Business Cycle Expansions and Contractions
More cycles in ancient times ?
More down cycles. Longer down cycles.
Does this prove that the economy in ancient times was much smaller
No. But it was.
Or does this proove the gold standard didn’t work out ?
It shows the poster who claimed the gold standard kept the economy "stable" was incorrect.
That logic is a bit too high for me - would you say water is not good for extinguishing fire because you saw they threw it on cali but it did not work ?
A gold standard would help - but if the Taliban get to rule in Pakistan we got a nulcear war at hand - that would be bad for economy - even if the money standard was on my sexual health.
Doesn’t mean gold doesn’t work as a standard.