they would say the term "idle" is tendencious, and that in reality, "idle resources" are actually being deployed
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in exactly the way the resource owner wants them to.
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Replying to @samselikoff @michaellnorth
honestly, this article is reminding me why I can't stand Austrian writing. "My opponents are simpletons 1/
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who misunderstand basic facts, that's why they disagree with me". It's driving me batty. 2/2
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Replying to @wycats @michaellnorth
yah.. I don't think the other side is innocent of this but I don't like it. try to ignore the ad hominems.
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Replying to @samselikoff @michaellnorth
ok so here's the nut of it. Do you believe that irrational consumer anxiety *doesn't exist*?pic.twitter.com/uYpe32JjnB
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it's why I asked about Ariely earlier.
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Replying to @wycats @michaellnorth
it exists, question is did it cause the recession. why so many houses all of a sudden? who's loaning all this money?
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why don't lenders who make bad loans go bankrupt, and other lenders become more risk-averse?
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Replying to @samselikoff @michaellnorth
so the end of the article (wisely) avoids making short-term predictions, but it's from 2009 and more or less 1/
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assumes inflation, poor reductions in unemployment, etc. But that isn't what happened.
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