by Summary:
The Hidden Costs of Capitalism
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Steve Keen considers the following as important:
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The Hidden Costs of Capitalism
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| The Hidden Costs of Capitalism |
What do you think about this? Responding to the best comments.
when you buy something on a payment plan, the merchant gets to essentially put your future earnings on the books as its present ones. my question is how large a fraction of economic growth (let's say US aggregate, over a period of 60 years) is attributable to increasingly aggressive realization of future earning?
With 2% inflation per year prices must be 4 times as high today compared to the 50s.
Since money origins in credit I would consider debt being low if it did only triple since then.
It's the ratio of debt to GDP which is 3 times what it was in the 50s.
@@ProfSteveKeen I see.
Even if one wants to buy a house or a car without debt in cash by saving and looking for a good deal, one needs somewhere to park stacked cash. Ergo some Financial System must be.