tag:blogger.com,1999:blog-6245381193993153721.post6955299387026265398..comments2024-03-17T00:23:24.896-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: Woods on “Sound Money” and Deflation: A CritiqueLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6245381193993153721.post-41586867150201677562015-06-04T14:30:27.294-07:002015-06-04T14:30:27.294-07:00Really good post, I think industrial output had mo...Really good post, I think industrial output had more to do with technological innovation than having a gold standard. James McPherson and James Hogue's "Ordeal By Fire: The Civil War and Reconstruction" has some good information on early 19th century economic development. Much of their writing is on the entrepreneurial spirit of the American business sector and their open-mindedness towards new inventions and industrial practices.Lukahttps://www.blogger.com/profile/07277134451848581852noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-45358585717034855482013-03-18T10:39:18.056-07:002013-03-18T10:39:18.056-07:00According to your post on 19th century deflation a...According to your post on 19th century deflation and recession, between 1873 and 1897 there were: <br /><br />- six years in which there was deflation without recession, <br /><br />- nine years in which there was deflation and recession, <br /><br />- two years in which there was recession and no deflation <br /><br />- seven years in which there was no deflation and no recession. <br /><br />So overall your stats seem to indicate that between 1873 and 1897 the 'good times' were mostly non-deflationary periods, whilst the 'bad times' were mostly deflationary periods.<br /><br />Just saying.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-91282330965314587852013-03-18T10:16:12.327-07:002013-03-18T10:16:12.327-07:00Yes that must be it.Yes that must be it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-91445410417173727402013-03-17T18:47:51.931-07:002013-03-17T18:47:51.931-07:00"there was mostly deflation from 1873–1896&qu...<i>"there was mostly deflation from 1873–1896"</i><br /><br />15 is larger than 9. <br /><br />Do you have a problem counting, anonymous? Math dyslexia perhaps?Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-22037762362965815242013-03-17T17:51:46.729-07:002013-03-17T17:51:46.729-07:00Real per capita gdp growth is not the same as real...Real per capita gdp growth is not the same as real median WAGES,<br />LK. The two are not the same thing. Do you have reliable data? You said it yourself, the data we have is iffy at best. i could just as easily choose Romer, over Balke and Gordon, or vice versa. <br />Second, if it be the case that growth was lower, it probably reflects horrible DEMAND side policies. I am no Austrian, nor am I a fan of the gold standard, which is deflationary in the bad sense as well as the good. But, there was no need for "other" social democratic policies.<br />thirdly, lower us real per capita gdp growth, 1.6% versus 4, probably reflects increased immigration. The doors were open during the nineteenth century whereas they were RELATIVELY closed during the so called Golden Age of Capitalism.Edwardnoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-89731625305995468112013-03-17T14:36:20.810-07:002013-03-17T14:36:20.810-07:00"there was mostly deflation from 1873–1896&qu..."there was mostly deflation from 1873–1896"<br /><br />According to your statistics, between 1873 and 1896 there were 15 years of deflation, and 9 years of either inflation or 0% change.Anonymousnoreply@blogger.com