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Author Topic: Very nice story about John Law  (Read 9820 times)
Adrian-x
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August 08, 2013, 03:02:19 AM
 #81

The question of economics must logically precede the question of ethics...

This isn't the case for Keynes.

Keynes's economic theories are exactly intended to create the kinds of social and economic relationships that he believed would make a moral society.
i.e. he made economics fit his ethics.

If the quote is true, then there are no other options but to allow Laissez-faire markets.

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August 08, 2013, 01:22:49 PM
 #82

The question of economics must logically precede the question of ethics, similarly as the question of logic must logically precede the question of ethics. Just like you cannot create an argument about ethics without a logical connection between assumptions and conclusions, you cannot form one without a logical connection between ends and means either.

I used to believe this kind of talk in school, but now I have worked in 2 multinational enterprises over 10 years, I can say that the business ethics has been very low due to today's financial system. It is how you can grab more money decide your position, not your performance/achievements. To get more money you must have good contact with governments/banks and do many unethical things to satisfy those sponsors. And since these things require no special skills but just a low level of ethic to do, finally only villains occupy the higher management position Grin


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August 08, 2013, 06:23:06 PM
 #83

John Law's scheme failed due to a combination of hyperinflation and suspension of specie payments, not because people apriori trust precious metals more than fiat. Typically, liquidity is the main factor determining the choice of a medium of exchange, not whether it is fiat. This is recognised by all the economic schools that I know.

I don't think that liquidity is a problem with gold/silver. It's same as bitcoin, you can always use a fraction of gold/silver to present its previous value

People usually want to regard official money as an unit of count and that unit itself should be constant in value from convenience point of view. In that case the only way to increase money supply under a gold standard is to dig out more gold, like California gold rush

But to utilize people's impression about fiat money's constant value and create lots of fiat money for the banking class without causing inflation, that is another thing. If everyone can own the FED through buying their shares, then any extra profit they made from printing money will go into everyone's pocket, that will be a much better system

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