Abstract
This article puts recent market behavior into historical context. The authors review several explanatory theories based on long-term market cycles. Assuming that these long-wave boom-to-bust cycles will persist, they consider implications for financial market structure and government policy. In summary, they agree with the following “Austrian”economic principles:1) the boom causes the bust; 2) the bust is proportionate to the boom; 3) major intervention is likely to cause major unintended consequences; and 4) sound money is the best policy in all environments. They conclude with some thoughts on monetary reform and offer a potential way forward, and hope and expect that this article will stimulate more research in long-wave studies and solutions that might arise from them.
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