If you’re ever put in charge of a national economy, there are a few things you should try to avoid. Before you laugh, just remember, you COULD be in charge of an economy someday. Someone has to do it, and anyway, if it could happen to Alan Greenspan, it could happen to you, too. The first thing you’re going to want to avoid is hyperinflation. Don’t print too much money, okay? Actually, it’s a little more complicated than that. Jacob and Adriene will explain. You’re also going to want to stay away from recessions, and especially depressions. In the world as it exists today, continued growth is the only path to viability. While some argue for sustainability or even controlled recession, you’re not going to keep a job as head of central bank thinking like that in this day and age. Also, avoid stagflation, which is a stagnant, no-growth economy combined with inflation. It’s just the worst. Don’t do it. All this and more on this week’s Crash Course Economics.
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