Comment: With all due respect, in the textbook world ...

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With all due respect, in the textbook world ...

... what you say is true. But we do not live in a textbook world. We live in the real world, a world of manipulated/fiat currencies. In the real world, inflating our currency results in rising commodity prices. It exports inflation.

People are tired of economists leading them down the primrose path. Just as Keynesianism was used to convince people to adopt ideas that lead to their own impoverishment, Austrian economics is being hijacked to do the same thing. In the real world, when we inflate our currency, and demand for commodities rises, and Cheerios are $8 a box, and peanut butter is $5 a jar, no one will care what happens in the textbook world.

Unless the discipline of economics illuminates things for people, instead of confusing them and leading them to adopt ideas that impoverish them, it will be relegated to the dustbin of history.

Like alchemy.

Thank you, Michael, for your comment.

“None are so hopelessly enslaved as those who falsely believe they are free.” – Goethe