuous hubris: "central bank's failure"
38:09    |    
Otmar Issing 
 An opinion:
The hubris of the central bank can't be given up




The Hubris of the Central Banker: Depression, Deflation and the Current Economic Crisis

04 de marzo de 2003   | Vistas: 6565 |  

About this video

In this conference, Richard Ebeling, PhD, describes how monetary policy is still hunted by the ghost of the Great Depression. He explains the meaning of deflation and its negative effects in economy, and identifies three causal factors of this economic problem: Supply side deflation, price wage rigidity deflation and monetary deflation. Dr. Ebeling comments on scarcity, what it means to society, and also mentions other social troubles such as goods oversupply, prices getting too high and people asking for major wages. He mentions that the hubris of central bankers can be seen in their failure to realize that it has been their own monetary policies which have created economic problems, and finally, he explains that the appeal of social engineering remains too strong.


The Hubris of the Central Banker: Depression, Deflation and the Current Economic Crisis
Richard Ebeling

Universidad Francisco Marroquín
Guatemala, March 4th 2003

A New Media - UFM production. Guatemala, August 2008
Camera: Rebeca Zuñiga; editing/ encoding: Jose Cordón; index: Inés Zúñiga; publication: Fernando De León; content reviser: Sofía Porres

Richard Ebeling is a defender of free markets and limited government. He was president of the Foundation of Economic Education…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín