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Okay, I have been thinking this one through and I want all yous guys' thoughts. So the argument goes that until full employment is reached, newly printed money will not cause price inflation as new goods would be produced. Say, 100 people lay around not doing anything, then the government runs off...
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Hi, could you guys please respond to (or give links responding to) the Keynesian claim that printing money cannot cause price inflation until the economy reaches "full employment"? Aside from the empirical response that stagflation disproves this theory, I am interested in listing the theoretical...