Great reminder of the need to preserve past wisdom and knowledge. It applies to your excellent posts on monetary policy and austerity. The American colonies had successful fiat money. Lincoln used greenbacks to reallocate resources and fund the civil war. The Chicago plan could have fixed a lot of flaws in the system as mentioned in William White's paper linked in your fine post https://dougaldlamont.substack.com/p/the-single-most-important-thing-can.
Thank you for an excellent writeup.
Sadly, this example of negative progress is not at all rare in fields like economics.
Great reminder of the need to preserve past wisdom and knowledge. It applies to your excellent posts on monetary policy and austerity. The American colonies had successful fiat money. Lincoln used greenbacks to reallocate resources and fund the civil war. The Chicago plan could have fixed a lot of flaws in the system as mentioned in William White's paper linked in your fine post https://dougaldlamont.substack.com/p/the-single-most-important-thing-can.
Well done!