On 1. some inflation is good & Keynes was no unaware of the danger;
2. practically, there was always enough to go around;
3. rational expectations, presuppose rationality & that is a major problem - people (especially in economic activity) often aren't... and Keynes had discussion(s) of the including 'money illusion'.
But a full discussion would be much much longer
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h4890
In response to this post@ChrisMayLA6 Sadly this is the truth! I severely cut down on 1, 2 and 3, and I expect an in depth discussion of this would quickly reach the length of a book. ;)
But those types of discussions are not good for a tiny mastodon window limited by 500 characters. =(
@h4890
Yes, this is where our discussion would be more fruitfully progressed over dinner in Sweden or North West Lancashire!
by Emeritus Prof Christopher May ;
Mentions: @ChrisMayLA6@zirk.us
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