"As Thomas Sowell stressed in Knowledge and Decisions, the economy loses its capacity for incremental adjustment and instead lurches between all-or-nothing extremes."
Exactly. Which is why Sowell deserved the Nobel Prize for writing this book.
I want to develop it more, practically, the decline in revenue wasn't that big to cause the fiscal implosion, while the need to hold price controls was.
Absolutely brilliant!
PS—Do you think Mamdani will read your paper (or this post)? Your conclusion is staggering to say the least.
I dont think he will :)
But how would these results apply for the housing market?
This is fantastic.
The baby chicks were tragic. The Connecticut vs Idaho map was the real gut punch.
"As Thomas Sowell stressed in Knowledge and Decisions, the economy loses its capacity for incremental adjustment and instead lurches between all-or-nothing extremes."
Exactly. Which is why Sowell deserved the Nobel Prize for writing this book.
Deserved? Did he die?
Now do Rent controls.....sheesh
I think this may apply to recessions and central banks that would not go below th so -called zero lower bound.
Can I shill you a paper about how price controls have probably were the main fiscal reason for the collapse of the Soviet Union
https://devlin.substack.com/p/the-soviet-agricultural-subsidies
I want to develop it more, practically, the decline in revenue wasn't that big to cause the fiscal implosion, while the need to hold price controls was.