"The story after World War I, on the other hand, was a little more complicated. The United States experienced a severe depression in 1920-21, but it was a financial and monetary affair having nothing to do with real maladjustments."
- Gottfried Haberler in "Reflections on Hayek's Business Cycle Theory", Cato Journal, Falll 1986.
This is setting up the discussion of the formulation of Hayek's views on malinvestments in considering the U.S. economy of the 1920s.
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