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the only Austrian who got anybody out of the recession was Adolf Hitler.
the only Austrian who got anybody out of the recession was Adolf Hitler.
And Harding, but whatever...
the only Austrian who got anybody out of the recession was Adolf Hitler.
And Harding, but whatever...
well, that wasn't the subject I responded to .... but whatever.
Still, you snarkely make a helpful point. Not all economic theory will work in every fiscal/social situation. In the 20's Mellon's approach worked, in the 30's it nearly destroyed the world economy.
the only Austrian who got anybody out of the recession was Adolf Hitler.
And Harding, but whatever...
well, that wasn't the subject I responded to .... but whatever.
Still, you snarkely make a helpful point. Not all economic theory will work in every fiscal/social situation. In the 20's Mellon's approach worked, in the 30's it nearly destroyed the world economy.
And Harding, but whatever...
well, that wasn't the subject I responded to .... but whatever.
Still, you snarkely make a helpful point. Not all economic theory will work in every fiscal/social situation. In the 20's Mellon's approach worked, in the 30's it nearly destroyed the world economy.
What are you talking about? Progressive policy did destroy us in the 30's... It gave us a lost fucking generation. Progressives are handed accountability regardless if they agree with it or not. You can't lead for 12 years and dump it all on someone else when nothing works.
Sure you can. it's been going on for decades and most people aren't any the wiser. You see it right on this board caonstantly. the cries and whining about how unfair capitalism is, how it leads to inequality, etc..etc..etc.. Yet, we do not have capitalism.
And Harding, but whatever...
well, that wasn't the subject I responded to .... but whatever.
Still, you snarkely make a helpful point. Not all economic theory will work in every fiscal/social situation. In the 20's Mellon's approach worked, in the 30's it nearly destroyed the world economy.
That's because central planning is a failed idea economicalluy. It is not with any certainty that these ideas worked or failed for their particular merits. Human action is complex, extremely non-static and isn't always rational, or irrational. There is no invisible force guiding markets to equilibrium. The only true appraoch to not being subject to blame and failure of central planning, is to allow for the maximum amount of economic freedom and interefere essentially never. UNtil we resign to this truth, we'll continue to fight over who has the better appraoch, debate when one works over another in planning theory, etc...
well, that wasn't the subject I responded to .... but whatever.
Still, you snarkely make a helpful point. Not all economic theory will work in every fiscal/social situation. In the 20's Mellon's approach worked, in the 30's it nearly destroyed the world economy.
That's because central planning is a failed idea economicalluy. It is not with any certainty that these ideas worked or failed for their particular merits. Human action is complex, extremely non-static and isn't always rational, or irrational. There is no invisible force guiding markets to equilibrium. The only true appraoch to not being subject to blame and failure of central planning, is to allow for the maximum amount of economic freedom and interefere essentially never. UNtil we resign to this truth, we'll continue to fight over who has the better appraoch, debate when one works over another in planning theory, etc...
Actaully, that has nothing to do with anything. Moreover, you appear to not distinguish between Keynes and monetarism. The difference in the two recessions of the 20's involved global demand and the effect of the gold standard on monetary supply. Harding's recession had its roots in America's expansion for WWI, and was more or less a domestic issue. The Great Depression was a worldwide fall in demand facilitated by reductions in currency in Europe and N. America.
Neither Friedman nor Cassel favored central planning. However, nationalizing entire economies did create full employment towards the end of th 30s, not to suggest we should want to do that again.
Moreover, the author claims that Ausrian scholars never touch upon solutions for recession, only that of their cause, but that's simply inaccurate and goes to show, that what main stream economic commontators consider Austrian, and the depth at which they submerse themselves in the area, lacks considerably.
In a general sense, we've never seen this happen outside of what I've said above. That inflationary monetary policy (central planning policy of easy money and credit) distorts the allocation of resources, leads to malinvestment and creates pricing boons (this is the boom time). What follows, is the inevitable correction of the distortion. If it's even allowed to happen. The latest example finds us piling on everything we can to protect the boom and alleviate the correction. Which never happened. More of the same policy was employed, which will, without any doubt create another business cycle even more destructive than the last.Well, I'd go this far. When a recession is mostly the result of excess economic production, caused by an overly optimistic view of future demand, then cutting monetary supply and govt expenditures and allowing interest rates to rise
This is the other side of the very coin I just described above.When an economy is suffering deflation caused by a reduction in monetary supple, i.e. not enough dollars tomorrow to purchase today's production, it's a totally different econonmic scenario.
Not really... The OP sounds ignorant seeing as Austrian economics got us out of the 1920's depression in record time, followed by the Progressive failure in the 1930's.
IF ww2 had not happened, and the rest of the world was in ruins putting US goods at a historic (never to be seen before or after) high... That depression would have simply got worse and worse.
What I'm saying is, the OP claims Keynes economics can get us out of a depression, yet it failed... And the OP claimed that Austrian economies can't get us out of a depression yet it in fact did, quickly... It's as if the OP in your link hates basic history.
Yes, but we've seen the exact same scenario of banking/credit calamity before 1913, and post-1913, and pre-Jackson and post Jackson, so your focus on "central planning" seems unsupported by history, at least to me. If we go back to the Dutch Tulip crisis, there was no central planning, yet a boom and bust. 1920-21 was a bit different from other scenarios because banking was NOT involved; rather, societies stopped slaughtering each other, resulting in less demand for what the US produced, thus, analgozing from that seems ... dangerous, to me.In a general sense, we've never seen this happen outside of what I've said above. That inflationary monetary policy (central planning policy of easy money and credit) distorts the allocation of resources, leads to malinvestment and creates pricing boons (this is the boom time). What follows, is the inevitable correction of the distortion. If it's even allowed to happen. The latest example finds us piling on everything we can to protect the boom and alleviate the correction. Which never happened. More of the same policy was employed, which will, without any doubt create another business cycle even more destructive than the last.Well, I'd go this far. When a recession is mostly the result of excess economic production, caused by an overly optimistic view of future demand, then cutting monetary supply and govt expenditures and allowing interest rates to rise
This is the other side of the very coin I just described above.When an economy is suffering deflation caused by a reduction in monetary supple, i.e. not enough dollars tomorrow to purchase today's production, it's a totally different econonmic scenario.
Nonsense, it is widely understood and accepted that the federal reserve helped create, and then later resolve the 20-21 recession through the discount rate. Which shot up drastically from 1919 to June of 1920. A total of 3.5% increase in less than 2 years. This sparked a harsh contraction.1920-21 was a bit different from other scenarios because banking was NOT involved;