Economics / History / Warfare

Aggregate Demand Dominance: The Full History of Hyperinflation and the “Debased Currency” Fallacy

This morning, I began with reading Paul Krugman’s exasperation with Bitcoin fanaticism: One thing that happens when you try to have a rational discussion of Bitcoin, gold, and/or other libertarian causes is that you get a lot of cynical remarks about government (which is one of the clues that this is, to an important extent, … Continue reading

Aviation / Economics / History / Warfare

Aggregate Demand Dominance: The Lost History of the Early 1970s

Where did economics run so far off the rails, that supply-side dogma has so corrupted the field of macroeconomics?  Take one guess: On August 15, 1971, Richard Nixon implemented the most radical economic program in American history. And it was all done over a single weekend in secrecy worthy of the atomic bomb project during World War … Continue reading

Economics / History

Aggregate Demand Dominance: The Million Dollar Minute

The post-World War II economic era (roughly 1945-1973) could probably be attributed to military expenditures.  I’ve delved into the contributions military demand has made to stoke innovations over the last two centuries and traced a history of developments during the Cold War, but here I am literally referring to expenditures: Half way through the hike, … Continue reading