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i think its ironic that you're putting forth the case for unmanaged economies while glossing over the results. i think most economists (including Krugman) woul
by andylei 14y ago
i think its ironic that you're putting forth the case for unmanaged economies while glossing over the results.
i think most economists (including Krugman) would agree that managing an economy is hard, and that oftentimes, the people in charge don't get it right. but that doesn't mean the alternative is better.
in this specific case (bitcoin), the alternative to managing the money supply centrally is a fixed supply of money. in an environment where the economy (the gross output of the market) is growing, that leads to deflation. krugman points out that deflation slows down economic activity, possibly catastrophically. do you disagree?