You can’t push on a string

Az elmúlt hetekben több cikk is napvilágot látott, melyben szerzője azt latolgatja, ha élne, vajon mit szólna Milton Friedman a FED új kötvény vásárlási akciójához. De vajon mit szólna hozzá John Maynard Keynes? Keynes a következőket írja 1933-as év végi Roosevelthez intézett nyílt levelében: "The other set of fallacies, of which I fear the influence, arises out of a crude economic doctrine commonly known as the Quantity Theory of Money. Rising output and rising incomes will suffer a set-back sooner or later if the quantity of money is rigidly fixed. Some people seem to infer from this that output and income can be raised by increasing the quantity of money. But this is like trying to get fat by buying a larger belt. In the United States to-day your belt is plenty big enough for your belly. It is a most misleading thing to stress the quantity of money, which is only a limiting factor, rather than the volume of expenditure, which is the operative factor." (via Robert Skidelsky)

Címkék: keynes qe2