Phanie

“We've already seen how the amount of money in an economy will affect economic growth: more money means more growth, but can also lead to inflation if it's not backed by productivity gains and real wealth creation. The 'extra for experts' bit in this equation is the velocity of money... the V. That's the speed at which money circulates around the economy. In even more basic terms, it is how fast we're spending it.”
― Liam Dann, BBQ Economics: How money works and why it matters

“We humans like a dichotomy; we're fans of a binary choice. It keeps things tidy. Deep down, we know the world is more complex. But it's much harder to visualize the three0dimensional matrix that truly incorporates all the choices and variables that shape our lives.”
― Liam Dann, BBQ Economics: How money works and why it matters

“The great thing about economics is that everyone can have an opinion. There are plenty of facts. But it's a science that is never quite settled. Unlike hard sciences, which can run countless lab-controlled experiments, economics is mostly theory. We only get to observe economic experiments once, in real time, as our choices play out. We never get to see the counterfactual — the alternative outcomes that might have been possible with small tweaks or different policy approaches.”
― Liam Dann, BBQ Economics: How money works and why it matters

“Money is simply a device to measure the value of things. We can't eat it or shelter in it. It's not entertaining or delicious. If we print more, we haven't created any more wealth; we've merely diluted the value of the money. Hence inflation.”
― Liam Dann, BBQ Economics: How money works and why it matters