Here is the key point: Or maybe, possibly, we could go the Krugman 1998/Abe 2013 route of pushing up inflation through the sheer power of self-fulfilling expectations. This is an inevitable consequence of the gradual displacement of human labor in our economy. The surplus value generated by human labor used to be the engine driving economic expansion. But now the comparative importance of the surplus value of human labor as a generator of growth is diminished. The result is that growth happens only as a result of borrowing and spending. The trick is to create an economy - through new policy and law - in which we have a perpetual bubble, a bubble that keeps expanding and never bursts.
Posted on: Sun, 17 Nov 2013 18:00:19 +0000
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