29.8.13

JOAN ROBINSON, REDUX

On numerous occasions, she said, without necessarily endorsing capitalism, "The only thing worse than being exploited by a capitalist is not being exploited by one."

Ed Rogers at Post Partisan, in noting the limits to interventionist macroeconomics, makes a similar observation. "[T]he only thing worse than trickle-down economics is no trickle-down economics."

I'm working through some analysis that suggests the reason quantitative easing isn't triggering a hyperinflation is the small scale of the easing compared to the volume of quasi-money that used to be circulating.

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