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Bitcoin doesn't have unrestrained monetary inflation, yet you can ride another ponzi to accumulate it. As a handful of corporations we shall not name any of are proving, and as even more individuals have been doing since you could buy Bitcoin with Linden Dollars.
This makes me think that scammers be scamming, no matter whether there is monetary inflation or not?
Also, I think that output vs wages suggests that peak gap growth happens when scamming goes unchecked (Covid) much more than under unbounded brrr (ZIRP)?
when scamming goes unchecked (Covid) much more than under unbounded brrr
It's hard to say, since Covid was the greatest money printing event in modern American history
It’s a really good question. I’ve had interesting conversations with productivity economists about related topics.
In particular, if you have an industry that receives lots of government subsidies, should you include those subsidies in the producer’s optimization function?
They’re often excluded because the focus is on the conversion of real inputs into real outputs but that obviously misses the behavioral impact of the policy.
An even bigger question is what productive ability even means in a world of unrestrained monetary inflation.
I might be very good at tricking people into giving me (and my employers/clients) money. But does that mean I have "productive ability"?