i think about how the history of this period is going to be written sometimes and then i think about how the history of every other period must have been writtenhttps://twitter.com/StuDoesAmerica/status/1316824136283496448 …
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Replying to @eigenrobot
just remember that they teach that the great depression was caused by the stock market crash in high school
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Replying to @sgodofsk @eigenrobot
Some economist: "Oh well, an unregulated economy sometimes just implodes for no reason (Smoot-Hawley? what Smoot-Hawley?) and needs government regulation." Statesmen (come on, "politician" is undignified): "A prophet! Let's heap rewards on him."https://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act …
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In more detail: Keynes didn't say anything about *how* the government should spend its fiscal stimulus. Not even "this is complicated"; it's completely missing from his theory, the government stimulus is a single variable. What better theory could a politician wish for?
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Replying to @BasilMarte @eigenrobot
the issue is just that the depression was a monetary phenomenon, the stock market crash was a reaction rather than a cause, and this understanding has been the mainstream economic view for decades and the textbooks haven't caught up to what was conventional wisdom in the 70s
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