Crises of Elite Competition in the East and West

Re:Crises of Elite Competition in the East and West by Nevermark on Tuesday November 30, 2021 @03:04AM (#29389980)

You are responding to arguments about GDP with arguments about money supply.

Inflation adjusted GDP is a completely independent measure/concept/entity/quantity from money supply.

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Re:Crises of Elite Competition in the East and West by eru on Tuesday November 30, 2021 @09:56AM (#29392764)

Sorry, there were two strands of argument I was replying to. That might have gotten a bit confused.

The first was about real GDP, and natural incentives vs legal requirements.

The second was about money supply vs worrying about keeping money in the local economies.

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Re:Crises of Elite Competition in the East and West by tonypace on Tuesday November 30, 2021 @08:48AM (#29392022)

Milton Friedman made a good career proving you wrong with his helicopter money. Dumping cash in human hands has real effects beyond increasing the price of everything.

(I agree that the parent comment is unconvincing.)

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Re:Crises of Elite Competition in the East and West by Nevermark on Tuesday November 30, 2021 @01:03PM (#29395281)

I think we are in agreement.

They are independent entities as measured state of an economy at single points in time. Money supply doesn't tell you what GDP is, or vice versa. Normalizing GDB for inflation is about removing even that connection.

But as far as the dynamics of an economy everything is related to everything. Changes happening to one spill into effects on the other, although as we both know, often not in a simple way.

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