>They are not even merely more important than the other kinds.
I might be very wrong here, but i dont think it is possible to source that. I understand that they did all those things, but unless its possible to articulate how it affected market participants behavior i would argue claiming causality is very difficult. How exactly does for example a balanced budget halt inflation outside of changing inflation expectation? There will be answers depending on which model you adhere to, but does that explanation still hold up and remain applicable today? Because if not you kind if have to explain why not.
With economics being focused on human behavior in a market, what fundamentally determines how good a model describes the economy is market participants believe that it does. Because their believe determines the behavior you are trying to model in the first place. For that not to be the case we would need to see some static structures emerging in markets independent of market participants motivation and their understanding of how the market works. And if i am not mistaken that hasnt been the case. All there is is peoples behavior and it doesnt seem to be static.
*There is of course stuff like interest rates which changes behavior directly through higher costs(forcing behavior instead of changing motivation), but as i said, most.
edit: Which again, is the change in perspective i mentioned above. Unless i am overlooking something obvious, economic models arent describing some intrinsic behavior of markets because there doesnt seem to be any. They are only able to describe behavior once market participants behave that way. Which would mean economic models work because people believe they do. For that not to be the case you would need to see some models that remain applicable throughout time.
I am sure i am overlooking something obvious, but the answer to that would be a link to a working economic model that identified some fundamental structures that isnt dependent on market participants motivation.