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This argument is reduced to absurdity because it suggests that everyone will get things cheapest if one Scrooge McDuck accumulates all the wealth and simply sit
by pekk 14y ago
This argument is reduced to absurdity because it suggests that everyone will get things cheapest if one Scrooge McDuck accumulates all the wealth and simply sits on it.
- whatshisface 14y agoThere's nothing absurd about deflation. If you took 50% of all the money out of the world, the money that was left would be worth twice as much.
- eli_gottlieb 14y agoThat's exactly the argument that was had in the Western world starting with the '70s inflation "crisis", and this was indeed the conclusion people came to: radical inequality is an acceptable price to pay for low inflation. And now we're suffering the consequences of having an overly deflationary labor market.