but since it didn't happen, maybe consider the liquidity trap story? 4/4
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Replying to @wycats @michaellnorth
right - but Keynesians (and others) also made incorrect predictions about effects of stimulus, many times
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which is why I'm skeptical of specific predictions. I think stories and thought experiments are important
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I don't find the babysitting coop compelling, certainly not that management would do a better job
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than individuals just bartering based on their own preferences. Tons of knowledge to be shared there!
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Replying to @samselikoff @michaellnorth
the key difference is "can an economy get 'stuck'" and Austrians say "no no never never nuh uh uh"
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that's a much stronger claim than Austrians think.
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I also find it frustrating how often Austrians claim "by definition" - "inflation is up by definition" 1/
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"an economy can't get stuck by definition", etc. etc. shows there's a terminology mismatch. 2/2
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Replying to @wycats @michaellnorth
this article sums up my position best, and may clarify some of the disagreement https://mises.org/library/does-depression-economics-change-rules …
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seriously? the opening paragraph states a key source of disagreement as fact. Very annoying.pic.twitter.com/qYNjBu27fo
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