eg is right. As per usual as Keynes said: “Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.” Orthodoxy is the bane of every area of human endeavor and especially in economics because it is the end of actual looking at a subject.
Great Society and war spending forced Nixon on the gold standard. Ending it has not been good for the US.
eg is right. As per usual as Keynes said: “Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.” Orthodoxy is the bane of every area of human endeavor and especially in economics because it is the end of actual looking at a subject.