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The Fed never touched the pedal. See also "Interest on reserves". Land rents ( which are not the same as "rack rent", what you pay the landlord, but can be re
by ArkyBeagle 11y ago
The Fed never touched the pedal. See also "Interest on reserves".
Land rents ( which are not the same as "rack rent", what you pay the landlord, but can be related by land prices going up speculatively ) drive out wage rises.
Scott Sumner says we should have Nominal GDP Targeting; if Real GDP is < say, 4%, the rest is made up with inflation.
- bhickey 11y ago> Land rents drive (...) out wage rises. Should we address rent seeking with land taxes and other Georgist policies?
- ArkyBeagle 11y agoProbably. It would mean a painful period of adjustment. And the rentiers will fight with everything they have.