Does Printing Money Cause Inflation? Keynes's Answer (Ch. 20-21) | The General Theory Ep. 11
Автор: Gustavo Gesualdo
Загружено: 2026-01-19
Просмотров: 1
Описание:
"So long as there is unemployment, employment will change in the same proportion as the quantity of money."
Welcome to Episode 11 of our deep dive into The General Theory. Today we tackle the ultimate question: Does increasing the money supply always cause inflation? In Chapters 20 and 21, Keynes dismantles the old Quantity Theory and presents his own Theory of Prices. We discover that the economy is not binary (inflation yes/no), but elastic.
In this episode, we calibrate the machine:
The Transmission Mechanism: Money doesn't touch prices directly. It travels through interest rates and output.
Output vs. Prices: When demand rises, firms prefer to sell more (hire people) rather than just raise prices.
Bottlenecks: Why prices start creeping up before full employment is reached (Semi-inflation).
True Inflation: Keynes's technical definition. We only get "dangerous" inflation when there is no one left to hire.
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SOURCE: Keynes, J.M. (1936). The General Theory of Employment, Interest and Money. Chapters 20-21.
🔔 The mechanics are clear. We understand how the engine works. But why does the engine break down every few years? In the next episode, we analyze the Keynesian explanation of crises: The Business Cycle. Subscribe.
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