Archers Worked for the Scythians, So...

Perhaps they would have worked against the Wermacht as well?

Noahopinion details an interesting debate between Robert Waldmann and David Glasner. What I find most fascinating is that neither of them seems to consider the true state of affairs: there is no single, simple truth about whether or not monetary policy works at the zero lower bound. It may have worked in Ruritania in 1968 and utterly fail in Strackenz in 1988. Why? Well, for one thing, expectations are a key factor in all economic processes. People learn, and on the basis of their learning form new and different expectations than they had before. Faced with those new expectations, a policy that worked perfectly well in one time and place may fail utterly in another.

The social sciences really are different than the physical sciences.

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