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Yea, that's his point. The gold standard neither prevents nor encourages inequality, except inasmuch as it limits policy flexibility (which, similarly, could be
by curiousllama 3mo ago
Yea, that's his point. The gold standard neither prevents nor encourages inequality, except inasmuch as it limits policy flexibility (which, similarly, could be used to promote or limit inequality).
- roughly 3mo agoPolicy flexibility is the only one of those that’s in theory responsive to democratic governance. Your opinion of whether that’s a good thing or not depends somewhat on which side of the inequality you’re on, I think.
- hashmap 3mo agoThe gold standard mechanistically is a driver of wealth inequality, due to its deflationary effects and lack of a governmental mechanism to create more of it. It is not the only driver of wealth inequality, but when we used it that is what it did.