"For instance, it cites "overproduction" as a factor. To a free marketeer, overproduction is a market signal: Customers aren't buying enough, telling the factory or industry to make less. It's a mere aspect of the business cycle. However, on the Marxist left, overproduction is a sign that capitalism is in a death spiral. The Keynesian left sits somewhat near the Marxists, viewing overproduction as a crisis."
"The same slide lists "unequal distribution of wealth" as a causative factor. That, too, has been a steady concern of the left, both Marxist and Keynesian, independent of actual economic conditions. Yet not everyone agrees that the existence of rich people makes the economy more unstable. They believe, in fact, that wealth is consonant with overall prosperity. Yes, bubbles are an issue."
Google AI was queried about the causes of the Depression and the AI responses were preserved across 19 slides. The AI listed overproduction and unequal distribution of wealth among cited causes. Overproduction is presented as a crisis by Marxist and Keynesian views, while the free-market perspective treats it as a market signal indicating reduced demand. Opinions diverge on whether wealth concentration destabilizes economies, with some arguing wealth supports prosperity. Bubbles are acknowledged as recurring historical phenomena that are painful but not inherently systemic unless compounded by other factors, as occurred in the 1930s.
Read at The American Conservative
Unable to calculate read time
Collection
[
|
...
]