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<p>[QUOTE="EWC3, post: 4118149, member: 93416"]Forgive me if I go right back to square one to criticise this. Of all the thousands of pages I read on pre-modern economics just one sentence really sticks with me – from Aristotle. I paraphrase him here, this is the gist of what I read him saying:</p><p><br /></p><p><i>There are two sorts of people, those who think money is an idea, and those who think it is a thing.</i></p><p><br /></p><p>I take him to be saying there are almost two species of people, that the roots of the difference reach down in some profound way into the genetic make up of individuals. If that is the case, there cannot really be a unique satisfactory solution to macro-economic problems that suit everybody – short of some sort of massive eugenic programme.</p><p><br /></p><p>So – there are no laws of supply and demand of the sort you seem to suggest – economics is not physics. The claim that there are such laws is a kind of dogma, or propaganda. I suppose a lot of people might misunderstand me when I write this. Like recently when I said Keynes was not a moron. Actually Keynes certainly was a proponent of the doctrine that money is an idea, and I disagree with him in important ways over that. But its false to say he was a moron, just as it was disappointing to see the Brexit discussion on CoinTalk end up in people throwing milk shakes.</p><p><br /></p><p>Anyhow, getting to the facts – probably few people here have heard of Ala-ud-Din Muhammed Khalji – he never got a western nickname etc. He never defeated gravity, but he fixed prices, contradicting the point you make. He was certainly a lucky, ruthless, genius. In that he differed maybe from Diocletian (in one, two or three ways?). But the facts stand and the position you point to is not a “law” in the sense you suggest. Actually, it is modern economic dogma, and there is plenty more where it came from .</p><p><br /></p><p>All the Best</p><p><br /></p><p>Rob T[/QUOTE]</p><p><br /></p>
[QUOTE="EWC3, post: 4118149, member: 93416"]Forgive me if I go right back to square one to criticise this. Of all the thousands of pages I read on pre-modern economics just one sentence really sticks with me – from Aristotle. I paraphrase him here, this is the gist of what I read him saying: [I]There are two sorts of people, those who think money is an idea, and those who think it is a thing.[/I] I take him to be saying there are almost two species of people, that the roots of the difference reach down in some profound way into the genetic make up of individuals. If that is the case, there cannot really be a unique satisfactory solution to macro-economic problems that suit everybody – short of some sort of massive eugenic programme. So – there are no laws of supply and demand of the sort you seem to suggest – economics is not physics. The claim that there are such laws is a kind of dogma, or propaganda. I suppose a lot of people might misunderstand me when I write this. Like recently when I said Keynes was not a moron. Actually Keynes certainly was a proponent of the doctrine that money is an idea, and I disagree with him in important ways over that. But its false to say he was a moron, just as it was disappointing to see the Brexit discussion on CoinTalk end up in people throwing milk shakes. Anyhow, getting to the facts – probably few people here have heard of Ala-ud-Din Muhammed Khalji – he never got a western nickname etc. He never defeated gravity, but he fixed prices, contradicting the point you make. He was certainly a lucky, ruthless, genius. In that he differed maybe from Diocletian (in one, two or three ways?). But the facts stand and the position you point to is not a “law” in the sense you suggest. Actually, it is modern economic dogma, and there is plenty more where it came from . All the Best Rob T[/QUOTE]
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