John Galbraith wrote a history of money[0] that I enjoyed. In it, he shows that this lesson tends to get relearned on a generational basis. I guess we’re still in the same repeating pattern that he observed.
As an aside, Galbraith is the first (and only) intelligent economist I’ve read who is a big fan of price controls. He was in charge of administering them in WWII. I disagree with him on that for a variety of reasons, but his defense made for interesting, thought provoking reading.
As an aside, Galbraith is the first (and only) intelligent economist I’ve read who is a big fan of price controls. He was in charge of administering them in WWII. I disagree with him on that for a variety of reasons, but his defense made for interesting, thought provoking reading.
[0] https://www.amazon.com/dp/0691171661?tag=bravesoftwa04-20&li...