Michael Snoyman on Nostr: Thank you for the detailed response. Trying to translate it to my own world view: the ...

Thank you for the detailed response. Trying to translate it to my own world view: the velocity of money in Keynesian terms is a specific statistic that can be measured and influenced by policy makers. Austrians would avoid that for many of the reasons you mentioned. That makes sense to me. Instead, they would subsume those kinds of effects under other behavior.

I think my misunderstanding was thinking of velocity not as an aggregate statistic, but as a general trend, similar to say “the money supply went up.” But maybe even there I’m still thinking too Keynesian-ly and thinking we can make broad predictions based on these trends.

Anyway, thank you for the thoughtful response.