[quantumofmalice]

If you'd like a more technical explanation why the older systems were right, you can read Steve Keen's work.

On the other hand, if you enjoy the surprise of financial crises every decade and major currency crises every five decades, you can continue listening to modern economists.

[leetcrew]

forgive me if my ignorance is showing, but it doesn't entirely seem useful to talk about particular systems being "right" or "wrong". to me it just looks like a fairly typical risk-reward tradeoff. if you want wealth to grow fast, you need to accept high variance in the market. if you want low variance, you need to resign yourself to a low rate of return. one of the main ways that we enter into this tradeoff is through leverage.