4 ms·
In all western societies, looking at the great lifestyle differences between the 1970s and now.
by thatfrenchguy 10y ago
In all western societies, looking at the great lifestyle differences between the 1970s and now.
- gozur88 10y agoIs that growth, or does that fall under "eating the seed corn"? I agree the money supply has to expand when the economy expands, but that's not the same thing as printing a bunch of money and spending it during a recession.
- Gibbon1 10y agoIn theory in a properly managed recovery from a recession bad debt is eliminated via loan restructuring and new more productive debt is created to replace it. And income insurance programs[1] are used to support demand. Austerity during a recession works poorly because instead of replacing unproductive debt with new more productive debt, austerity attempts to subsidize the owners of bad debt by taxing demand. [1] Unemployment insurance, welfare, state run retirement, pensions, etc.