Boom and Bust vs Steady Growth

On Bob Murphy’s Facebook Page I asked:

Austrian economics decries the boom-bust cycle caused by central banks and governments interfering with free markets.

For moral reasons, I support free markets, but am curious if there is any evidence that having boom-bust cycles results in greater long term economic growth than would a steady growth scenario?

From a consequentialist view, is economic intervention bad because it prolongs the periods of boom, and bust, rather than affecting the long term trend?

Bob suggested reading about  Mises’ idea of capital consumption.

Middle Class Worcester

In a 2016 New York Times Magazine article, Adam Davidson says: “the middle class was a driving force in the American economy for about a century, starting in the second half of the 1800s. Its growth created a virtuous circle: The more people moved into the middle, the more money they made and spent, and the richer the country became, which made more room for more people to move into the middle too. “

Click for Article

Biden – NEA

WSJ Editorial – 7/6/2020

Mr. Biden, seeking the NEA’s endorsement at a virtual assembly on Friday, pledged his fealty to the union, noting that his wife, Jill, is a member. “When we win this election, we’re going to get the support you need and the respect you deserve,” Mr. Biden said. “You don’t just have a partner in the White House, you’ll have an NEA member in the White House. And if I’m not listening, I’m going to be sleeping alone in the Lincoln Bedroom.”
“This is going to be a teacher-oriented Department of Education.”

More Poetry

My family’s poet laureate, Harris Gardner, presented the following at the 2020 birthday party held in honor of my sister, Elizabeth Tan.

To Elizabeth on Her
61st Birthday

When you were four
That bump on your head
At the bottom of basement steps
Must have been the kiss that unlocked
The old soul stirring within.
They found you giggling and grinning,
According to family lore.

Your serenity and smile have illuminated
The lives of those that share
 Your eventful timeline
And the wider world, as well.

Your singular calling began in early youth
As you evolved into a seeker of wisdom’s truth.
You have continued your course in life,
Exploring worlds, both internal
And beyond normal horizons.

In the realm of academe, student multitudes
Entered your classes as tabula rasas
And departed marveling at your awesome acumen
And the power of their own reflections.

You are a partner at home and in health,
A nurturer, researching a wealth of healing;
Apostle of wellness in home and community.
Aficionado of the arts, you have performed
Many roles on the largest stage of many curtain calls.
For all this and more, it is my notion
That you fully deserve a standing ovation.

Harris Gardner

73 is best number

Nonsense numerology.
This is birthday 73 for me.
According to the internet, and Sheldon Cooper, 73 is the best number.
73 is the 21st prime number.
Its mirror, 37, is the 12th.
The mirror of 12 is 21.
21 is the product of multiplying 7 and 3
In binary 73 is a palindrome, 1001001.