31 of 33 people found the following review helpful
A terrifying read which is surely essentially correct,
This review is from: Paper Money Collapse: The Folly of Elastic Money and the Coming Monetary Breakdown (Hardcover)
When I first met the Austrian School of Economics and the monetary theory of the trade cycle in 2000, in the course of looking for an explanation of the dot-com bust, I believed politicians and economists would surely not let such a theory pass if it contained any truth. By 2007, I realised the mainstream of economics contained a key intellectual error - an inadequate treatment of time.
Given that understanding of time, elastic and inflationary money is a distinct poison. That poison is now destroying our society.
Schlichter's book sets out the arguments in convincing detail. I should love to believe he is completely wrong. That no longer seems likely.
Anyone who cares about prosperity and progress should read this book.
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Initial post: 16 Jan 2012 09:49:52 GMT
T. D. Welsh says:
"By 2007, I realised the mainstream of economics contained a key intellectual error - an inadequate treatment of time."
Yes, that looks distinctly plausible. Economics has always struck me as an interesting and potentially somewhat useful grab-bag of mathematical models. Unfortunately no one has yet managed to take all those disparate models and construct a theory that reflects the real world sufficiently well to make reliable predictions. In other words, present-day economics is not a science: at best, it is a "science constructor's kit" that needs to be assembled and painted.
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