What lessons do conservatives need to learn?
Conservatives and liberals have monetary policy right, it is in the Constitution , the "Right to coin".
A mathematician would suggest that the 'Right to coin' leaves a hedge in any monetary philosophy that economists dream. Anything they plan of will have the 'Right to coin;' hedge. Start there, do not go on, deal with that issue.
Philosophy is what economists do. On the other hand, mathematicians read the constitution and analyze its 250 year effect. The mathematicians are correct, the 'Right to coin' wedge will not make the turning points and we will have cycles. No Sumner philosophy fixes that.
What fixes the 'Right to coin' wedge? Recognizing that is is always there, we always cycle, but we get better at taming the cycles over the generations.
Why are the mathematicians right? Because Scott complains that this pattern of monetary shifts is repeated, a clear indication of a spectral limitation due to 'Right' to coin' wedge. It is built in, cannot be fixed under any economic program dreamed up, except a constitutional change.
My plan makes the economic cycles quite a bit tamer, and my plan partially solves the 'Right to coin' pledge. I recognize the 'Right to coin' losses and provide a a way for central banks to expense those losses. Philosophies do not help.
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