By Hal Snarr
Mainstream economists are at a loss to explain why the current regime of inflation and central bank interventions have been so economically devastating. Understanding Cantillon effects is vital to making sense of the current madness.
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114 sats \ 13 replies \ @SimpleStacker 12h
Are they really at a loss to explain it, or are they just afraid to speak out against orthodoxy?
I don't talk to enough mainstream economists anymore to have a good feel
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136 sats \ 12 replies \ @Undisciplined OP 11h
"At a loss" sort of implies that they're trying to understand it and failing, which I don't think is accurate.
I also don't think it's a fear to speak out. You've probably talked about money with more economists than I have, but my impression is that most just haven't given this stuff much thought at all.
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118 sats \ 11 replies \ @SimpleStacker 11h
I think there could be genuine fear of speaking in a way which sounds critical of the Fed, or sounds "coded right". Especially given the prevalence of fed economists in academia, as well as the fed being the largest employer of economists
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69 sats \ 0 replies \ @SpaceHodler 4h
But isn't criticizing the Fed barking up the wrong tree?
It's fiat that's broken, not the institutions that run it. They're just doing their job of fulfilling contradictory mandates.
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0 sats \ 9 replies \ @Undisciplined OP 11h
I'm sure that's real, but also most economists hold orthodox work in pretty high regard.
I was kind of wondering how claims like "Economists fail to understand..." should be evaluated. We have lots of specialties, after all. Should we all be up to speed on everything or is it a win for the profession if the specialists get their stuff right while the rest of us are clueless?
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69 sats \ 8 replies \ @kepford 11h
What is the typical view of Mises, Hyaek, and Rothbard. I believe other than Rothbard they are respected in the profession right. Are most economists not familiar with their writings or do they just consider them qwacks?
I don't talk to economists except here but in my work Slack channels that talk about the financial markets I usually get one of two responses when I mention monetary inflation / fed policy. The people say they disagree but aren't equipped to explain why or these are qwacks out of date ideas long discredited. Then they cite the so called wildcat pre-FED years.
There are some gold standard Ron Paul folks but they are usually bitcoiners too and they are in the bitcoin channel I created.
The lack of curiosity about it blows my mind. It's especially crazy to me that people that complain the loudest about the problems created by money printing seem the least interested.
I have a theory that it's because it is faceless and bi-partisan. Much easier to sell it as a Trump or Biden problem instead of institutional.
Also the case in the state of California. Easier to sell Newsom as a root problem than decades of left wing and right wing interventions.
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77 sats \ 5 replies \ @Undisciplined OP 10h
Most economists haven't read much of anything that would be considered economic philosophy or that's older than about ten years prior to their PhD.
Yes, they view the Austrians as right-wing quacks. No, Hayek and Mises are not widely respected in the field. They are, however, well respected amongst economists who actually study the history and philosophy of economics. Those economists aren't held in high esteem either, though.
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116 sats \ 4 replies \ @SimpleStacker 10h
Can confirm. My econ phd program had basically zero history. It was entirely technical. I became a better engineer than an economist, to be honest. I got better at being an economist after my phd program.
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72 sats \ 3 replies \ @Undisciplined OP 10h
There aren't many programs that have any economic history, as far as I know. There's George Mason, Chicago, and some of the Ivies.
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0 sats \ 0 replies \ @SimpleStacker 10h
When they cite the "wildcat pre-fed years", do they have in mind the bank runs in It's a Wonderful Life? Because I have a feeling that that's what they have in mind, haha.
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0 sats \ 0 replies \ @kepford 11h
It may also be the messenger or medium or context of work. I don't start these things
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136 sats \ 1 reply \ @winteryeti 10h
Most economists don't have to make real world decisions about spending, budgeting or solving financial problems in real time. So to them it's all theoretical formulas and econo rules.
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69 sats \ 0 replies \ @SimpleStacker 10h
Eh, maybe. But I don't know if this is one of their bigger issues. Related to this I'd say a bigger problem is simply not interacting with enough people outside their bubble and therefore not understanding how regular people think about and process the economy around them
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0 sats \ 0 replies \ @2053456d48 7h
We need to understand it's a debts trap for common people. Economy, Inflation and finance are mostly operation of just 1 percent rich elite's making most of the decision based on their own interest.
It's a shell game!
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0 sats \ 0 replies \ @Angie 8h
No estudie economía pero díganme si concuerdan en esto. Hoy fue a comprar los alimentos de la quincena y una tienda estaba cerrada, supuestamente la respuesta que dio una de las dependientas era que estaban almorzando ( eran las 3:15 pm), todas estaban sentadas afuera, ahora ¿como mantener una economía comercial si no se trabaja?, yo misma estoy trabajando en estás plataformas como sustento y ahorro. Por causa del fluido eléctrico que nos quitan y que suspenden la conexión a internet por temor a manifestaciones trato de mantenerme para seguir ganando y que pierdo el sombrero cada vez. Si no lo hago ¿ Cómo puedo tener una economía? . El comunismo es un atraso y pagarles a las personas sólo por hacer actos de presencia en su trabajo también lo es. Como comercial que soy,mi lema es sin clientes no ganamos
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