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Bitcoin is a great asset for central banks, economist tells Boom Bust
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Conversation with John Mackey of Whole Foods on Libertarian Theory (Mark Skousen and Richard Ebeling too)
Dear John:
It all depends. For the mainstream empiricist monetarist like Friedman, it would be falsifiable; you’d just go out and measure whether or not inflationary expectations are low, whether or not the demand to hold money has increased (parenthetically, these two are not unrelated). If this was true, then the monetarist hypothesis would be accepted in this one case. If not, rejected.
It is not at all falsifiable for Austrian economists such as myself (and Mises, Rothbard and others). We do not agree with your implicit contention that if a claim is not falsifiable, that it is just a mere tautology, having nothing to do with the real world.
The Triumph of Politics Over Science
After World War II, as the economy was converted from a garrison state to meet civilian needs, economists predicted dire times.
Just as after World War I, conventional academic wisdom saw no upside to the end of wartime spending that, according to academic legend, ended the Great Depression.
A sweeping Republican victory in the Congressional election of 1946 had ended the economic regime of wartime government planning and spending. Dropping from 42% of GDP to 14%, government spending plummeted by a total of 61% between 1945 and 1947.
Some 150,000 government regulators were laid off, along with perhaps a million other civilian government employees. The War Production Board, the War Labor Board, and the Office of Price Administration were all dismantled.