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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Replying to @wycats
That's just because inflation's definition shifted from "money supply increase" to "price index incr"
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Replying to @amatchneer @wycats
and Austrians consider that to be a sneaky change on the part of Keynesians
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Replying to @amatchneer @machty and
only if the debate were about terminology as opposed to effects ;)
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it's the austrians who used price-inflation hysteria of the 70s to defeat the Keynsians.
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