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Just imagine an absurdly overheated economy where a few million workers are doing something of really marginal or negative value, like cold calling seniors to s
by twoodfin 4y ago
Just imagine an absurdly overheated economy where a few million workers are doing something of really marginal or negative value, like cold calling seniors to sell them dogecoin. That’s not our economy today, but that’s ultimately what the Fed is looking out for, and it’s what you’d get if you have too loose money for too long.
- marcosdumay 4y agoIf negative social value work is lucrative, people will do it. If it's not lucrative, people won't do it. This has no relation at all with the employment rate.
- twoodfin 4y agoIt’s not the social value it’s the economic value, and as interest rates rise riskier and less productive use of capital becomes less attractive.