“It is of no manner of consequence, with regard to the domestic happiness of a state, whether money be in a greater or less quantity. The good policy of the magistrate consists only in keeping it, if possible, still increasing; because by that means he keeps alive a spirit of industry in the nation, and increases the state of labour in which consists all real power and riches.” (Essay On Money, 1752).
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| Graph #1: The Quantity of Transaction money per Dollar's Worth of Output The low before the Great Recession runs from 2004 to 2009. |
Graph from mine of November 28, 2024.
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