Basically a post-hoc rule of thumb to make sure banks are lending responsibly. It’s largely bullshit these days, but still grips common knowledge.
The eternal rentier problem..
Re the multiplier.. My non expert opinion is that it is a conflation of the mysteries of money and how it transmits through the world we live in
Yep, pretty much. A conflation of financial capital and actual capital/real stuff. Money is just the technology we use to determine distribution (edit: and creation) of real wealth.
Not that the tories know that…
@hurricane_run started
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Basically a post-hoc rule of thumb to make sure banks are lending responsibly. It’s largely bullshit these days, but still grips common knowledge.