Oddbean new post about login | logout Yes, free market capitalism created the great depression... 🤣
It literally did. Laissez faire government, stock market speculation, unregulated financial industry and income inequality and over-production all contributed to the collapse of the economy. That’s why programs like these exist, and it’s why we haven’t seen anything nearly as severe ever since.
https://cdn.mises.org/Americas%20Great%20Depression_3.pdf
Figured you would cite Rothbard! I’ll have a look at this. As a guy who majored in this stuff, though, what I’ll say is that there is little evidence that the principles of Austrian economics can work (at least better than the status quo) in a large, late-stage capitalist society like the US, but it is fun to think about how it might look.
Ha don't cite a major. That does the opposite of what you think. "I've been professionally brainwashed by Keynesian propagandists, trust me"
Never said you should trust me, just saying I’m not surprised you cited a controversial fringe economist with little empirical data to support his theories 😉
Likewise, I am not surprised you cited a degree. Have a good one, man!
🤝 Btw I’m not dismissing your argument at all. After all, I, too am a bitcoiner, so at the very least I take interest in commodity-backed currency. It’s just hard for me to accept Austrian economics and anarcho-capitalism at face value without a healthy dose of skepticism, since we haven’t really seen those things work in modern history. Still, I’ll read the paper you shared