10 years of massive pain and the economic discourse is confused and in disagreement. Pretty wild. Says a lot about nebulousness of macroeconomics.
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Read through the Wikipedia article on the Great Depression yesterday night. In short, we’re not really sure what caused it and we’re somewhat unclear about what stopped it, though expansion of monetary supply and then WW2 seemed to have done the job.
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I’m a physics grad, but I work in a bank and get to observe economists up close. They are, by and large, lovely people but they all are wedded to ‘theories’. When a prediction they make fails to happen they blame ‘exogenous factors’ and happily use the same failed theory again.
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Word! And they have physics envy with all their ridiculous math. You're preaching to the choir here. I was a math and economics major so I know exactly what you're talking about :)
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If you haven’t read, I recommend “essays in persuasion” by Keynes. I live in the Austrian school but I think Keynes nailed the economic (and political) reasons for the coming depression years before it happened.
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Bookmarked
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