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I recently watched Ray Dalio's video on the Economic Machine: https://www.youtube.com/watch?v=PHe0bXAIuk0 https://www.youtube.com/watch?v=PHe0bXAIuk0 he descri
by oarabbus_ 8y ago
I recently watched Ray Dalio's video on the Economic Machine: https://www.youtube.com/watch?v=PHe0bXAIuk0 https://www.youtube.com/watch?v=PHe0bXAIuk0
he describes the monetary/credit/debit system in the same way, and I do agree the first premise is suspect depending on how you define "closed system".
However, I assume the authors' rebuttal would be that real-world economic systems are not closed system. Not that it makes their claims any more applicable to the real world.
- febeling 8y agoI think you're right. The "closed system" is supposed to mean "without regard for the monetary aspects." Those are where all the interesting stuff happens (like growth, crisis), though ;) But that way the statement makes sense.