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Fix the Money, Fix the World with Lawrence Lepard (WiM469)
The "What is Money?" Show
The Flaws of Keynesian Economics and the Importance of Productivity Improvement
Keynesian economics is flawed as it focuses on achieving growth through debt instead of prioritizing efficiency and productivity improvement. Productivity increase is crucial as it leads to getting more value for less effort, which can be achieved through innovations like the cotton gin. Manipulating interest rates to zero under Keynesianism can lead to malinvestment and misallocation of resources, causing bubbles and investments in non-productive areas. This distorts the economy and devalues money, goods, and services, ultimately affecting overall quality and morals in society. Returning to a sound money system is advocated to avoid such consequences.
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