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Needd to rant longform about this, but: right now, all macroeconomics is broken.
Any system, from full communism to Mad Max ancap nonsense, relies at its core on keeping as many people as possible doing useful work. Do that, however you can, and things will keep limping along.
Any system, from full communism to Mad Max ancap nonsense, relies at its core on keeping as many people as possible doing useful work. Do that, however you can, and things will keep limping along.
In an epidemic, of course, you need to keep as few people as possible working, so that you stop the spread of the disease.
That basic assumption being turned on its head will kill any system.
You are not clever when you say âcapitalism has failed usâ, because guess what, the various flavors of social democratc and even communist economies are also failing right now. (Or are about to.)
You are not clever when you say âcapitalism has failed usâ, because guess what, the various flavors of social democratc and even communist economies are also failing right now. (Or are about to.)
The difference is going to be keeping things stable for the duration, and restarting after it ends.
Thatâs why you have committed Thatcherites nationalizing huge swathes of the UK economy right now. They havenât changed ideological priors. Theyâre just acting pragmatically.
Thatâs why you have committed Thatcherites nationalizing huge swathes of the UK economy right now. They havenât changed ideological priors. Theyâre just acting pragmatically.
