|If the government prints up a bunch of phony money, and that whips
people into a frenzy so they work hard, well that is good for the economy. If the leadership rails against foreign powers like FDR and the
President of Iran did, and that gets people worked up into a frenzy, well that is good for the economy.
I think economists should be
far more concerned with human psychology and less with M2 aggregate
redistribution rates. The Austrian school of economics tends to eschew
|some the traditional geekiness of the profession, perhaps sensing that traditional economics is a study of symptoms, not causes.
I began to
understand how different Americans are when I had the opportunity to travel to Europe. Almost every country I visited had residents that
protested that Americans work too hard. The propensity to hard work might account why Japan can be such a small place with such a huge