4 ms·
The graph in the web page you linked to shows the rate of GNP growth was higher in the gold standard era, so you're baselessly claiming the growth was "anemic".
by CryptoPunk 5y ago
The graph in the web page you linked to shows the rate of GNP growth was higher in the gold standard era, so you're baselessly claiming the growth was "anemic".
And this is especially impressive given the auto-catalytic nature of technological progress, which has steadily caused the pace of technological innovation to pick up. That the gold standard era was able to outperform the fiat era in GNP growth rate, despite occuring during a more primitive technological era where these autocatalytic effects were less pronounced, would suggest that era's policies were exceptionally conducive to economic development.
The rest of the claims in that paper are debunked in the article I linked above.