Velocity of money rather than quantity driving prices

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Velocity of money rather than quantity driving prices발음듣기

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It's a common misconception that price levels are dictated purely by the quantity of money out there.발음듣기

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And to see why this isn't the case, let's imagine an island that has two players in it.발음듣기

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So it has a farmer, who obviously will produce food, and it also has a - let's call him a landlord - landlord slash builder, who will either rent out buildings or can build you more buildings or build themselves more buildings to rent out.발음듣기

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And we're living in a reality where all you need is food and shelter.발음듣기

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And let's imagine one reality where this island, this country, whatever you want to call it, they haven't discovered a lot of currency.발음듣기

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So they only have a little bit of gold.발음듣기

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So maybe the farmer only has a couple of gold coins to start off with, and the landlord slash builder also only has a couple of gold coins to start off with.발음듣기

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They're very currency poor, only a little bit of gold.발음듣기

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But they're very optimistic.발음듣기

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The farmer says, hey, you know what, things are looking good, landlord.발음듣기

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I want to rent a nice building from you for my family, and for you to build more buildings.발음듣기

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So here, take both of these coins and build me or rent me out something nice.발음듣기

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And he gets both coins over here.발음듣기

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And then the landlord says, wow, things are good.발음듣기

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The farmer seems pretty optimistic.발음듣기

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Farmer, I want you to grow me a ton of really good food, because things are good.발음듣기

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So here, take four coins from me and really grow me a ton of really nice food, the stuff that's really hard to grow.발음듣기

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So grow a ton of food for me.발음듣기

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So he gets those four coins now.발음듣기

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These are now gone.발음듣기

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The farmer doesn't have those anymore.발음듣기

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Now the farmer's feeling really great, really optimistic.발음듣기

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And then, of course, these are now gone now.발음듣기

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The landlord has given them to the farmer.발음듣기

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The farmer's feeling really optimistic.발음듣기

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He says, landlord, you know what, I'm feel even better than I did before.발음듣기

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Why don't you build me even a few more buildings.발음듣기

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I want to expand my house even more.발음듣기

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But now the landlord's like, man, you've already given me a lot of money, and I already have a lot of work to do.발음듣기

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You've got to pay me more if you want me to work overtime, because that's going to take time away from my family and all the rest.발음듣기

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And the farmer says, sure.발음듣기

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Last time I paid you two gold coins for some buildings.발음듣기

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I'll now pay you three gold coins for the same number of buildings.발음듣기

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And so he gives three gold coins.발음듣기

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And all he's going to get in return is what he used to get for two gold coins.발음듣기

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So if you think about it, the price has gone up for whatever service or product the builder is providing.발음듣기

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And then he gives those three gold coins to the landlord and the builder.발음듣기

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And then the builder says, things are really good.발음듣기

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I'm getting a lot of business from the farmer.발음듣기

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I can get even more food from the farmer.발음듣기

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And he goes to the farmer and says, hey, give me what you just gave me that last time for two gold coins.발음듣기

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The farmer says, no, you know what?발음듣기

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I'm really busy now.발음듣기

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I'm almost tapped out.발음듣기

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If you want me to work overtime or expand my facilities, you've got to give me three gold coins for what I gave before.발음듣기

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And besides that, the cost of buying houses has just gone up to three gold coins, so you've got to give me three gold coins now.발음듣기

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And so the builder says, oh, sure, I'll give you three gold coins.발음듣기

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So the one thing I want you to notice in this video is we only started off with two gold coins for each of these players.발음듣기

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But because they were really confident, because they kept spending it with each other, because there were a lot of transactions, there was a high velocity of the actual money that you actually had an increase in prices.발음듣기

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