It literally did. Laissez faire government, stock market speculation, unregulated financial industry and income inequality and over-production all contributed to the collapse of the economy. Thatās why programs like these exist, and itās why we havenāt seen anything nearly as severe ever since.
Discussion
Figured you would cite Rothbard! Iāll have a look at this. As a guy who majored in this stuff, though, what Iāll say is that there is little evidence that the principles of Austrian economics can work (at least better than the status quo) in a large, late-stage capitalist society like the US, but it is fun to think about how it might look.
Ha don't cite a major. That does the opposite of what you think.
"I've been professionally brainwashed by Keynesian propagandists, trust me"
Never said you should trust me, just saying Iām not surprised you cited a controversial fringe economist with little empirical data to support his theories š
Likewise, I am not surprised you cited a degree. Have a good one, man!
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Btw Iām not dismissing your argument at all. After all, I, too am a bitcoiner, so at the very least I take interest in commodity-backed currency. Itās just hard for me to accept Austrian economics and anarcho-capitalism at face value without a healthy dose of skepticism, since we havenāt really seen those things work in modern history. Still, Iāll read the paper you shared
š¤ same goal, different understandings.