Is the Rate of the Business Cycle Described by Kings as Animal Spirits?

My beef with am, with central planning in general, is that when you attempt to impose any sort of blanket rule on to a complex system likeat what you're doing is your imposing linea mathematics or linear modelling. And as a result, you start to actually create distortions that you can't then measure and which result in further distortions. You have no fuckin idea how those other problems got created. So then you blame all the other problems on 'animal spiritsan' The rate of the business cycle is described by kings as animal spirits that thy have no fucking idea,' he says.

Play episode from 14:25

Transcript

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!

Get the app