A plucking up of unemployment is followed by a return down with the same magnitude. But a decline in unemployment does not precede a rise of the same magnitude.
History of Economic Thought
A phenomenon known as the Replication Crisis is challenging the seemingly unquestionable authority and accuracy that a published study in the natural sciences is expected to have, inviting the question as to whether economists should aspire to the standards of natural scientists or to something better.
In my previous posts, Andreas Hoffmann and I discussed the problem of unintended consequences in monetary policy, particularly as applied to the U.S. Federal Reserve and the European Central Bank in the context of the 2008 crisis.
Contra Mises, explicit coordination might be used to launch an intrinsically worthless item. Such a view is in line with standard models of money employed by economists today. Coordination also seems to have played a role in launching bitcoin.
Despite the Fed’s breathtaking increase of base money since the autumn of 2008, the money stock as measured by conventional concepts such as M2 has not increased greatly