10 November 2014

Quotation of the Day


… economies no longer function like they did two and a half millennia ago. We are no longer limited by the amount of shiny pebbles we can dig up from the ground (or take from someone else). We aren’t on the gold standard anymore. If we need more money, we can create it. You might not like the implications of that (it seems to freak out goldbugs), but what it means is that we are only limited by constraints in the real economy: resource shortages (including human ones) and misallocation of resources.

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