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Pastimes : Let's Talk About Our Feelings!!!
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To: Father Terrence who wrote (82998)6/29/2000 5:07:00 PM
From: nihil  Read Replies (1) of 108807
 
That's certainly possible. No one knew how to stop a depression like that one. It turned out that what we needed was a really good all-out war. Friedman's theories of monetary inattention have all been discredited. It is obvious that they could not have worked at all in the 1930's (can't push on a string.) Economic control, especially for those who don't want to use controls, is a very complex problem not to be solved by simple-minded solutions. It is an elementary (and valid) proposition of control theory (which applies to all complex systems) that you need as many controls as there are actual (non-collinear) degrees of freedom in the system. Control 1 (money supply?), and n - 1 objectives can go to hell. If they don't, they weren't free.
Unfortunately, poor Milton never understood control theory. He wanted people to be free -- which in the 1930's meant unemployed. Much easier to control the system today. Look at that AG flutter the butterfly valve! Of course, if he is too slow we might explode, and too fast we might plunge into recession. He has forgotten everything that Murray Rothbart tried to teach him.
It is clear that to stabilize a capitalistic economic system you must give every actor a sharp rap across the fingers every now and then, and occasionally cut a few throats.
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