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No, Ginger could take a small nap and pay Fred a 100$ to do some work for her that she would normally do. Then, Fred would have 600$ to pay her back, and the e
by mrep 11y ago
No, Ginger could take a small nap and pay Fred a 100$ to do some work for her that she would normally do. Then, Fred would have 600$ to pay her back, and the economy's output would stay the same.
- vannevar 11y agoTrue, and some portion of lending is no doubt exactly that kind of shuffling. But the total amount of debt also includes some proportion of Gingers who lent more than they can nap off.