The Government Takeover of Money of the creation and issuance of money in the civil war period is to me the greatest illustration of this famous Hayek quote:
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”
- F. A. Hayek: The Fatal Conceit: The Errors of Socialism (1988), p. 76.
Arguable it lead to the Great Depression and to World War II.
Arguable it lead to the Great Depression and to World War II.
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