The economic effect of the Autobahn is massively overstated (I would actually look to Wages of Destruction by Tooze here). Public works were important but it is as important to look at how this was all facilitated.
The reason it only shows 26-39 is that Nazis came to power in 1932. The worst year in the GD was 1931-32, other countries were not moving out by 1933, most didn't move out decisively until WW2. The UK isn't a good comparison (the UK was still way ahead of most other nations at this point, Germany wasn't particularly similar).
It is definitely possible that without Schacht, the boom wouldn't have occurred. The constraints on resources were massive and required the invention of a range of complex economic devices to manage. Even at the time, there was the same backwards thinking about this: Germany must have managed to do this because they had the resources. No, they had no resources. What they did was very unusual. The only comparison that occurs is the international monetary co-operation in the 1960s to maintain the $ peg to gold...and even then, the level of sophistication required was nowhere near and the results achieved far less significant.
I would read the article and the source it links to again. If you do, it answers most of your questions.
Yes, the performance of the German economy was considerable. But the point with Schacht for all economic historians is that the German economy was operating under immense constraints. And what impresses is the way Schacht created endless devices to keep production growing despite these challenges.
And yes, they did measure things the same way. The way of the world today is to look at historical statistics and assume that no-one had a clue about economic policy before the 1980s (Germany was actually one of the most earliest adopters of stats in policymaking). But if you actually look at the primary sources, it is apparent that there was actually a great deal of knowledge. And, in some ways, that understanding was far more deep than today (as it was often based on practice and experience). As the article says, Schacht is an example of this.
More broadly: the job of the economic historian is not to work out whether things were "good or bad ideas". Historians realised many decades ago that the answer to these questions is subjective. You have to look at these decisions within the conditions that existed at the time.
Forget the trailer, you can watch Who Killed Captain Alex? in its entirety on the official Wakaliwood YouTube channel, complete with hilarious running commentary by VJ Emmie:
Denmark? Probably the weakest hiring/firing laws in the developed world (in terms of employee protection) and, last I checked, one of the happiest countries in the world.
Which is exactly my point. The post I am replying to said:
> workers might be much happier in countries where they can work without the possibility of being fired at any moment
The reason why this is an issue is nothing to do with actually being fired, it is due to the difficulty of getting rehired...which is a bigger issue if labour markets don't function (and in most European nations, as the higher unemployment has risen, the more desperately the privileged few have clung onto their protections worsening the issue).
This is why Denmark went the other way: the logic for inflexible labour markets is only consistent when labour markets are not flexible. Remove that and target spending where it is actually needed i.e. on meeting the needs of the market.
The idea of stronger safety nets is also not particularly true (the idea of strong/weak never made sense to me). Social security is not universal as in the UK or US, it is based on contributions. And the reasons unions work, again in contrast particularly with the UK, is that they collaborate with employers (Denmark's union participation rate is anomalous but even compared with somewhere like Germany).
The truth is somewhere in the middle. Like most sciences: a theory is put forward, and then you test it with empirical data.
The issue, and I think this is something that most economists would definitely dispute, is that there are few real hard and fast "laws" of economic behaviour. And this leaves scope to construct theories and even test theories in a way that is not objective. This occurs in other sciences too ofc but there is far more scope for this in economics.
If we go into the meta: I think all disciplines go through this at some point. History went through it in the late 19th century, and eventually got over it by simply acknowledging that historians are human too. Economics is very far from this point but it will get there. And once it becomes more clear what actual knowledge looks like then I think economics will be on more solid footing (I don't think economists understand that no-one believes their bullshit about objectivity, I really don't and it reflects badly on them).
Also, the OP mentions finance...there is a big difference between finance and economics. First, things that get published in academic finance have an effect on the data. If you publish a strategy that works, returns will that strategy will drop off. Second, there is a lot of self-promotion. Finance is a fast-moving, aggressive field which is great because it leads to high output but a lot of the results can't be reproduced.
This is kind of crazy. Presumably, there is a correlation between going to a good business school and getting a job with a good business (which generates market-beating returns). So you would expect some kind of correlation just because people think MBAs are valuable...but no.
In particular, "Elite MBAs did perform relatively well as CEOs in healthcare and consumer staples". Not significant statistically but the reason this is true is because both healthcare and staples (until recently) have had a killer run.
So I don't think share price performance is the best metric but...even then...you would still expect to see something totally different to the actual results. The stuff that looks at the portfolios of bankers is more understandable...but this has been shown elsewhere (generally, poor fund managers do better).
And those problems exist whether you ban gambling or not. Do you think that no-one is addicted to heroin because it is illegal? It is kind of farcical.
If you regulate gambling properly, you actually have tools to control harm. If you don't, then you are increasing harm.
Rates of gambling addiction are tiny compared to other kinds of addiction (0.5-1%).
More to the point though, the absolute worse way to help people who are sick is to criminalise their sickness. By legalising gambling you can generate money to invest in harm prevention.
