
Economists Have Admitted a Mistake That Could Change How We View Capitalism - EvanFaggart
https://news.bitcoin.com/economists-mistake-change-capitalism/
======
spectrum1234
Let's assume the elephant chart is (still) right. I don't understand how it
denounces capitalism. Every single group besides the upper middle class and
the very very bottom have gotten richer.

It's impossible to have a perfect system so I would expect, in any SUSTAINABLE
system, for the bottom tier to remain unchanged. As for the upper middle
class, the middle and lower middle class improves so much more than them.
Isn't that what everyone who denounces capitalism wants anyways?

I think the chart is stupid regardless but I don't see how it says anything
disproving capitalism.

------
sharemywin
"The banking system’s fractional reserve scheme creates the business cycle."

The tulips crazy predates it by 30 years: 1634-1637

fractional reserve banking:The Swedish Riksbank was the world's first central
bank, created in 1668. Many nations followed suit in the late 1600s to
establish central banks which were given the legal power to set the reserve
requirement, and to specify the form in which such assets (called the monetary
base) are required to be held

------
EvanFaggart
With the constant bias and falsities economists keep getting caught in, do you
guys think they serve a purpose at all?

~~~
dalke
Isn't that like asking "With all the failures in cryptocurrencies, do you all
think they serve a purpose at all?"

Well, obviously a senior editor for Bitcoin.com would say they do serve a
purpose. But obviously economists also serve _some_ purpose as otherwise why
would Bitcoin.com authors refer to some of them favorably? As examples:

"Austrian School Economists were Bitcoiners, They Just Didn’t Know It Yet" \-
[https://news.bitcoin.com/austrian-school-economists-
bitcoin/](https://news.bitcoin.com/austrian-school-economists-bitcoin/)

"From Skeptic to Evangelist: Economist Jeffrey Tucker on the Bits of Freedom"
\- [https://news.bitcoin.com/skeptic-evangelist-economist-
jeffre...](https://news.bitcoin.com/skeptic-evangelist-economist-jeffrey-
tucker-bits-freedom/)

"Against the Luddite Mentality: An Ode to Technology and Capitalism" \-
[https://news.bitcoin.com/luddite-mentality-ode-technology-
ca...](https://news.bitcoin.com/luddite-mentality-ode-technology-capitalism/)
contains "In a brilliant essay by Austrian economist Ludwig Von Mises ...
expertly identified the consequences of socialism".

If you really think they serve no purpose, stop using them to support your
arguments. Otherwise you're just being snide.

