In the U.S. Golden Era in Capitalism, 2/3 was financed by velocity (by putting savings back to work, by the thrifts/nonbanks, backstopped by the FSLIC, NCUA etc.). A dollar of savings (income held beyond the income period in which received), is more potent than a dollar of the money stock. R-gDp averaged 5.9% during 1950-1966 (in spite of the 3 recessions).
In the U.S. Golden Era in Capitalism, 2/3 was financed by velocity (by putting monetary savings back to work, by the thrifts/nonbanks, backstopped by the FSLIC, NCUA etc.). A dollar of savings (income held beyond the income period in which received), is more potent than a dollar of the money stock. R-gDp averaged 5.9% during 1950-1966 (in spite of the 3 recessions).
In the U.S. Golden Era in Capitalism, 2/3 was financed by velocity (by putting savings back to work, by the thrifts/nonbanks, backstopped by the FSLIC, NCUA etc.). A dollar of savings (income held beyond the income period in which received), is more potent than a dollar of the money stock. R-gDp averaged 5.9% during 1950-1966 (in spite of the 3 recessions).
In the U.S. Golden Era in Capitalism, 2/3 was financed by velocity (by putting monetary savings back to work, by the thrifts/nonbanks, backstopped by the FSLIC, NCUA etc.). A dollar of savings (income held beyond the income period in which received), is more potent than a dollar of the money stock. R-gDp averaged 5.9% during 1950-1966 (in spite of the 3 recessions).