Edward Chancellor
More books by Edward Chancellor…
“As Bastiat understood, a very low rate of interest may benefit the rich, who have access to credit, more than the poor.”
― The Price of Time: The Real Story of Interest
― The Price of Time: The Real Story of Interest
“After Augustus’ death, the Emperor Tiberius hoarded money, with the result that interest rates rose above the legal limit and a banking crisis erupted in AD 33. Tiberius then decided to lend out the imperial treasure free of interest to patrician families, which brought about an immediate decline in interest rates and an end to the crisis.55 His actions constituted the world’s first experience of quantitative easing.fn9”
― The Price of Time: The Real Story of Interest
― The Price of Time: The Real Story of Interest
“Firms in industries with the greatest increase in concentration enjoyed higher profits. But, as Adam Smith observed, monopolies don’t serve the public good. Rather, monopolies create barriers to entry which discourage the establishment of new firms and innovation.29 Rising industry concentration was associated with higher pay for senior executives, a decline in workers’ bargaining power, and falling investment and R&D. Economists at the National Bureau of Economic Research found that while ‘low interest rates have traditionally been viewed as positive for economic growth … extremely low interest rates may lead to slower growth by increasing market concentration.”
― The Price of Time: The Real Story of Interest
― The Price of Time: The Real Story of Interest
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