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He should have added a link to this alltime classic - a good macroeconomics, deflation 101 tutorial: http://www.slate.com/id/1937/ http://www.slate.com/id/1937/
by arvinds 15y ago
He should have added a link to this alltime classic - a good macroeconomics, deflation 101 tutorial: http://www.slate.com/id/1937/ http://www.slate.com/id/1937/
- jtolle 15y agoI was going to mention that article too. It's a great explanation. Money and monetary systems are human creations, not laws of nature.
- arvinds 15y agoYeah - it always amuses me to read these long detailed arguments on these threads from people who seem to not have understood basic macroeconomics.
- scrollbar 15y agoEcon isn't a science. There are schools of economic thought that completely contradict "basic economics" taught in schools today, and you can't possibly prove that one or the other method is correct. Hence, Economics: the dismal science.
- arvinds 15y agoI have to disagree here. Yes there are schools of thought, but questions like "how does a market work?", "what causes deflation?" are pretty well studied and agreed upon. This is one of those very basic settled questions with a very clear accessible explanation.