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Hayek wasn't familiar with modern research into chaos and non-linear dynamics. He assumed an equilibrium and stable growth path, though he didn't use such terms
by xapata 9y ago
Hayek wasn't familiar with modern research into chaos and non-linear dynamics. He assumed an equilibrium and stable growth path, though he didn't use such terms.
- DennisP 9y agoI'm not claiming he was right, just that his system is what cryptocurrency is building. But I do think it makes at least as much intuitive sense to say "we can make as much money as we need, and competition between currencies will limit inflation" as to say "we won't have enough money so the economy won't grow."
- deleted 9y ago[deleted]
- xapata 9y agoThe trick with intuition is that we need the right metaphor for it to work. The one in my mind is an inflating balloon.