• 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
    • Reserves
    • Price stability as low inflation
    • Overoptimism
  • 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

New Media  | 04 de marzo de 2003  | Vistas: 6591

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


Author, economist, professor and honorary doctor of UFM


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