The Great Depression was one of the toughest economic times in US history, and we should be clear that we should never want it to happen again.
Sadly, most of us have taken away the completely wrong lessons from the Great Depression. Most of us think that FDR's New Deal had a positive effect on the economy... that continued to crash for nine years after he got into office. The Washington Post has a wonderful article describing five ways that government interventionism worsened the Depression and prevented a recovery--and why we must now be weary of getting into a similarly suicidal mindset.
In short:
1) Protectionism won't make it better, promise. See: China of the 1950's-1978, Argentina and Venezuela now. Also, when you raise tariffs, so will everyone else, and your paltry exports will drop to zero.
2) Punishing the stock market whenever it turns down scares companies away from risk-taking (that is: investment).
3) Jacking up taxes during a downturn doesn't stimulate the economy, seriously.
4) When the government tries to run the economy, the rich retreat and sip martinis, watching it all crash down.
5) "Bold, persistent experimentation" will scare the crap out of anyone trying to invest capital. Companies like environments that are going to stay the same, markets that are going to stick around, regulations that are not going to come out of the woodwork and make their operations arbitrarily difficult without warning.
My (Mostly Contrarian) Thoughts on AI
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