The way the US approached the issue has led to terrible outcomes for gambling addicts, funding for organised crime, and has led to the creation of a powerful lobbying groups (in Las Vegas Sands/Adelson) that obstructs progress.
It is kind of bizarre to see these comments in the 21st century. For the rest of the world, these issues have been solved.
The second worst way to help people who are sick is to flood the market with their addiction, and then justify that as a way to essentially redistribute money from the desperate and the stupid, to the rich and cruel. That the latter then shares a cut with some half-asses public programs doesn’t change the way the money was made.
Don’t make it illegal, but don’t encourage it. I support total legalization of all drugs for example, but not advertising them or encouraging people to take a vacation to a shooting gallery.
...but that isn't occurring in any regulated markets. The reason that is happening is because, in the US, this is a grey area. The process has been captured by casino operators (btw, a casino operator is one of the largest Republican donors) and, ironically, they have co-opted religious groups who are saying the same stuff as you (religious groups have given up on LV but casino operators like these groups shutting down the competition).
Every regulated market has removed the incentive completely for organised crime. In addition to substantial harm reduction measures that actually make it easier for addicts to get help (where I am, gambling addiction charities are well-funded to an almost obscene level i.e. probably $100m+ in a country with a population of tens of millions) and work with operators to exclude these people from any form of gambling. Again though: this isn't unknown. Lots of countries are doing this, you just need to know about the world beyond your small corner.
You’re talking just about casinos while ignoring, for some reason, lotteries and scratch cards. Framing this as regulatory or political capture is laughable when prior to the internet taking off, state and national lotteries were the most common form of gambling in America.[1] After the internet became the go-to... guess what lotteries are still far and away the top.[2] In fact lotteries being in more revenue than all Indian and commercial casinos combined.
This isn’t about organized crime, it’s not even about private enterprise. This is about taking money from people who predominantly cannot afford it, in the context of shitty educations and stagnant wages. It’s not about “Vinny” breaking legs, it’s Uncle Sam. I’d add that “Harm reduction” is fine in the context parties who don’t directly profit from the harm, and in the context of readily available and high quality treatment.
Getting out and around and learning about the world at large is good, but in the absence of a strong foundation of knowledge about your own “corner” it’s just empty puffery trying to sound worldly.
Yep, that is the point...there isn't a spectrum. Countries that have tried to take the middle ground, like the US, have ended up with a political system that is bought and paid for by casino groups (because they are often the only vested interest in semi-regulated markets, another possible comparison is Hong Kong but that is more complicated). Afaik, the only non-theocracy with regulations that as severe as the US is South Korea (military dictatorship within living memory).
There is nothing immoral about gambling. Smoking and alcohol are infinitely more harmful, are they immoral too? On what basis? If you enjoy gambling, fine...good for you. Addiction affects a tiny proportion of the population, under 1%. And we can reduce this by being adults, and working with operators on harm reduction rather than judging people. The implication that people who gamble or gambling addicts are immoral is quite sad. It is common to most theocracies but these are usually places that will rail against immorality of things like gambling and then drop bombs on their citizens the next week. Moral authorities indeed.
I have quite a few friends who ended up doing this. It isn't easy at all. And if you are just in it for the money, you probably wouldn't get an entry-level position.
That probably sounds slightly crazy but how many people actually do end up leaving and doing something else? Not many. They end up in those jobs because they want the lifestyle, the status, and being "the guy" is critical to their self-image. Faking it would be pointless (it would probably lead to severe unhappiness).
And if you are an employer, your job is to feed into that. I don't think it happens consciously but most of these places have working environments where the stick and carrot are used quite heavily. If you "win", the rewards in status are huge. If you "lose", you will be crucified. And most people who do exit, exit because they lose. Not because they win and decide they have had enough...no-one does that.
Would you rather be the worst lover in the world but everyone think you are the best? Or the best lover in the world but everyone think you are the worst?
For most people, work is their identity, it is status, it is the ability to abuse underlings terribly with no consequences. Constructing your self-image this way leads to, imo, a great deal of emotional vulnerability. If I leave my job, what will other people think? I am not the boss anymore. I am just another normal person.
And btw, if you feel that you are doing whatever you are doing until you reach $X in the bank. Then that is the same.
The point of the article is that you can be happy working a shitty job for no money. But you have to understand what makes you happy, what is fulfilling to you, etc. Although it is true that some jobs/working environments are just shitty.
The reason it only shows 26-39 is that Nazis came to power in 1932. The worst year in the GD was 1931-32, other countries were not moving out by 1933, most didn't move out decisively until WW2. The UK isn't a good comparison (the UK was still way ahead of most other nations at this point, Germany wasn't particularly similar).
It is definitely possible that without Schacht, the boom wouldn't have occurred. The constraints on resources were massive and required the invention of a range of complex economic devices to manage. Even at the time, there was the same backwards thinking about this: Germany must have managed to do this because they had the resources. No, they had no resources. What they did was very unusual. The only comparison that occurs is the international monetary co-operation in the 1960s to maintain the $ peg to gold...and even then, the level of sophistication required was nowhere near and the results achieved far less significant.