You linked to some junk website as an appeal to authority.
I'll throw you a bone: Deflationary policy is idiocy. Belief that monetary policy can be neither inflationary nor deflationary is anti-empirical and wishful thinking.
And yet, somehow I still think you're not even trolling!
But if not.. Once again, I have to wonder what the hell is wrong with you people.
By the way, that wasn't an appeal to authority. It was a link to a website where you can educate yourself, without having to take my word for anything.
As for monetary policy, it shouldn't even be a thing.
It really doesn't take much at all to see that the Austrian School is right and others are wrong.
For starters, if you understand that value is subjective, you'll also understand that there's no way to put a number on how much you want something, or precisely how much you'd be willing to pay for it, etc.
You'll also understand that you can't base calculations on something you can't actually quantify, and have no way of accurately measuring..
So yeah, you'll understand that most of what you've been taught is just garbage-in-garbage-out.
As for monetary policy, it's essentially just "a plan for forcefully intervening in an economy", and it doesn't actually happen for the greater good - it's done to benefit the government and their buddies.
As a prime example, who gets access to newly printed thin-air-money at zero interest? Do you want him to buy real assets with "free money", and have you suffer the consequences (of the resulting decrease in your currency's purchasing power)?
> no way to put a number on how much you want something
Counter-example: I do it all the time. Ever heard of "revealed preference"? Sure there are weird human things like preferring A to B, B to C, and C to A, but I'm OK with a map not being the territory.
> a plan for forcefully intervening in an economy
All government choices are forceful interventions, whether a choice to act or not act.
I can estimate the amount of money I'm willing to pay for something. I can observe some evidence of what other people are willing to pay and from that proxy make an estimate.
If that's pulling something out of my ass, well, I guess you're not a fan of statistics or the scientific method? Oh, actually, I forgot that's a central tenet of the Austrian School -- science is bogus when contradicted by philosophy.
> can't parse the latter part
If a government creates money, then it must have a monetary policy. Do you think government-backed money is not "for the greater good"?
And yet, somehow I still think you're not even trolling!
But if not.. Once again, I have to wonder what the hell is wrong with you people.
By the way, that wasn't an appeal to authority. It was a link to a website where you can educate yourself, without having to take my word for anything.
As for monetary policy, it shouldn't even be a thing.